The Bridgeport evening farmer., 1913-10-04
clustered When Former Sena-
tor Manwaring Refers to
:. Busy Factories.
EX-CONGRESSMAN SPEAKS
TO LOCAL MERCHANTS
Thinks Tariff Bill a Vast Mis-
fortune and Currency Bill
a Catastrophe.

ranks, last night as he discussed the
GIass-Owen currency bill before the
Bird geport Business Mems association,
in the Newf1e1d building rooms He
proved himself to be the king pessi-
mist of them all, seeing nothing but
trouble, should the bill become law.
Instead of going forward, he predict
ed, that the passage of the bill Will
take the country back so years and
into a stage where silver and green
back currency will become the stan
dard, instead of gold. Dire trouble
was predicted, with a likelihood of
the bottom of the money market
tumblingl out. There was not the ex-
pected large attendance, less than SO,
guests, newspapermen and the speak
er included, listening to the discus
sion. There was little enthusiasm
manifested and a comparatively small
amount of questioning. President
Charles D. Davis of the association,
presid ed. 80
His greatest fear seemed to be that
the proposed bill would put the gov
eminent into the banking business for
profit and put control of the money
into the hands Of the political party
in power. This, he said, could be
seen in the proposition to have the
presid emit appoint the members of the
Federal boarded control. Saying fire.
quent1y that his address was entirely
out DOl1CtCS,- ne SLSSa1ISQ I1lSI-
cia1 policies OF the administration I'M
mercifully and even wondered what
Andrew jackson would do if he could
return and see what one of his sue
cessors was doing in trying to solve
the question.
Towards the opening of the address
he referred to a time when he met
William J. Bryan and was introduced
to him. Also to what the Silver
Tongued Orator of the Platte said
to him, as follows: 'FYou are the one
responsible for more financial heresy
than anyone else in the House. Mr.
Hill explained that seeing from
sidered the characterization as a great
compliment.
Referring to the method of hand
ling the f1nanciaF question under the
proposed bill he said, Least of all
would I have it under political con-
troll of any administration, either ma
tiorlal or Estate. for neither in this
any pubic function performed as
prudentfy, economically. or as well, as
by competitive private enterprise
Starting by modest beginning would
prefer by evolution to win success
than fully grown by revocation to
achieve failure"
He seemed to consfder5that the gold
standard should be maintained and
that any procedure that might revert
to the greenbasck7 or silver would be
dangerous, That the cost OF opera
ton would be greater and theErespon-
sibility should be placed upon the in
divfduaI banks rather than upon the
government.t Trying to construe fig
ures to mean banking disaster, he said
that it would mean the withdrawal Of
$188,0O0 in currency from Bridgeport
banks. In addition to other details,
IL
port of his arguments concerning the
effects of the proposed bill on the
banks of Bridgeport including the
savings banks.
Their total capital is S 1882, 100 90
Their total deposits, 1885, 578 So
The reserve, underline new bill will
be IL per cent, equa1ing 1,426, 886.26.
of this 2-12ths, $237.7s8 $4,000 is ops
tiona1 in the vault or IN the Federal
Reserve bank of the district, wherever
located. The latter, in my Judgment
is necessary for business purposes.
-twelfths, or 1894, 1926, 95-100 is
compulsory on Federal Reserve bank,
Ten per cent. of capital is to- be
invested in the Federal Reserve bank.
$188, 21O.0O. The five per cent. re-
demption fund in treasury, no longer
counted as reserve, $50, 958.5O. 20
Total of these items, $1,oTes2
$4,000 is removed from Immediate
The 10 per cent. of capital liable to
be called in under the discretion: of
the Federal Reserve board, $188, 21o.
Effect on Earnings.
First. Loss Of 2 per cent.
interest on funds held by
agent amounting to
$832,O56 33-10O, 16,6A1.12
Second. Difference between
probable dividends of
five per cent. on stock
investment in Federal
Reserve bank average
N E. bank dividend of
per cent, amounting
to loss of per cent. b,s4s.sO
Third Estimated loss of
two per cent on govern
ment deposits now held
by Bridgeport banks, 2,OO2.7S
Total loss, s24.2so.2O
Fourth. The circulation privilege
must be Withdrawn in 20 years, and if
the refunding of 2 per cent. bonds is
availed of, then IN an average of ten
years.
Fifth Interest bearing deposits,
according to recent press reports,
must go into Savings bank side, and
investm ents prescribed by Federal
Reserve board.
Admission was made that there are
numerous western members of the Re
publican political faith joining with
the Democrats in pushing the currency
measure. He also classed as practical
" highway robbery, the governments
stepping in and, through it's board of
control, debating as to the use of
banking accounts. An instance was
cited as to where, with. money desired
to be kept in New England, a large
portion of reserve funds could be sent
to the aid of some Texas banks
I'm the overwhelming preponderance
of the political power of the west and
south in the counsels of the nation
there are some things that New Eng
Land can call her own, and one thing
is the accumulated capital drawn from
-25n YEARS Of sfr1les.Ia- and L for me