The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-06-23
RANKS AS INSTRUMENTS,
| NOT MASTERS Of BUSINESS

emergency Is at an end and Is not to
conflict with the currency already In
circulation. The reason that the fig
ure was fixed at $500,000,000 was
because it was found that during the
1907 panic the amount of clearing |
house certificates issued was less than
half this sum, and 1t was felt that
this amount would be sufficient. But
this is a subject that is open to de-
bate, the president admits and it is
possible that this particular clause
will be amended. And the argument
that one bank might try to get the
entire issue OF emergency currency,
/ is put out the president believes, to
becloud the issue and has no actual
| foundation The issuance Of the
emergency currency is the only real
weapon in the presidents opinion
which will take from the banking
combinations the despotic powers they
now enjoy Of granting or refusing
lcredit at WILL
In other words, the president says
that with central board here IN
Washington as provided in the bill as
having at It's disposal half a billion
dollars emergency currency and pow
er to fix discount figure on which 1t
will be issued, the days of money
trust will have passed; the great Fys-
!. tens Of inter locking bank director
ates which have dominated the finan-
ices of the nation for years will be
powerless to centralize the cash OF
the country in their own hands. The
small banker member Of the regional
i division will be able to apply directly
10 the government for needed cash
and If his security Is sufficient he will
) get 1t regardless Of the attitude to-
ward him of the more powerful bank
! lers.
The inevitable result in the presi
dents opinion will be that the people
!, will rule banks instead of the bank
Iers ruling the people The bankers
| viewpoint is sectional, the presiden
: thinks, and he believes that when tht
, central board is named and the mel
ion it adopt national and not sectiona
!. Views, and that this is exactly what !
!. needed to end for all time none
panics resulting from currency string
ency. And the new board will reT
! resent the entire country and no
: the groups that at present dominate
9 the finances of the nation with head
: quarters in Chicago and New York.
: President Before Congress.
WASHINGTON. June 2S. Cor
gress heard from President Wilso
!. again today. For the second time tn
: executive told the members in join
. assemblage what he considered thei
. duty to the nation. And as on the OF
: casion of his first appearance on thi
: mission the president told his hea
!. ers that their personal feelings ha
:, NO bearing on the case; that the coul
), try demanded action on currency r.
form and that the emergency was $
:. great that on congress today reste
the responsibility Of success or fal
J. ure of the nations business durln
= the coming four years. The tari
- bill will set the people free, the pre-
= ident asserted but without tools
:, action the business interests will
: unable to take advantage OF the Wo
10 derfully increased opportunity Al
II there was no question from his ear
~ estness of manner that the speak
ha realized that the place in history
IN his administration may depend on u
u. outcome of the struggle begun toda
A. There was little difference betwe'
- today's program and that OF sever
ra weeks ago when the president thro
is. ing precedent to the wind, read
rd. tariff message in person. There W
AL the same crowd in the galleries. =
IN. same formal Stry into the hou
mt chamber of the senate. But the
mr. was a decided change in the mann
la. ~ the executive. He was more &C
re- fdent The slight appearance OF n
.be yousness that marked him then W
sue absent today.
Ian The president CAME down rom
cd white house In his automobile,
ng. companied by his secretary anu p
to
!