The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1913-10-08

pirate one-tenth next year. and 50 on
until the capital IS all transferred %
the government bank II they can
ax the compensation at aye per cent
this year. they may make it four per
cent next year, and three per cent.
two. per cent, one per cent or nothing
"a very simple and easy process
whereby the entire capital of thei
banks may be transferred to the gov
eminent.
There are a great many different
kinds of socialism; but, however, the
various theories dfnerentiate, they
all agree upon the fundamental prop
osition that the government, that lis
the community as whole, should
own all the real estate, all manufac-
turing enterprises, all banks, ali
| transportation companies in short
all money making utilities. This
proposition Of the government to.
take the banks capital in the man
ner provided. carried to the extreme,
would easily accomplish, so far as
the national banks are concerned
this contention on the part of the So
cialists. For those who do not be-
lieye in Socialism 1t is very hard to
accept and ratify this proposed
action on the part, of the govern
ment.
/ There are other provisions of the
bin equally important and far reach
ing in their effect.
4 eve have recounted the condi-
ton which confronts us as to that
provision Of the pending measure, in
order to impress upon the banks the
fact that we have reached a point
where we must act in our own in
terest and for our own protection.
Individually we must reach our con
illusions in the premises, and IL we
are not satisfied with the provisions
Of the, bill we ought to acquaint our
respective representatives in CON
gress of the fact, and clearly point
out and impress upon them the
changes which we think ought to De
made.
1T has been proclaimed in Con-
Igress and in the public prints that
many features of the pending meas
ure are exactly like or similar to
provisions of the bill reported by
the National Monetary Commission,
and which the bankers in convention
approved. The question is asked,
Why, if the banks approved such
provisions in the so-called ,Aldrich
bin, do they oppose almilar pro-
visions in the so-called Glass-owen
bill? This is the reason:
"(a) Investment in the stock of
the Central Reserve Association Gre
ated by the bill of the National Mon
etary Commission was permissiye,
not compulsory; banks might invest
in the same If they chose, or they
might decline the opportunity, in
accordance with the dictates of their
business Judgment.
"(b) Under the terms of the bill.
Of the National Monetary Commits
sion the bankers controlled the man
agement of the Central Reserve AS.
ISOLATION. 1t follows that an invest
ment in the stock of the association
was an investment under their own
control and management. On the
contrary, investment in the stock OF
the federal reserve banks of the
Glass4owen bill is compulsory. The
individual banks have a minority
representation in the MANAGEMENT
of these federal reserve banks and
have no voice whatever in the seIec-
ton Of the Federal Reserve Board,
which dominates the federal reserve
banks, and the proposed measure
only provides that one of the seven
members must have banking expert
ence.
THE fact that the bankers control
the Central Reserve Association was
a guarantee against political control,
and it was equally guarantee
against incompetent management
two important respects wherein the
pending measure is lacking"