Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-08-02
CURRENCY QUESTION AsITIsSEEN
BYNEWSPAPERS OF The COUNTRY

orat (Ind. Dem says that it is of
equal importance to make sure that
the federal reserve board and bank
system shall not become the happy
hunting ground OF politicians and
their henchmen.'a That is what we
have in the prssent measure, Believes
the New York Sun (Ind.) which pic
lures the federal reserve board as
spredominantly political" and as hav-
ing power vested in it whichgis ''un-
belieyably autocratie." No central
bank in the world, says the Sun, has
Is great authority. and "alF the pos
sibilities of a political issue suggested
by the Aldrieh plan are inherent in
The reserve board provisions The
Sun is particular to point out that
the regional reserve idea IS good
one calling itr"an evolution of the
clearinghouse that suits the coun-
try's customs and requirement. bnt it
is opposed to the proposal ito subor-
dlnate these regional banks in every
way to the autocracy of a political
board at Washington, the hoard in
turn being subject to every kind of
sectional pressure and amenable to
sectional clamor unless Its members
should be possessed of Infinite wisdom.
unwavering patriotism. be thoroughly
disintcre tied, and have a world-em-
bracing knowledge of the business
and banking situation. Without con-
tinuiag the ANALYSIS. it Is evident that
the bill as published Offers the meet
menacing possibilities of political con-
troversy which could easily issue in
presidential contest for the control of
the federal banking system .
Speculation along these lines leals
the New York Press (Prog.) to say
that the bill ito all intents AID pnr-
poses makes the president of the Unit
ed States the president of the federat-
ed national banks of the country, and
presupposing possible presidents, in
Guiding Mr.. Wilson. Mr.. Bryan, Coxey,
and Mrs. Pankhurst-"in, the evolution
of the voting right"--the Press re-
marks:
Nobody ever dreamed Coxey was a
banker. Nobody ever dreamed Mr..
Bryan was a banker. Nobody ever
dreamed Mr.. Wilson was banker.
And nobody would ever dream Mrs.
Pankhurst could be a banker But
here is measure that could, in effect
that could so far as concerns con-
sequences from causes-cnarge any
one of them happening to be the pres
ident of the United States with the
vastest banking responsibilities that
could possibly be piled together That
sort of thing, humorous IN the mere
thought of it. so far surpasses joke
in the possible exercise of it that it is
pregnant with national tragedy"
That governments do not make
good bankers is shown by history aud
experience. declares the New York
Times CInd Dem which inquiries
whether the disastrous consequences
of political control over these matters
have been so soon forgotten, and says
that student of his country's history
like the President must recall the
struggle made forty years ago to
force the payment of government
bonds in silver at the option of the
Treasury. Has he forgotten. the
Times asks, the opposition of congress
to the resumption of specie payments.
or the effort to commit us to policy
of the free, unlimited coinage of sill
yer at a fixed ratio with gold?
But heated partizan shin in sub
ject requiring cool and impartial dis
eussion is deplored by the San Fran
cisco Chronicle (Ind.). which saws
that "the abstract of the bill seems to