Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-09-05
BILL
A Big MEASURE
One Of The Greatest Pieces
Of Constructive Legislation
Since The War
Robt. McWade.

Roht. McWade.
Washington, Sept. 1.-The bankini
ana currency measure Is regarded b.
many representatives and senator
~ In q degree Of almost equal In
DOrtance TO the people everywhere al
the SImmOnB-Underw0od tariH bin
which has yet several laps to run Ii
the senate before II materialiZes eth
CIR IN conference or at the White
House. In the democratic house caii
cuseB, where the discussions on 1t!
various provisions have been bOtf
bitter ald prolonged, n of thu
strongest npholdera Of the admins
tration View of the bin Is Congress
man Samuel w. Beakes OF Michigan
whose views on the measure and Its
efficiency In curing, If not only allevi
ating, disturbed monetary conditions
In all communities, however large OF
small, are cOurted by Representative
Glass and the ~so-called Wilsonites, az
well as by the insnrgent democrats
He has consented to give his ideas on
the matter to your correspondent
promising that this Is the first and
only Interview which he has had upon
ut with any newspaper correspondent.
I He says that he feels the measure
Will be enacted into law at this SEES.
sion, and adds!
"In my opinion the currency bin,
as It will be introduced In the house
with the approval of the democratic
caucus, Is IN of the greatest pieces
Of constructive legislation since the
war. thing Il will efYectually put a
stop to panics In the future and give
! the country what It has long needed
, I'm elastic currency so that there
will be more money in circulation
when there IL reed for it, and when
the need ceases, the excess money
will automatically retire from circu.
lation. IL will be a perfectly safe
rlrrency.r as It Is precisely the same
currency that Germany has used for
many years, during which time Ger.
many has had no financial panics.
"Thc constructive part Of the work
has been fitting this elastic currency.
such az Germany has, into the Unit,
cd States banking system, without too
violent change In the system. This
currency is based on a reserve in gold
OF one.third OF the currency issued.
and 100 per cent In prime commercial
paper, backed by the bank needing
money and by the Federal Reserve
bank, and guaranteed, we may say.
by the government. There will be-
no safer currency in the world.
"The new BILL will obviate the nee
essity Of banks when they fear the
approach Of hard times boarding up
money and contracting their loans,
that they may be In a position to hon,
or checks OF their depositors. . This
contracting Of loans and boarding Of
money IN bank vaults under the old
system has been almost a necessity
for good banking, because when times
| are hard and money scarce, the banks
have had no chance to gather need
ed money on the loans they have
made and 50 have learneed to anttci.
pate hard times by boarding money.
So that the old. system has so oper.
ated that at the very time when most
money was needed, less money than
usual has been available. '
Under the new bill any bank com
Ing into the now system c&N instantly
get needed money by redistomting
It's paper With It's regional reserve
bank, This does away with the nee,
cssity for the bank boarding away
money, because It can secure or oh,
tain money when It requires Il.
When hard times are on, there Is
more need Of loans than at any other
tine. Under the old systems. the
banks have refused to extend loans
at the very times when they were
most necessary. Under the new sys.
tenn. at such tines they will simply
redtscount their paper and put out
more currency; and | am sure. also.
that fewer banks will close their
doors. 5
"The new bin takes away the 0 II
troll Of the banking system Of the
country from Il few men IN New York
City, and puts It In the hands Of the
government, It will %emancipate the
country bank, It will give the coun.
try more money when needed to move
the crops, and the extra money will
be placed IN the sections where It Is
needed. It will give less money than
the present system for stock gambling
and u furry in the stock market will
no longer have any effect on the gen,
aral business Of the country,
~ think from expressions | have
heard. tina, the new bin will have the
support not only OF the democrats,
hut OF a number Of the republicans,
and the ~progresstves; and | have no
doubt that with minor amendments
It will be enacted into law at this OK,
| ira session."
HOPEFUL BUSINESS PROSPECTS,
Dunn's review oe business gives
evidences Of reviving commercial and
Industrial activity, Bradstreet's re-
ports conservative buying In the West
on account OF short crops but OF the
whole there Is an improvement IN
general conditions, The First Ma,
tional bank OF Fargo, probably the
greatest financial Institution Of this
state in It's monthly letter on trade
conditions recognizes the general
easing up OF the money market and
a great Improvement in business NOR
tality in July OF this year a compared
With the two preceding years, Tho
northwestern group shows a good net
gain, the best Of any OF the railways,
and by the improvement IN efficiency a
serious a shortage Is not likely, II
Is still likely that we will exceed last
years output Of pigtron. The hank
letter Is a carefully prepared and re-