The Detroit times., 1913-06-27

gibson GAHDNEH OdNklng IL Is tnat
bankers. il permitted 20 legislate,
would legislate more in their own in
terest than in the interest OF the pub
! lie.
To the extent OF S500.000.00 the
government would become a vendor
of credit 10 business men seeking
loans under the proposed administra-
ton currencv law The small bust.
ness man could borrow al commercial
rates from the government when
Wall.st bakers refused him credit l.
is trle the money would 90 through
the channels or local banks and dis
trlcr reserve banks down from the
treasury department. but for pracll-
cal purposes the result would be par
ticipation by the government in the
credit market OF the nation. Fearing
that the money trust will not alwa -
be fair 20 the commercial public and
will not always be willing to lend 20
the average business man az a fair
rate. il is proposed by this law that
the government under the supervision
OF a board OF control. for which the
president OF the United States be
comes personally responsible VIII
loan on ordinary commercial paper al
rates TO be determined by the board
OF control Thus the government
threatens TO become a competitor or
the money trust and thus the money
trust is heard TO protest violently
against placing interest rates, dis
count rates and credit generally I'M
-
tute for the word politics" the words
public opinion" and the statement
becomes true Public opinion under
the proposed system would dictate
rates OF interest, which would operate
in competition with the rates OF in
terest dictated by the money trust.
Senaor Bristow Is not satisfied with
the administration proposed cur
rency legislation He says the law
places too much power in the discre-
ton of a small number OF men VINO
are the appointees of the president.
He SAYS this would open the door 10
favoritism He would have the banks
secure currency not as a result OF the
favor of any board OF control, but in
compliance with conditions fxed by
law. Then, he says, all banks. little
and big. would know just where they
stand and would be able 10 secure
equally the advantages offered
An eloquent argument in favor or
the presidents currency law Is found
In the fact that the New York Times
is opposed to IT, The Times Is a typ
teal organ Of New York's worst banks.
II voices Wall-st. sentiment just as
faithfully as the Sun did for many
years II loses no time In saying that
the proposed legislation is "paternal.
Is centralized. and is worse than
the Aldr1ch proposal" and that IL "sa-
vors of Bryan and Popuism" This
ought to help the bill rot
A national voters league has been
organized TO keep tab on Congress.
There have been municipal voters
leagues to keep tab on city councils
and state voters leagues 10 keep tab
on state legislatures. Now comes
Lynn Haines with a national voters
league on whose executive committee
are Herbert s. Bigelow. OF Cincinnati
Ohio, secretary Of the direct legisla.
ton league: John r. Commons, pro-
fessor Of political economy at the Uni.
versity of Wisconsin, Mrs Borden
Hartman, prominent in social and In
dustrial work In New York city: Fred
erick c. Howe, director OF the peoples
institute In Now York Charles II III.
gersoll. of the wellknown watch-mak-
ing firm: Fred 6. Jackson. ex-repre-
sentative from the 4th Kansas dis
trict to Congress. and stiles p Jones,
secretary OF the Municipal Voters
league
A field secretary has been employ
ed, Francis ". Bird, an economist and
graduate Of Dartmouth. and POSTCARD
uate of Wisconsin university. The
league intends to keep the record OF
every member OF the house and SEN
ate and furnish these records at cleo