The Churchill county standard. (Fallon, Nev.) 1908-1920, 1913-10-22

othdtol ANtW ldnu6 returned TO Ne
yada early yesterday morning from
the coast, where he went last Satur-
day from Washington, and it is his
present intention to devote all pos
sible time to travelling through the
| state until he shall be called back
| to Washington by the prospect of ac-
ton on the currency bill.
At the present time the bill is be-
fore the senate committee and with
no other business of Importance
pending, congress must wait in mac
| tion until report be forthcoming
Last night Senator Newlands met
with Democratic state and local Of
| fieials, Democratic members of the
legislature and members of the state
and county central committees at an
informal meeting in the Golden hotel
parlors. He expects to leave here
next Tuesday for Tonopah and Gold
field, Clark and Lincoln counties.
If he finds sufficient time he will ex-
tend his tour to other parts of the
state.
With the passage of the tariff bill,
the subject which Senator Newlands
was asked to discuss yesterday, was
the currency bill, which is now very
much in the public eye II Is Sem
ator Newland's opinion that the bill
is vastly an improvement over the
existing legislation and he agrees the
president is right In insisting on con-
tinuous work by congress until the
law be disposed of. Senator New
lands, while favoring the bill as
against the existing law, differs as
TO the perfection of certain parts of
1t. He differs as to the constitu-
tionality of the reserve association,
or rather the method of territorial
division. However, he believes full
discussion will be had in committee
and that amendments will be pre-
sented.
There is urgent need" said Sem
ator Newlands last night, "of bank
ing and currency legislation, and l
think the president should be ap-
plauded for his insistence that the
bill should be considered at an early
day.
Our present financial system is
breeder of panics. Under it the re-
serves of our country banks drift to
New York where they are tied up in
loans on stock collaterals and when
the time comes for crop moving the
money necessary for exchange is as
effectually locked up in New York as
transportation would be if the rail-
road cars of the country were drift
ed to New York and used for pur-
poses of storage. The result is a
monetary stringeney sometimes
reaching the proportions of pan
ic.
"Our aim should be to devise a
| system by which the reserves of the
| banks can be easily mobolized and
presented at the point of attack just
as our army would be, and some
form of union of the banks for such
purpose is necessary.
Il regard the banking bill which
is supported by the administration
as vastly superior TO the existing
legislation, but | think 1t could be
improved upon and | have no doubt
it will receive full discussion in the
senate committee and that amend
ments will be presented.
Personally l prefer that reserve
association should be organized in
each state, composed of both ma
tional and state banks, with the view
of mobolizing the reserves of the
banks within the state and making
them effective in times of stringency
In addition to this We could bring
about a federation of the state re-
serve associations through a nation
al board selected from the various
sections. This sytem would some