The Marietta journal and courier. (Marietta, Ga.) 1909-1918, 1913-08-29

NANo NcS ~v' - -
Congress has been in session now
since the middle of April and has
been playing but one tune-the tar
If. Never was so sick of anything
in my life 1t looks like we shall be
rad of the subject by the middle of
October, After that if any man
mentions the tariff, | say shoot him
On the spot
There is one other matter that the
house has dipped into-the curren-
cy.
And the more it is talked the more
IL is mixed.
Senators tell me they are going
20 pass a currency bill but am
thinking that it is easier said than
done. The situation has been com
plicated in my judgement by a
meeting of bankers held in Chicago
last week at which resolutions were
adopted practically endorsing the
cid Aldrich plan for a central bank,
against which the Democratic party
AZ committed. The funny part of it
q these bankers profess a purpose
- heartily cooperate with the Dem
ocrats in perfecting the pending bill.
The administration idea is for the
currency to be issued by the gov
eminent. The bankers want the
currency to be issued by a central
Fsserve bank. That is a fundamen-
tai difference.
The administration wants not less
than twelve reserve banks in Diff
terent parts of the country. The
bankers say, one reserve bank or
certainly not over FIVE
The administration wants the
government to control. The bank
ers want to control and want to
Aeep the banking business out of
politics.
The government wants to compel
the National banks to take stock in
me reserve banks. The bankers
want it left optional.
II is a fact as shown by the food of
literature on the subject that the
bankers of this country favor bank
notes instead of United States
treasury notes and that they want
a central bank controlled by bank
ers instead of having the Treasury
or reserve banks under government
control manage the currency.
s -
II will be observed that the So
called Owen-Glass bill now being dis
cussed in the House cannot be made
satisfactory to the bankers except
by most radical changes, and there
has got to be complete surrender by
one side or the other.
am not disposed to abuse wall
street but it is fact that the
banks of New York dominate the
banks of the whole country and are
ready to club them into submission
II they do not chime in with the
New York view | hear that they
have threatened the Southern banks
with retaliatory measures if they
accept Mr.. McAdoo's crop moving
currency at two per cent while the
New York banks are demanding six.
One Augusta bank that has been
allotted 100000 has refused to
take it, but denies that it has been
threatened as rumored. The public
has little idea of the power of the
New York banks, particularly the
great institutions controlled by the
Rockefeller crowd.
e. Sc
Speaking of this Augusta bank
that is offered $500 900 at two per
cent and refuses it, am reminded of
Mr.. McAdoo's charge several weeks
ago that New York banks had COM
oined to depress the price of gov
eminent bonds. They denied it, of
course, but all the same when they
were exposed government two per
cents jumped back up from 95 to 9S
and have stayed there ever since.
Now a thing that actually happened
was this; with money scarce as hens
teeth, certain banks did cancel eight
or nine million dollars of their cur
reney and withdraw a correspond
ing amount Of bonds from the treas
ury, making money that much hard
er to get,
OF one thing the people may be
sure the admin tratinn ic MT MAJ