The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1913-09-13
HARRISON MAKES
Speech ON
CURRENCY
REMARKS OF YOUNG MlsstssiP.
Plan HEARD WITH CONSIDER
ABLE INTEREST.
EXPLAINED PURPOSES or BILL
Shows That Under Present System En-.
treIy Too Much Money Goes to New
York For Use of Spectators and
Gsmblers-critieizes Exchange.
EXPLAINED PURPOSES or BILL
(By Frank d. Lander, Jr.)

(By Frank d. Lander. Jr.)
Washington, Sept. 13.-Reprssenta-
tive B. P. Harrison of Mississippi ad-
dressed the House on the Glass-Owen
currency bill Mr. Harrison, in cor
nection with Representative Kitchen
of North Carolian, introduced the reso-
luton in the Democratic caucus which
resulted in the caucus amendment al
lowing loans to be made on farm
products, and his remarks, therefore,
were heard with considerable interest
by the house members.
His address was a general explana-
tion of the purposes of the bill and he
gave it his endorsement, explaining
that while certain features do not con-
form to his ideas, the bill as whole
will greatly benefit the American peo-
pie.
He said the present currency laws
are antiquated and that the primary
purpose of the law now in force was
to finance the Civil war, He explained
the necessity for a more elastic eur
rency by two primary reasons. First,
because at certain times, particularly
when crops are bing moved, more
money is necessary than under normal
conditions; second, that the concentra-
ton of resources under the present
system is undesirable and that any
system which destroys the power of
few men to control the money Of the
country would be blessing not only to
business interests of the country, but
to all the people"
This bill," declared the young Mis-
sissipian, "cures both these evils; the
first, by the government issuing notes
to the federal reserve banks according
to the needs of trade and commerce to
any amount that is secured by safe
commercial paper and where a special
reserve account of gold and lawful
money equals in amount 33 1-3 per
cent of the reserve notes. Second, by
the terms of the bill the United States
is divided into twelve regional reserve
districts and the money deposited will
be kept in each district for the use and
benefit of each district, subject only to
extraordinary cases where money is
needed in one district and not required
in the other, or needed in one and not
required in eleven others, this one may
be permitted, in the discretion of the
reserve board, to borrow from the
eleven others.
Mr.. Harrison showed that under the
present system entirely too much
money goes to New York for the use
of spectators and gamblers, and point
ed out the advantage that will be gain
, ed by people in other sections of the
country by the adoption of the Glass
Owen measure.
/ "In other words" he said. "the prae.
! tice in the past of every bank in the
s country keeping a large portion of
i money In New York for the benefit of
4 New York bankers and stock gamblers
q will no longer be followed, but this
= money by be concentrated into the
!. twelve centers throughout the country
!. for the benefit of every section"
+. Mr.. Harrison said he would have
!. changed some features of the bill if he
a could, but that he realized nobody can
q have all he wants. He criticized the
provision relative to the exchange
charges, claiming that under the pro
vision country banks will be forced tc
act as agents for city banks anc
wholesale houses in collecting and re
hitting checks and drafts withou
exchange charges, thereby necessaril!
N incurring expense and risks and beini
y prevented from making any Legitimate
and reasonable charge"
Other special features of the bill
such as the reserve provision, the farr
a land loan provision and the rediscoun
srs provision, were heartily approved b
izo Mr.. Harrison and he said that unde
six the new law the farmer will be recoi
ap- nized as conducting safe bushes
Continued on Page Eight)