The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-13
HARDW|CK ISSUES
WARNING TO PARTY
Georgia Democrat Says Govern
mcnt Should Not Go Into
Banking Business.
FROM FRYING PAN INTO FIRE
Through This Currency Bill De
livering Ourselves Into Hands
of Roosevelt"
Especial to Tho Times Dispa tch.


Washington. ID. c., September l2.-
through this currency bill. we arc
delivering ourselves bag and baggage
into the hands OF Roosevelt" declared
Representative Hardwick. Georgia, to-
day, in speech in the House In OPP
position to the Glass owen currency
bill.
Contrasting himself old fashioned in
his ideas that the government should
be committed to support of the money
or the country when the money was
based on note credits, lIardwick pro-
tested that under the Glass bill there
could be no limit to the issue OF money
which would have the backing and
support of the government.
1T seems TO me that the underlying
theory OF this bill now presented TO
us for Democratic approval. is an
asset currency. away beyond that
which our gold basis may be able to
meet in reserves" commented Hard
wick. THE issue OF special notes
under this bill may reach a total OF
500, 900, 900. The gold reserve may
not reach that. And we are told that
for an elastic currency this bill pro-
vides that the issue may so far be-
You'd the amount | have named. What
is to he the security"
Il am afraid that this bill will give
q monopoly of the money of this coun-
try to n few, greater than the money
can see no other results under the
plan of the twelve reserve banks
do not think that money monopoly is
how confined to twelve banks. or those
holding stock in that number of banks.
-his bill restricts the monopoly of
money to twelve banks.
we are jumping from the frying
pan into the fire Who can tell us the
influences to control these twelve
banks, or the influences lying back of
the men who are to control the desti-
rics OF these twelve banks 1 shall
support the bill because it has been
made a party measure, but l take this
opportunity to warn the Democrats
that they are violating all the teach
ings of the fathers of the party when
they demand of us that we shall sup
port bill that puts the government
Iii total charge of the banking business
Of the country. The government should
IA'ot go into the banking business"
Representative Buckley. OF Ohio, de-
Tended the GLASGOW bill. stating
that the objections of the bankers OF
the country came through their protest
against control by the government of
the use of reserves and the partial con-
troll demanded of discounts.
Under the existing law Buckley In
sisted that bankers held too great
powers to pass on rediscount paper.
with the result that they could en-
danger their bank by extension OF
credits when powerful depositors need
ed money beyond their discount credits.
He combated the idea advanced by
Hardwick. Georgia, that there would
be no limit to the issue of money under
the bill, although admitting that 1t con-
templatcd expansion OF currency ut all
times to meet demand. He said that
this expansion would come through the
reserve banks and would be distributed
all over the country instead of being
concentrated in New York and other
financial centres.