The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-07-07
new CURRENCY BILL Will
GIVE instant RELIEF
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should be passed at this session ?" the
writer inquired when the secretary
was at, leisure.
Yes" was the, emphatic reply.
The assertion that time for a thor
ough investigation Of the subject is
needed is not a reasonable argument
for delay. The fundamental princi-
pies involved in currency legislation
are thoroughly understood. In the
last few years resort has been had to
nearly every form Of investigation,
and the results Of. these Investigations
have been made known and analysed
by the senators and representatives
who are now engaged in a discussion
Of the measure. The need for cur
rency legislation has been emphasized
by bankers, men in public life. and. in
fact. by all who IA cared to en-
For Commercial Notes as Security.
DO you thoroughly approve the
provision which makes commercial
paper the principal security for treas
ury notes borrowed from the govern
ment. Mr.. Secretary"
Certainly. Under. the existing
law, the bond requirement largely
neutralizes the advantage of the
money Issued on them as security, be-
cause the banks cannot draw back
from the government more then they
already have invested in the bonds.
Under the terms of the Owen-Glass
bill q bank may put up its good assets.
which are further secured by the liza
amount Of the capital, to obtain any
additional circulation that the COM
munity may need. The governing
board can be trusted to issue its treas
ury notes to the regional banks on
terms that will be fair and just"
Bankers say that the proposition
to give the government exclusive con-
troll Of the federal board is an injus-
ttce to them; that they should have
adequate representation"
The issue Of money is a function
Of the government. and not a func-
ton Of the banks" the secretary de-
clared. THE democratic party has
consistently taken this position. The
Baltimore platform read:
Banks exist for the accommoda-
ton Of the public, and not for the
control Of business. All legislation on
the subject Of banking and currency
should have for its purpose the Sc
curing Of those accommodations on
terms Of absolute security to the pub
lie, and Of complete. protection from
the misuse Of the power that wealth
gives to those who possess it,
Government Must Control.
THE duties Of the Federal Board
Of Control are so important that they
could not. with justice to the public,
be committed to men representing
private interests. The present bill
confers great advantages upon the
banks. At the same time IL preserves
to the people, acting through the gov
eminent, all that is essential for the
protection of. the public.
The present bill was written from
the standpoint of the people rather
than the standpoint Of the bankers.
The business interests OF the country
will, I believe, welcome the measure
as an unalloyed blessing. 1t gives
them. through their banks. a promise
Of relief in any time Of s%tringency. and
It gives this promise without putting
IN the hands of the banks q power
that might be used against the pub
lie"
The secretary Of state does not ap-
pear to be fatigued by his long work
ing hours and close confinement in the
The secret Of his excel
lent physical condition ID his penchant
for horseback riding. He begins his
day at $3.50 o'clock in the morning,
ana for an hour at least canters
through Rock Creek Park. When he
reaches the state department he pre-
SCENTS q picture Of health and vitality,
and plunges into his long days work
with enthusiasm.