The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1913-06-26
BRYAN |NDORSES
CURRENCY BILL
Declares Il Is Better Measure
Than He Expected.
AIDS BANKS, GUARDS PUBLIC
Points Out Advantages OF Emergency
Issues on oth.r Assets Than
Bonds-Beieves Business
men viii Welcome Act.
AIDS BANKS, GUARDS PUBLIC

Washington, June 24,-Secretary
Bryan issued a statement Saturday or
the currency bill prepared by Chair
man Glass and owen of the congress
sionai banking and currency commit
tees, Secretary of the Treasury Nc
Adoo, and the president,
81 am glad to indorse most earnestly
and unreservedy the currency bill
which has been prepared by the chair
men Of the two congressional commit
tees in conjunction with the president
and Mr.. McAdoo," said MIR. Bryan. 1T
is a much better bill than supposed
II possible TO secure at this time. Con
f1icting opinions, honestly entertained
and strongly adhered TO, have been re-
concied with a success hardly to be
expected. have doubted until recent
ly the wisdom of attempting currency
legislation at this session, but my
doubts were largely due TO the fact
that feared the difficulties in the way
would prevent an agreement upon
plan.
The plan which the president now
urges confers great advantages upon
the banks, while it preserves to the
people, acting through the govern
ment, all that is essential for the pro
lection of the public. The notes are
to be treasury notes, issued by the
government and loaned to the regional
reserve banks. This is In harmony
with the Democratic contention.
There is no surrender of the gov
ernment's right to issue money. TIE
board Of control is appointed by the
president. Thus the people, acting
through the government are in en-
tire control. This is necessary for the
protection of the public interests and
ought not to be Objectionable to the
banks. The duties of the central board
are so important that they could not
with justice TO the public, be commit
ted TO men representing private inter
ests
The regional reserve banks are TO
represent not only the national banks
Of the district, but such state banks as
footing which will be equitable to the
national banks. This is an important
provision and gives TO the state insti.
tutions a protection which they de-
serve, for they share with the nation.
al banks the responsibility of furnish
ing banking facilities TO the business
of the country.
The great point Of advantage TO
the banks an advantage that ought to
make them willing to accept the bill
without question--is that it furnishes
a currency which they can obtain in
time of need without having to put up
bonds as security.
The business interests will | think,
welcome this bill as an unalloyed
blessing. II gives them, through their
banks, a promise Of relief in any time
of stringency, and it gives this prom
Use without putting in the hands OF the
banks a power that might be used
against the public
The bill is a faithful fuflment Of
the promise made in the Baltimore
platform. -
y feel sure that the Democrats Of
the senate and house will rally to the
support of the bill and ! am sanguine
enough to believe that it will receive
a cordial support from Republicans as
we'll"
Tariff will be under consideration by
the senate Democratic caucus most of
the week, but It Is certain the Under
wood Simmons bill will not BE- reported
ia the senate in time for general de.
bate to get under way before July 4