The Jeffersonian. [volume] (Atlanta, Ga.) 1907-1917, 1913-08-14

vi the mouse OF Representatives
makes the following statement con-
corning the Glass Banking and Cur
rency Bill:
AS some members of the Banking
and Currency Committee have given
to the public press their views favor
ing the Glass bill, and as persons,
both IN and out of Congress, who
favor that measure have freely
printed their views and reasons, T
deem it my duty to present to the
public at this time my analysis and
views of the Glass bill. / think the
Glass bill is fundamentally bad I
will not now point out the specific
provisions that are bad, because they
could be cured by amendment; but
Will consider the purpose and effect
OF the bill as whole. My reasons
for opposing the bill are as follows:
First: The whole power and duty
of the Congress and of the United
States, with reference to money in
any of its forms, are: Cd By the
express terms of the Constitution, Ito
coin money, regulate the value there
Of and of foreign coin;" (2) By the
implied terms of the Constitution, as
set forth in the DEGREES of the Su-
preme Court in the Legal Tender
cases touching the matter, to issue
the currency of the country; CD
Since the principle is established by
the opinions of the Supreme Court
in the Bank cases, to authorize bank
ing associations under National char
ter to carry on the business of dis
count and deposit, since to such
banking associations is delegated the
authority to issue currency and since
they are constituted as depositaries
of public funds and fiscal agents of
the government; and a So to regu-
late, examine and supervise the af-
fairs of such National banking asso-
Citations as to guarantee that they
obey the law and thereby afford fair
and safe banking facilities for the
public.
And yet, in and by the terms of
said Glass bill, it is distinctly pro-
posed to establish paternaIistic rela-
tions between the Government upon
the one hand and the banks and the
business of the country upon the
other.
Second: Under the terms of the
Constitution, under the teachings of
the statesmen of the Democratic
party from Jefferson to this day, I'M
der the platform declarations of the
Democratic party, and by every con-
sideration Of political expediency and
industrial freedom, it is neither con-
stitutiOnal, competent, nor desirable
that either the government should go
into the banking business or that
the banks should go into the govern
ment business.
And yet, in and by the terms of
said Glass bill, the government will
expressly go into the banking bust
ness-because this bill compels each
of the National banks in the country,
under penalty Of dissolution, to be-
come a shareholder in one of twelve
different regional reserve banks to be
organized, to which the Government
will loan it's money to be in turn
loaned out to the individual member
banks for profit, and the net proceeds
arising from each regional reserve
bank from such operations, after al
lowing a five per centum annual divi-
dend to the individual share-holding
banks, is to pass to the Government
by which it indisputably appears
that the Government will actually
and unequivocally embark upon the
banking business for profit in part
nership with the private banking
corporations Of the country.
And it is equally indisputable that,
under the terms Of said Glass bill,