The sun., 1913-12-19
Does the Currency Biil Prepare for
GONcrnn, rnt Ownrrship,,

! nONcVUWeuV VNUcTsulV.
! one Of the remarkable instances Of
change made in the House currency bill
tion was i,s provision for retaining IN
perle.uity the present bond secured
: ban, note circulation. This circulation
has bccr condemned as tho most defec
: tive element in the currency system
nnh th" House hill stipulated for it's
gradual retirement within twenty years
! ficr Tie passage ~ the act or its com
! plcic extinction at the end Of that
twenty year period.
/ As the measure was amended for the
Senate all time limitations on the bond
! secured notes were stricken out, the
regional reserve banks were especially
authorized In take over the bonds bear.
ing the circulation privilege and to Is.
s'i" notes thereon. hut this was not
all. \ peculiarly interesting para
graph. II provision entirely new. was IN
serted IN The Senate hill. \ paragraph
numbered Eighth" in Section I Of the
measure as reported on December hy
! the Democratic caucus conferred on the
Federal reserve banks the following
! specific power
I Upon deposit with th. Treasurer o. the
United States Of any bonds Of the United
states in the manner provided by existing
: law relating to national banks. to receive
I from the Comptroller OF the Currency cu-
Culating notes in blank. registered and
countersiened as provided by law. equal
/ IN amount 10 the par value of the bonds
So deposited, such notes to be issued un-
der the same conditions and provisions Of
! law which relate to the issue OF circulat-
: ing notes Of national banks secured bN
bonds OF the United states bearing the en-
culating privilege
IT various apartments of the Admin
isiraiion nj Washington are working
together in the programme represented
by the pending currency measure II
= Good of light is thrown ON the foregoing
paragraph 10y Post tmas 81 er.t General Bur
IlsoNs annual report advocatin: com
pIcte Government ownership ~ lele-
graph and telephone facilities in the
( I nited states.
l. is known that Secretary BRYAN he"
lIc>es that money is something whi"h
eau he printed by the Government. Il
is known also ever since his Madison
Square Garden speech in 1907 thai hr
believes in Government ownership of
the railroads. The paragraph just
u,iolel from the Senate currency bill
has been more or less bi"
unlii now. when The Post ma ster General
cumrs on with his scheme Tor Govern
nI'ui ownership of telegraph and lelr-
piiuI. liurS. which ar. To br paid for 10y
issues nf Go,rrnn"n bonds In accord
iatINo l.L"ls "f Maryland /" iuect thc
Eurle-ol idel Interpreted in that
iight ia. currency bill is evidently tie
signed Ia accommodate IN even greater
extension of Government own.rship
and 50 interpreted the bill ~ more ilu.
lninali,c than ever Of I'll" fiat money
dcitIsion which it has expressed ~ Nari-
ou> stages Of ii~ progress toward The
enactment which j. Now ~ near
Apparently the notion is hat cavern
mrul ownership of any public utility
can ~ accomplished easily through The
emission "f Government bonds with
which 10 compensate the present mi
, Natc OWNERS Of property Then If these
prop"riy owners want cash all that
they will have 10 do will b- 10 iurn
their bonds inlo n Federal reserve bank
am 90, some nice clean money
printed 10y the Government for that par
tic,iIar purpose
Probably not much less than $1,000
I his statement published this morning.
would be needed 10 enable the Gov
crnunent to absorb the telegraph and
telephone business. Nevertheless the
cost of printing money would not
he n large item and migll lr charged
to The reserve banks. which in turn
could pass the charge along 10 their
Gust omcrs Even the SlO,OUWN,OOO or
more which would be required 10 REIN
hurse the private owners OF the rail
roads would involy" the Government
ownership propaganda IN no serious
difficulty from the Bryan!le point OF
view Of money
Some eleventh hour changes are in
process of making in the currency bill.
Most Of them are changes in the right
direction. The process should NOT he
completed until the paragraph to which
we have been directing attention Is
| eliminated.
President Wilson On Immigration
.t,.i.