Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-11
A GOUer7lnle nt Central
Banks UGOOd Dem
Ocratic Ideal

Il
speech regard to currency legislation One does not have to
agree with him every point appreciate the and the
Illuminating character Of his uttranCes. Mr. Schi speech
hardly be considered aarm The points that he makes
First That the currency legislation before Congress ought
to be completed speedily may be- since delay
tanty and uncertainty always disturbing influence in the
business world
Second That despite the desaby prompt conclusion
OF the currency question nevertheless sufficient time should be
taken to make the currency absolutely sound and
effective.
Third That protracted deberaton the currency
measure and too prolonged uncertainty to what business
dons would be result of the currency would prob
ably bring about business agnaton and lack of confidence
which would result business depression sufficiently aggravated
to be pronounced panic
Fourth That the present administration modi
hcatlon OF the Adrich bill and to large extent the product
of the monetary commission of Which Senator Adrch the
head and that therefore he Mr. Sch and other representa-
tve of the great Wall street interests could find less danger
the prompt passage of the administration bill than delay and
the possible failure to pass it,
If the above a correct analysis of Schif speech how
can anyone critce his remarks they do not wholly
agree with his conclusions?
Undoubtedly and ndsputaby the prompt passage of cor
rect currency bill is desirable and the prompt passage
rect tariff measure The continual and proracted disturbance
business does cause business depression and sufficient business
dizziness and financial depression already caused by the
ddac doctrines and the ntab theories of the present
gogic administration
Obviously however enough time must be given to discus
sion and elaboration this currency prevent
rous mistake being made similar to the mistake made in the
tariff act
The country should not be rushed into which
undemocrac In principle and which will not the
benefit of the people, rushed into
reduction which opened markets the products foreign
without opening foreign markets to the products of
country.
Certainly for instance do wish country
hurried into the adoption of merely Ad1ich
The people of this country expressed with sufficient emphasis
their doubt and dsapprova of the Adrch provisions and the
Aldrch intentions.
No matter how purposes of the present builders
OF the administration bill it is doubtful merely reconstructed
Adch bill will sufficiently satisfy the requirements of the situa
IF The
munity.
If Sch is right and apparently is right in stating that
the administration bill merely outgrowth of the Alrch
recommendations would be for this presumptivv
progressive administration to start from another foundation and
not merely remodel their structure but
measure from the ground up?
Would it not be better to proceed along the lines of the
proposal OF Mr. Vandep Would not be better the
udiciousy radical declaration of the Independence Party plat
form adopted at Chicago in 1903 and reading:
The Independence Party declares that the right
inherent in the government AND IT FAVoRS THE ELS
TABLISHMENT OF A CENTRAL GOVERNMENT BANK
through which the issued shall be into general
culation.'
The soundest progressive thought of this
country has long been favor of central
od bank The established principle and practice of the great
Republic of France expressed in the form of the Bank
France a central, government controlled bank.
The most thorough and thoughtful and yet the ad
vanoed opinion Germany finds expression Rechsbank
OF Berlin central government controlled bank.
The plan practical because is successful operation
other great and up-todate nations.
1t Is democratic and progressive and accordance with our
American ideas and institutions
democratic and progressive administration should favor
the oea OF central government controlled bank and
ual business administration of this should adopt
this plan especially when the plan has the support not only of
the people at large who will be benefited by it, but of
great bankers as Mr. Vandrp who recognize the paccaby
OF this plan and its essential soundness and value
Mr. Schf right when he states that unnecessary delay
dangerous but he wrong far the popular interest and
Inclination are concerned when he advocates the adoption
OF the truly democratic proposition of central government
OF the modified Aldrich administration measure
Mr. Schlf and Mr. Vanderp should unite their support
controlled bank conducted not by any clique interest of
any class but by the the all classes in
all sections of the country.
WILLIAM RANDOLPH HEARST