The Detroit times., 1913-12-23
BUSINESS WILL
Be HELPED BY
CURRENCY BILL
Passage of Measure Great Vie
tory for Popular Government,
Declares PrOber
SHOWS POWER OF
AMERICAN PEOPLE
Shrewd Arguments of Bankers
Crumble Under Onslaught OF
Public Opinion

NEW YORK Zee mess ana
healthfl impetus for business Sill e..
suit from the cuaumeu, OF r1e ear.
rency 1il 80 ,he onu.ou Of Sumae.
Untermes er Na5 conducted rae cone
gressi0uaI uyes satiou &. tae money
trust and who has been u close touch
with the framer- Of the new scWreucy
law throughout III. consideration b.
congress Ia an Interview with the
United Pre- to-day untermeyer saia.
AS a cOl ,isteut champion from ne
beginning OF rhe fundamental princi-
pies of a government currency con-
troied absolutely by tile COVE umeul,
J. o. course regard the enactment OF
the currency bin 81 great triumph
for popular government Ii l. land
marx in our economic history and sE-
nalizes a new era n our fnancial de-
yelopment IL il the entering wedge
of a body OF laws that Is 10 decentFaI.
iEe the concentration OF the control OF
credit IN rfrP hands of Ii tr" theftv--itS
virtue as an antitrust measure Is quite
as important as the advance II mar A.
in the financial reform
The bin contains many admirable
features that have not yet been sum
ciently recognized. Among them may
be mentioned the establishment OF a
national clearing house tor the coliec'
ton of checks II -fearlessly admlnls-
tered without regard 10 the selfish IN
terests OF the banks. this innovation
should alone lift from the commerce
OF the country Il burden OF approx
metely s5000O.000 IL will also relieve
the small hanks T. the great cltles
from the intolerable despotism and es-
pionage OF the great banks that are
controlling spirits OF the clearing
house associations.
The result that Is now accomplish
ed demonstrates once more the great
value Of full public discussion OF our
economic ourohlems We are once
more reminded that the people are
quick TO understand and interest thehl-
selves in the most abstruse and teen
meal subjects ant that they may Dc
relied upon TO uumask DISHONEST aTgu-
ments actuated by selfish interests.
What. for instance has become OF tue
insistent demand of the banking ASSOC
Citations OF the country for representa-
ton OF the federal reserve board. ana
the repeated denunciation or the al
rninistrati0n BY the. resolutions oil
thes associations. yor refusing 10 &C
code 10 that demand IL constituted
the burden Of the opposition Al the
outset but went down under the bat
ferries o. reason and logic that were
leyeled against II
I'VE are AZ the end Of the period
IN orr history when the resources
og our country viii be driven by de-
factive laws into the maelstorm OK
wall Street speculation and into the
control az a Few men VINO dominate
tho wall street. banks and at the
very time when these resources arr
needed to conduct legitimate DUST
ness IN the sections from which they
are drawn
NO Legitimate industry need longer
fear the lack Of Accommodations 20
which il is entitled or tremOle az
the prospect OF tight money in crop
moving or other periods our cur
rencv will now expand and contract
in response % legitimate CONNER
cfal needs and the money OF the ma
tiop will cease 20 be the tool and
toy Of handful Of manipulators.
I look forward TO new and health
ful Impetus % business in the near
future AS the result OF this great
accomplishment which VIII redoune
10 tha everlasting credit OF everyone
who has had the good fortune to be
concerned in it,