The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1913-10-08
COMMISSION OF BANKERS
OPPOSE CURRENCY MEASURE
Continued From First Page.

bank is given maximum return Of
per cent upon capital subscribed --
if earned II the government can APP
prOpriate onc-tcnth of banks capi-
tai ia the manner provided by this
bill, they may appropriate tenth
next year, and so on until the capital
is all transferred To the government
| bank. If they can tiN the compensa-
ton at per cent this year, they may
make il per cent next year and 3
per cent, per cent l per cent or
nothing very simple and easy pro-
cess whereby the entire capital of tn"
| banks may be transferred TO the gov
eminent
There are a great many different
kinds of socialism, but, however the
various theories dilferentiate, they all
agree upon the fundamental PROPOSE
ton that the government, that is the
| community as whole, should own all
| the real estate all manufacturing en-
| terprises, all banks, all transportation
| companies in short. all money MAX
| ing utilities. This proposition Of the
government to take the banks Capi-
tai IN the manner provided. carried To
the extreme, would easily accomplish,
So far as the national banks are con-
cerned this contention on the part of
the Socialists. For those who do not
believe in Socialism it is very hard To
accept and ratify this proposed action
on the part of the government.
There are other provisions Of the
bill equally important and far reach
ing i'm their effect
I'VE have recounted the condition
which confronts us as to that proyis-
ION of the pending measure in order
To impress upon the banks the fact
that we have reached "A point where
we must act in our own interests and
for our own protection. Individually
We must reach our conclusions in the
premises, and if we are not satisfied
with the provisions of the bin we
ought To acquaint our respective rep |
resentatives i'm Congress of the fact /.
and clearly point out and impress up |
on them the Changes which We think |
ought to he made
1T has been proclaimed in Congress I
ana in the pnhlic prints that many |
features of the pending measure are
exactly like or similar to provisions
of the hill reported by the national
monetary commission, and which the +
the bankers In convention approved
The question is asked: Why. if the
banks approved such provisions i'm the
so-callcd Aldrich bill. do they oppose
similar provisions i'm the so-callcd
Glass owen bill? This is the reason.
"(D Investment in the stock OF the
Central Reserve association created by
the bill Of the national monetary com
mission was permissive, not compu-
sorry; banks might invest i'm the same
e they chose, or they might decline
the opportunity, in accordance with
the dictates OF their business iudg-
mcnt.
"(b) Under the terms Of the bill Of
the national monetary commission tn )
bankers controlled the management Of !
the Central Reserve association. Il Z
follows that an investment i'm the G
stock Of the association was am in |
vestment under their own control ANA Z
Ou the contrary. i'm. r
VestmeEts In the stock of tho federal
reserve banks of the Glass-oWcu bill e
is compulsory. The individual! banks )
have a minority representation i'm the :
of these federal reserve
banks and have no voice whatever in 4