The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-06-25

Washington, June 22.-The presi-
dent Of the United states will GO to
congress tomorrow to deliver the Sec
'ond message OF his administration
AS when President wilson submitted
his ideas On tarffr reform. congress
win meet In joint session I'm the cham
'oer OF the house to hear his message
'on currency legislation. ....
For the second time In more than
ZOO years upon such an occasion. the
sselate viii march in a body to the
shouse chamber at 12.30 o'clock In the
AFTERNOON. The front rows will be
sressrved for the senator's. members
'of ths house crowding into the rear
ssesss.
President Wilson will arrive at
orionk and bcins presented by Speak
er Clark. will deliver his message
soreinr currency ieeislation before the
close OF the special session.
On the eve of this extraordinary
occasion, Secretary Bryan tonight is
sued a stssement on the currency bill
preparsd by Chm rman Glass and
Owen 'of5fhe congressional banking
end carrency committees. Secretary
aAfcAt,oo of the treasury and the pres
adeDt. Secretary Bryan gave his un-
reserved Endorsement" to the propos-
ed measure and removed all doubts
rs TO his position with reference TO
Scurrsssy reform. the ideas Of Prssi-
dent Wilson and the necessity for im-
mediate action.
"r am glad 10 indorse most earn.
estly and unreservsdiy the currency
sbili which has been prepared by the
schairmen Of the two congressional
committees In conjunction with the
president and Secretary McAdoo," said
sthe secretary. 1T In a much better
bill than supposed II possible to Sc
cure nc this time. Conflicting opin-
tons. honsstly entertained and strongly
adhered 20, have been reconciled with
a success hardly TO be expected. I
Ahsve doubsed until recently the wis.,
dom of attempting legislation Mt this
Hses~ion. but my doubts we're largely
due to the fact that feared the diff
ncuities In the way would prevent an
agreement upon a plan.
Tho plan which the president now
urges. confers great advantages
upon the banks. while II preserves to
the people acting through the govern
pnent all that is essential for the
protection OF the public. The notes
are 20 DO treasury notes issued by the
government and loaned to the region
al reserve banks. This Ia In harmony
with the Democratic contention. There
In no surrender OF the governments
right to Issue money. The board of
control Ia appointed by The president.
Thus, the people. acting through the
government. are IN entire control.
This N necessary sor the protection
of tho public's interests and ought
net to be objectional to the banks
e'F"The duties OF this central board
are 10 important that they could not
with justice to the public be COM
mitssd 90 men representing private in
terests.
= The regional reserve banks are to
represent. not only the national banks
eof tho district. but such state banks
as are willing TO put securities on
dooting which will be equitable TO the
national banks. This Is an important
provision and gives TO the State insti-
tutions a protection which they de-
sserve for their share with the ma
Htional banks. the responsibility OF
furnishing banking facilities TO the
sbusiuesss OF the country.
a The great point of advantage to
the banks. an advantage that ought to
make them willing to accept the bill
without question. is that II furnishes
n.currsncy which they can secure In
time OF need. without having to put
np bonds as security. The bond re-
oirements largely neutralize the
sdvantase Of the money issued on
them as security. because the banks
ean not draw back more from the
government than they have already
invested In tho bonds but where a
bank can put up It's good assets II Ia
soie ut all times. without sacrifice, to
secure any additional circulation that
me community may need and the
government board can be trusted to
issue It's treasury notes 20 the re-
s,onal banks on terms that will be
fair and just.
The business interests will. I
think. welcome this bill as an una
ioyed blessing. II gives them through
their banks a promise OF relief In