The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-10-19
derclictions, Of which he stands con-
DELAY ON CURRENCY BILL.


ings on the different provisions Of thi
bill, with very solid objections state
by those who will be affected by /,
and whose business may be very scri
ously crippled in case the bill shoul
pass in its present form.
There is a pressure for recess o
Congress so as TO allow the committe
opportunity to complete it's investiga
tions; but there appears an obstinat,
disposition on the part of the admins
tration forces to require a pledge o.
some kind in consideration of the per
mission which the President may Civ,
TO Congress TO take recess. TIL,
whole matter appears TO be in the hand:
of the President, although Congress i.
supposed to be coordinate branch Of
the government and capable OF manag
ing Its own affairs. However this may
be, 1t Is evident that for the time being
the President has either usurped OF
been accorded control over Congress
that is entirely unprecedented in this
country; control which practically
amounts to dictatorship.
A very large number of objections,
| specific and In detail, have been filed
with the Senate committee against this
bill, and the Senators comprising this
committee are very reluctant to make
any recommendation with respect to tho
bill at this time, since they have not
yet fairly begun its consideration. 1t
is good TO see that the committee is
open to reason in this matter, and is
disposed to stand upon it's rights, The
majority Of the Senate, however, appear
to be thoroughly in accord with the idea
that the President must determine what
is to be done, even to the matter of 4
recess of Congress, 1t is now past the
middle of October. In about six weeks
the regular session Of the present Con-
gress will begin. There would appear
to be no reason in sight why Congress
should not adjourn its special session,
giving the Senate committee power to
sit in the meantime, examine witnesses
and In general continue its hearings
just as those hearings are now proceed
ing. This would in1ict no hardships
upon anybody and would undoubtedly
advance the consideration Of the bill.
The Senate Committee will, Of course,
refuse to make any report upon the bill
until it has finished it's hearings, and
then it Will take some time to consider
it and formulate the amendments which
will undoubtedly be reported, and the
which are clearly neces-
5ary in order to make the bill a. safe |
measure. But this reasonable course is
denied; and the urgent demand indi-
,ates an agreement for a report on No
5ember 10th, but with no likelihood
hat the bill can come to q vote during
he extra session.
In the meantime, as admitted by SEN
ltor Owen, the bill in its present form
you'd materially cut down the reserves
which the banks are required to hold.
senator Owen estimates that the
mount of cash which would be "re.
eased' by the cutting down Of these
eserves, rs provided for in the bill,
you'd amount to something like $780,
10000, This would be an enormous cut
n the bank reserves. II It is true that
he reserves heretofore held have been
o more than safety requires, (and the
Experience Of 1907 would indicate that
he amount OF reserves is too small
ather than too large,) then it would ,
e perilous thing to cut down the re-
erves by as much as the amount stat
d. The present reserves Of the $500 |
ational banks are less than a billion {
ollars. TO cut this down by as much J
Senator Owen estimates, would be s
eduction of fully 25 per cent. It would !
,em as though this is inadvisable in g
lew of the drastic changes which would G
made IN our banking and currency {
stem by the passage of this bill. The G
pheaval which the bill itself would
'rce would create an uneasiness in ALI ]
lie financial circles in the United I
tates. which should induce caution in t
ltting down the reserves. It is point. n
out also oy Golfers Weekly that s
e present is hardly a time when sucb c
reduction in the reserves as is Dro. i,
'sed ought to be put into effect It O
.lculates Is against loans that the re. a
rves this year have ranged abont r
- per cent. This represents ga v
ate Of extreme strain Coilier's O
rther argues that sit is q fact that {
mixers in general go rs far as the law u
lows; that is, they are perfectly hu- s,
an folk. - And Golfers presents Il
erefore, the proposition that the pres.
It "is not the best possible moment c
pass Law which will in effect reduce N
c reserves of the country banks to O.
ound and per cent" It's final ],
tie of warning is: eff the PASSAGE c,
this law should happen TO coincide h
tn panic, it would set back all good m
mixing quarter of century" n
Thls seems to us to be good, sound Il
asoning, and whom We remember that a.
'llier's Weekly is in general favorable v
the bill and that in this very article .
om which We quote it expresses an. Sc
oval of the bill ne conta;p;,o .s,,.t | \,