Evening star. [volume] (Washington, D.C.) 1854-1972, 1913-06-24
Objection of the Bankers.

1t is pointed out. however. that there
is vital difference in principle be-
tween the supervision Of the railroads
by the interstate commerce commission
and the proposed direct management Of
the affairs of national banks by the
suggested federal reserve board
This distinction was emphasized in
the secret meeting of New York bank
ers yesterday. 1t was declared that
the interstate commerce commission
supervises the railroad rates and prac-
tfces, but does not operate the roads,
while the federal reserve board will
actually operate the banks.
The bankers in their conference have
specifically approved the governmental
supervision of the banking and cur
rency system. but charge that as the
ernmental but is political control.
Against this they most strenuously
protest
Violent Opposition Passing.
With the democratic party in House
and Senate facing the alternative of
passing the currency bill or getting a
scolding from the administration, many
and various are the expressions of opin-
ion coming from majority and minority
alike. And it is evident that those dem
ocrats who are violently opposed to en-
acting currency legislation at this session
are now passing through the process of
changing their minds. While their anti
legislation views are dissolving, the re-
publican side of the legislature is pilng
on thick criticism OF the currency bill
and the Presidents message of yeSter-
day. and the fiat charge is made by no
less person than Minority Leader Mann
that the message was nothing but a
threat to withhold more patronage un-
less the administration views on the
subject OF currency are complied with
Following the message Representative
Mann Of Illinois declared the bill to be
stolen from the Aldrich monetary report
with few radical provisions from the
Bryan platform mixed n.
Leader Mann's Statement.
Mr.. Mann's statement in full follows
Tine Presidents message is a fine ex-
ample of classic English. but there is
nothing more to it unless it be consid-
cred as a threat that patronage will be
withheld until a banking and currency
bill is passed. l wish to cooperate with
those in favor of passing reasonabl
banking and currency bill. but the Presi-
dent evidently intends to treat the sub
ject as one purely partisan. and he did
not take the trouble even to discuss or
analyZe the principles involved in bank
ing and currency legislation. He erred
saving tnat tne committees or Con-
gress had consulted with him and pre-
pared bill The committee of the
House has had no bill before it and has
had no meetings to consider bill Out
side of dealing out little bunk about
new freedom there was nothing to the
message That was sophomorical.
The real need of a currency bill is not
because of new business which will come
with the new tariff law. but with threat
of disaster impending over the country by
reason of tariff legislation and democratic
incompetency. The President did not do
Congress the courtesy to express any
opinion concerning the principles upon
which a banking and currency bill should
be based. So far as we have yet been
able to learn, the bill will be- in the main
pieces stolen from the Aldrich monetary
commission report, with few radical
form mixed in. 1t will be a jumble of
discordant ideas.
Measure Not Analysed.
The President came before Congress
like a schoolmaster before fourth grade
school children, and told the members to
be good but he did not dare to analyze
what goodness in this case consists Of
While Congress has had no help from the
Presidents message on banking and cur
rency matters and has received no en-
lightenment or suggestion of ideas from
the President still do not wish to judge
i'm advance the proposed bill because of
lack of intelligent presentation by the
, President 1t is evident that the measure
is To be considered a democratic partisan
Il 49, IL IL 4.