The copper era and Morenci leader., 1913-11-07
AsHURST DISCUSSES THE CURRENCY
 REFORM
"BILL CAN'T BE DEFEATED" SAYS REFRESHMENTS FROM ARIZONA IN NEW YORK
 PAPER.

PAPER.
 (Henry F. Ashurst, in New York
 'World.)
 It is not an exaggeration to say that the present .banking and cur rency committee of the senate is composed of some of the most thoughtful and far-seeing members of the senate The chairman of that committee, Senator Owen, is one of the ablest, most learned and con scientious men in American public life today.
 This committee has for the past twenty-four days been giving the most assiduous attention to the Glass Owen currency bill, and that this bill or some other bill embracing the same general features will be enact ed into law at the earliest practica- ible date there is not doubt. The massage of this bill or other requisite currency legislation is one of the re- forms demanded by the country and promised to the people by the demo- cratic party.
 The American people know that the present banking law, enacted some fifteen years ago, has served it's purpose; that it does not now meet the demands of the hour, that it is archaic and does not respond to the ever present exigencieS of our in dustrial, agricultural and commercial leadership.
 Why the Bill Is Popular.
 One of the reasons for the great popularity of the Glass-Owen bill is rthak the American people have never looked with admiration upon sim gle centralized money power. Every thinking man knows that there must be, of course, some reservoir of credit, but the people of this coun- try demand that there shall be many reservoirs of credit instaed of one great central bank, and the Glass; Owen bill solves this problem by substituting several great public res- -ervoirs of credit in lieu of one cen tral bank and in lieu of the immense private reservoirs of credit managed by private bankers who have hereto fore opened and closed the purse of the nation as they chose.
 Surely no careful, judicious or ex- perienced statesman would desire to perpetrate our present unscientific and, might add, fictitious and infiat- ed system, which, though sanctioned perhaps by statute law, is denounced by the experience of our people as utterly inadequate of our hostile and offensive to American institutions.
 Privilege hunters and those seek ing special favors will no doubt make an attempt to defeat currency legis- slation, but the attempt will be futile. I must not be understood as intimat- ing that the bill is by any means per feet at this time. Indeed, I have in mind many amendments which ought to and will be made.
 Ridicules Bankers Attacks.
 The committee, under the extreme ly able leadership of Senator Owen, will supply these necessary amend ments, and will doubtless provide for some sort of agricultural loan system so that sufficient long term loans may be made to the farmers in or der that the farmer improve his farm, increase his crops and turn more food plant into the market; and it must be remembered that the farmer has been paying just double the amount of interest he ought to pay.
 This bill will not be defeated by any resolution of bankers or other money kings who may happen to de nounce the bill as 'Socialistic" and revolutionary. This bill cannot be defeated by simply pinning label to it, and a stronger argument against it will have to be adduced than mere iy calling it "socialistic" if it's oppon- Nents expect to make any headway.~
 The bill cantains many excellent features. Among others that might be and it also provides for govern ment control of the federal reserve board. -,r. -- .->
 Representing, as I do state of the great west, I unhesitatingly say that there is unstinted praise for Sec retary McAdoo for his bold, states manlike act in supplying from the United States treasury some $15,000,- 900 for the purpose of moving the crops, and under this bill that may be done, when occasion requires.