The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-10-27

, NeFlip deUUe the pIhA~Att&l HlfANsN''
between United States treasury note
with a specified reserve behind II. and
note issued by a United States bank
owned and controlled entirely by the
government and ii would be still more
( interesting II Mr. Vanderlip would
undertake to point out how note
! issued by government central bank
or banks based on gold reserve ana
commercial paper, is any sounder
either in principal or in fact than
note issued by the federal reserve
board to regional banks based on
gold reserve and commercial paper
with government responsibility super
aided.
The conclusion that reach from
this whole performance lis that this
newest currency scheme. prepared, as
am told, by Mr.. Nanderlip in con
junction with MIR Dawson. of j. =.
Morgan g. Co. and Mr., Strong. with
a Standard Oh connection. is intended
to confuse the question of banking
and currency reform, or else II is
hoped that by the adoption of some
such scheme OF absolute Capitalization
it will he far easier hereafter for GER
tain gentlemen to get control OF II Tor
certain purposes than would be pos
sbio under the proposed regional bank
system.
Means No Legislation.
But however much of merit there
may be in Mr. Nanderlip's scheme, II
is perfectly patent that serious con
sideratlon of it at this time, as sub
stitute for the house bill would mean
an indefinite postponement of cur
rency legislation for the reason that
the platform on which the Democratic
administration and the Sixty-thlrd
congress were elected distinctly, says:
We oppose the so-called AldriCh bin.
or the establishment of a central
bank
ITO undertake deliberately to repu
date this explicit declaration of the
Baltimore platform would involve
the Democratic party in serious con
sequences, and would render exceed
ingly remote the proba bility Of cur
rency legislation at any time soon. In
my Judgment It would be simply futile
to attempt a yth.ng of the kind
The Uppermost Question.
The uprermost question is how
strongly the Nanderlip proposal viii
be reflected in the committee report,
Circumstances and factors wholly
outside the committee will determine
this. \ majority of the committee
undoubtedly favor the Nanderlip pro-
pnsal but the factors TO be consider
ed are President Wilson and the
1
The president has reiterated his adj
/ hesion to the main features of the
Glass plan, and yesterday. when Mr.
Fanderlip and Henry +. Dawson, OF
/ the firm Of j. F. Morgan & Co, sought
an appointment at the White House
TO discuss the Nanderlip proposal, Mr.
Wilson declined to see them, on the
ground that he received no visitors on
cabinet DAYS. This. of course. was
~ he 4 ~ 10 %
to discuss the new proposal with its
proponents but preferred to consien
his discussions Of currency proposals
10 members of the branches of con-
gress.
The senate committee will un-
doubtedlv have this attitude of Mr.,
Wilson sharply in mind while franz
ing its report. All Of the members
OF the committee Democrats and Re-
publicans alike. with the possible eX-
ception of Mr. Hitchcock, of Nebraska,
favor early legislation. Broadly
speaking. the committee members
would prefer legislation at this ses-
sion or al least before Christmas,
rather than hold out with the pros
pect Of indefinite delay for a form OF
BIZ which more nearly met theif
views.
Hearings Have Been of Value,
undoubtedly the publ4c neafliiEs
that have been held by the commit
tee have been of great value, in that
they have taught the committee mem
, beers much that they did not know OF
] suspect about finance and currency
matters They have set great store
by what they have heard from some
of the competent witnesses who have
, appeared before them. At least siH
of the committeeman tfat is, Sena-
tor OGorman and the five Republican
members. had come to favor some
such plan as the one submitted bl
Mr. Vanderlip. His plan simply
formulated and nut in definite term!
belief that already lay more oi
less uniformed in their minds, Thu
accounts for the quick approval VIII
which Mr. Vandelip's scheme IVA
met 10y The coTnmittee
One OF the notable aspects Of m
present currency situation is tn
\ marked disposition in the senate com
mittee to work together for unani
/ nous report. and to give every con
4 sderatiou to the attitude of the presl
? dent and the house majority 10 tn
I end that legislation may be enacted
= without unnecessary delay. II seem
to be the genuine desire Of every on
v concerned 10 secure the best possihl
T. bill that Will meet with sufficient sup
Y port to secure early passage.
sxA- "a. ~ssrx - ~rasN