The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1913-06-24

emergency issue. the trainers OF the
bill plan, shall be available only when
needed. as at times OF financial strin-
gency or when panics impend. IL is
10 be issued as needed. and retired
when the emergency Ia at an end. asd
Ia not 10 conflict with the currency al
ready in circulation.
The reason that the figure was fixed
at $500. 000, 900, was because IL was
found that during the 1907 panic the
amount OF clearing house certificates
issued was less than half this sum.
and il was felt that this amount would
be sufficient. but this Is subject
that Is open 10 debate. the president
admits. and II is possible that this par
ticular clause will be amended. And
the argument that some one bank
might try TO get the entire Issue or
emergency currency. is put out. the
president believes. 10 becloud the -.
sue and has no actual foundation. The
issuance OF the emergency currency Is
the only real weapon. In the presi-
dents opinion, which will take from
the banking combinations the des-
potic powers they now enjoy OF grant
ing or refusing credit at will"
End lnterlocking Directories.
In other words, the president be-
lieves that with a central board here
in Washington, as provided for in the
law. having at its disposal half a bill
ion dollars OF reserve emergency. and
the power TO fix the discount figure
on which II will be issued. the day OF
the money trust will have passed; the
great systems OF interlocking bank
directorates which have dominated
the finances Of the nation for years,
Will be powerless TO centralize the
cash Of the country in their own
hands. The small banker member
Of the regional division, will be able
to apply directly to the government
for needed cash, and II his security
is sufficient he will get 1t. regardless
Of the attitude toward him Of the more
powerful bankers.
The inevitable result, in the presi-
dents opinion. will be that the people
will rule the banks. instead OF the
bankers ruling the people. The bank
ers' viewpoint Ii sectional, the presi
dent thinks, and he believes that when
the central board IL named and the
men on II will adopt national and
not q sectional view. and that this Is
exactly what is needed to end for all
time. money panics resulting from
currency stringency. And the new
board will represent the entire coun
try and not the groups that at pres
ent dominate the finances OF the ma
ton, with headquarters in Chicago
and New York.
President Wilson intends to make
a careful personal investigation Of
the circumstances growing out OF
the resi- gnation Of John L. McNab as
federal attorney for the San Fran
cisco district. He stated today that
he had called for ali of me papers
in the case. The fact that Secre-
try of Labor Wilson has taken or
his shoulders the responsibility for
the postponment Of the trials OF
Drew Caminetti and Maurice l.
briggs. charged with violating the
white slave law. because he wanted
Caminettis father to come here and
familiarize himself with the duties
Of commissioner-general of immi.
grafton. to which he had just been
appointed. has caused the president
to take a decided interest in the
whole controversy. On the surface OF
things. the presiden: accepts this ex-
PLANTATION, but he intends that all
concerned shall be heard land II any.
one has been at fault he will place
the responsibility.
The president Is expected to sign
the sundry civil bill late today, and
with the bill he will give out q
memorandum. setting forth his views
on the provision which exempts Ia
Dor and farmers organizations from
prosecution under the antitrust act.
II IL expected the president will criti-
else this provision, but will point out
that II does not prevent such prose.
cutions II they should be considered
advisable. 1t Is also emphatically de-
clared that appropriation bills should
be just appropriation measures and
that all foreign legislation should be
kept out Of them.
Jcb Printing Dose Right. Tine
Prlntfng c.. IL John n st