New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-21

DcHlOCldllC platforms DOlWark DeHlnu
which to fight. The following declara-
tons Of the Democratic party are being
quoted to-day in opposition to the essen
tails Of the administration bill:
Congress alone has the power to coin
and issue money and President Jackson
declared this power could not be dele
gated to corporations or individuals. We
therefore denounce the issuance of notes
Intended TO circulate as money by ma
tional banks as in derogation of the Con-
stitution, and we demand that all paper
which is made a legal tender for public
and private debts, or which is receivable
for dues to the United States, shall be
issued by the government of the United
States and shall be redeemable in COIN
From Democratic Platforms.
This enunciation Of principle is from
the Democratic platform Of 1896.
Four years later the party platform
said
1--WE denounce the currency bill enacted
at the last session of Congress as step
forward in the Republican policy which
aims to discredit the sovereign right of
the United States government 10 issue all
money, whether coin or paper, and to be-
stow upon national banks the power to
issue and control the volume of paper
money for their own benefit. . We
are opposed to this private corporation
paper, circulated as money, but without
legal tender qualities, and demand the
retirement Of the national bank notes as
fast as government paper or silver GER
tifcates can be substituted for them"
The Glass bill fails TO provide for the
retirement of existing national bank cir
culation. this provision having been
! stricken from the bill at the eleventh hour.
1t permits national banks TO continue
their issues and authorizes an emergency
issue by the federal reserve board. on
! liquid assets and short. prime commercial
paper, to the amount Of SOo,oooco0. Fur
Their conflict turks in the following quota
| ton from the Democratic platform OF
1905
1T Ghe Republican party has used an
/ emergency for which It is largely respon-
/ sibe Che 1907 panic) 10 force through
! Congress a bill changing the basis Of
| bank currency and inviting market ma
nipulation and has failed 10 give TO the
| 15O 90 depositors Of the country protec-
ton in their savings. We believe that
| in so far as the needs Of commerce require
an emergency currency. such currency
should be issued and controlled by the
| federal government and loaned on ade-
| quate security to national and state
| banks"
The 1912 platform condemned the Aldrch
/ bill and vaguely demanded a systematic
revision Of the banking laws. without
going into detail
! William J. Bryan, now Secretary Of
State, dictated the substance and later
was a candidate on the platforms OF 1896
| 1900 and 1903. He forced a change in the
Glass bill providing for n federal reserve
| board on which the bankers would have
representation, and a compromise board
named by the President was agreed TO,
but even this will be closely scanned by
more radical Democrats.
Republicans Hope for Changes.
Republican leaders were reluctant to
make any criticism Of the currency bill
which might be construed as a partisan
attack, with the hope that the President
would consent to notifications which
would enable them TO give their approval
| to the measure. If the notifications arc
not made the Objectionable provisions,
which include fundamental features Of the
| bill, will be the object of bitter attack
when Il IS taken up for consideration by
| Congress.
The proposed federal reserve board, con-
sisting Of seven members 10 be appointed
by the President, is regarded as the most
dangerous feature OF the administration
bill Apart from what President Wilson
might or might not do. the provision, IT IS
held, would put the whole financial sys-
TEN Of the country at the mercy of a
board which might prove entirely political
in character. which might have no init
mate knowledge Of banking conditions,
and which would be vested with arbitrary
power to fix rates Of interest, control the
issue and distribution Of the proposed
emergency currency and direct the oper-
ations Of the reserve banks TO the possible
injury of other banks.
This feature Of the t1ll. II is contended'
does not tend TO inspire confidence among
| the banking interests Of the country, but
may 20 far toward aggrayating the POS
| sible disturbance resulting from the tariif
/ bin which IL is intended TO allay. Inc ar
! bitrary mower of fixing the rates or IN
| terest, taken in conjunction with the pro-
| vision for farm loans, is also regarded by
| the Observation-Disclosures forces as pToVid-
! ing Opportunity for a dangerous exercise
of power by the federal board as a matter