The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-06-23
Secretary of State Gives
Measure Unqualified
Endorsement.
HE IS SURPRISED
THAT IT is so GOOD
Had Doubted Wisdom of At
tempting Such Legislation Be-
cause of Conflicting Opin-
ions, but Now Is Convinced
That Way Has Been Found
to Keep Party Pledges.
Especial to The Times-Dispatcb !

l''PSNih' ~ ne llltnS- Dispatch.
washington. June %. Secretary of
state Bryan tonight issued state
ment setting forth his views on the
proposed currency bin. which he said
mas his unqualified Endorsement. The
statement reads:
am glad to indorse most earnestly
ana uhfcservedly the currency bill
which has been prepared by the chair
man or the two congressional commit
ices IN conjunction with the President
ana Secretary McAdoo. 1t is a much
better bill than supposed it possible
10 secure at this time. Conflicting
op.a.o',s' .',, honestly entertained and
strongly adhered to. have been recon
ciled with success hardly to be ex-
pcctcd- have doubted until recent
~ thc wisdom OF attempting currency
legislation at this session, but nv
doubts were largely due to the fact
that l feared the difficulties in the way
would prevent an agreement upon a
plan.
Hns All Essentials.
inc plan which the President now
urges confers great advantages upon
me banks while 1t preserves to the
people. acting through the govern
ment, all that is essential for the nro
lection of the public. The notes are
10 be treasury notes. issued hy the
government and loaned to the regional
reserve banks. This is in harmony
with the Democratic contention There
10 surrender of The governments
flght to issue money. The board Of
control is appoint"d hy the President.
mus the people, acting through the
government. are in entire control This
is necessary for the protection of the
puollc interests. and ought not to be
objectionable To the banks. The duties
OF TINS central board are so important
ttt
inc public be committed to men rem
reSenting private interests
me regional reserve banks are to
represent not only the national banks
or the district, hut such State benl,
"s are willing 10 put themselves upon
a footing. which viii he equitable to
the national banks. This is an i'm :
portant provision, and gives to the
state institutions a protection which
me! deserve. for they share with the
national banks the responsibility of
furnishing banking facilities 10 the
business Of tho country
ne great point Of advantage to the
pan hS--an adventure that ought to
make them willing 10 accent the bilI
without Gucstion-is that il furnishes
a currency which they can secure in
Time of need without having Ia nut nm
bonds as security. The bond REQUIRE
mcnt largely centralizes the adyantnpo
or the money issued OH them as Sc
curitN. because the banks cannot draw
back NOR, from the government than
they have already invested I'm th. bonds
p"t where a bank can put up its good
assets II Is able at all times without
sacriiice To secure any additional cir
cuiatiou that the community may need
and the governing board can bo trust
cd 10 issu" its treasury notes To tho r,
Slonal reserve banks on terms that will
be fair and just
Gives Promise OF Relief
The business interests will I think
welcome This hill as an unaltcred blnse
ing II gives them, through their
banks. promise of relief in any time
OF strincency, and ii gives this promise
without putting in the hands Of the
banks power that might he used
against the public.
The hill is faithful fulfilIment of
tho promise made In the Baltimore plat
FORM which reads as follows;
We oppose the SO-callcd Aldricb
monetary hill or the establishment of
central bank, and we believe the pco
pie OF this country will he largely frecd
from panics and consequent unemploy-
ment and business depression by such
systematic revision of our banking
laws as VIII render temporary relief
In localities wheer such relief Is needed
with protection from control or DON'T
nation by what is known as the money
trust"
Banks exist for the accommodation
Of the public and not for the control
of business. All Legislation on the sub
1cct Of banking and currency should
have for it's purpose the securing of
these accomm oda tionS on terms of ab-
solutc security to the public and OF
complete pay from the misuse of the
power that wealth gives to those who
possess it
Il feel sure that the Democrats OF
the Senate and House will rally to the
support of the bill, and | am sanguine
enough to believe that II will receive
a cordial support from Republicans as
we'll