The Jeffersonian. [volume] (Atlanta, Ga.) 1907-1917, 1913-08-14

HichlS gong forward III the country
and consequent upon the absorbing
power and enormous energy and am
piuon OF our people, become imbeG.
0ed IN the permanent currency sup
ply OF the country-thus requiring
other az 4orized issues of emergen-
cy currency to provide against the
evil days Of financial stress; where
as if, by said Glass bill, it be pro-
posed to authorize an unlimited is
sue OF FEDERAL reserve notes, the
pressure and demand of public opin.
ION and public need and private in
Hu0nce and clamOr for portions of
such unlimited authorized issue will
De such that the country will inevita-
Oily enjoy early enormous imitation
entailing probable ultimate enor-
nous financial and industrial wreck
and suffering
Ninth: The said Glass bill, by it's
very philosophy, expresses and i'm
plies OF necessity a valid and special
collateral security to be placed by
each individual member bank with
its reglonal reserve bank as a pre-
dictate for obtaining the re-discount
thereof, with the federal treasury
notes resulting; and this in turn in
eVitably implies that each individual
member bank be compelled thus to
strip itself of it's best and most
available short-term paper; so that
IN the event of bad management or
misfortune to such individual mem
Der banks, their unsecured cred itors
suffer the inevitable loss of the
banks most valuable assets as Sc
curity for their deposit accounts
Tenth: In and by the terms of
the said Glass bill six out Of the
nine directors of each of the twelve
regional reserve banks are the di-
rect nominees of the member banks
These directors will have full
knowledge, by the right Of examina-
ton and inspection, Of the affairs of
each member bank tributary to such
regional bank. By concert it is
equally possible for the different
twelve regional banks to have
prompt knowledge OF the affairs of
all of the banks of the United
States. Thus the banking institu-
lions will be placed in position mot
to approximate only but to know
absolutely, daily and weekly, the
concentration Of reserves in differ
ent centres, the movement of mon
ey, the extensions or contractions of
credits, and through the same also
the actual business cond ition of each
part of the Nation A knowledge
and control of bank reserves is a
knowledge and control of the fnan-
cial destiny of communities, of
States or of the Nation 1t is en-
tirely unwise and indefensible to
concentrate the total banking CAPT.
tai Of the Nation within a few hands
If they" be wise men, it may be a
benevolent administration for a peo-
pies happy destiny; but, if it should
fall into evil hands, it may be the
death knell of the peoples industrial
freedom and political liberties.
Eleventh: By the express terms
and conditions, as we'll as by the
fundamental principles, of the said
Glass bill, those who are the credi-
tor class Of the Nation and as such
represented by the banking insttu-
tions, have knowledge of the move
ments of money, of the accumula-
ton or disappearance of reserves
and Of the business status of each
community Infinitely superior to that
which may be possibly possessed by
the whole people or by any number
of the people not similarly placed;
and by having the power to discount
or not to discount commercial paper
or other securities at their pleasure,
La