Evening star., 1913-10-06
NORRIS FINDS FAULT
WITH CURRENCY BILL
Nebraska Senator Says Under
Administration Measure Po-
IiticaI Machine Is Possible.

Senator Norris Of Nebraska has issued
q statement den0uncing the administers
ton currency bill as partisan legisla-
tion, and declaring that the federal re-
serve board, as provided for in the bill,
will grow into the most powerful po-
|litical machine the world has seen. Sena-
tor Norris statement is, In part, as fol-
lows:
1.-The boards influence would percolate
down through the federal reserve bank.
through the members OF the local bank,
to every borrower in the land.
EVERY banker in the country will know
what policy Of finance or of politics is
desired. Realizing that in case Of run
on the bank or. in time Of financial dis
tress, when the very life of the bank
may be I'm the balance. this great power
will be able either to destroy or to save,
he will naturally. as matter OF self
that will be pleasing to those in control.
Effects of the Bill.
"As far as the effect of this bill is con-
cerned it might just as well provide that
the board shall consist Of the cabinet.
More than once In our history Presi-
dents have been nominated by the actiyi-
ties of postmasters, revenue collectors
and United States marshals. How much
greater would be the danger II. In addi-
ton to these officials, every bank. from
necessity, should become part Of such
a gigantic machine! A postmaster's in
fIuence must be necessarily limited to
those of his friends whom he can per-
suade. He has no leverage on them, but
the banker holds the notes of hundreds
of citizens in his community. His ability
to loan to his customers depends upon
his ability to get Accommodations from
1 f,ov, L. orl ~
easily convince his borrowing customer
that the political favors which he Asks
viii be beneficial to the customer as well
as to himself.
..The Secretary Of the Treasury, the
Secretary of Agriculture and the con-
troller of the currency are ex omcio men,
bers of the board. The other four are
appointed by the President, one of them
to serve two years, one four years, one
six wears and one eight years. It will
thus be seen that any President will be
able to name majority of the board.
Easy to Obtain Entire Control.
'-The Secretary of the Treasury. the Sec
retary Of Agriculture and the controller
of the currency will hold their positions
at the Presidents will. and it would be
a very easy matter for any administra-
tion to completely change the complexion
of the entire board, and thereby abso-
lutely control at will the entire financial
and banking system of the country. The
board Is made at once foot ball Of par
tisan politics.
II am not charging that any President
would deliberately try to upset the bank
ing and financial system OF the country
I am not even intimating that any Presi-
dent would take any step with corrupt
motives, but within the recollection OF all
grown men it is known that financial sys-
TENS and combinations have often had
the sympathy Of Presidents The men
who control these combinations would be
able to furnish the sinews of war in
presidential campaigns. and II is fair to
assume that they would be rewarded In
the future as they have been in the
past