The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1913-05-30
CURRENCY IS
G|V|NGLEADERS
O|FF|CUL 1Y
OPINION VARIES HOW BEST TO
FORM A SATISFACTORY RE.
FORM BILL.
Another Expedition Soon to Start On
the Hunt fol, the North
Pole.
(By Winfield Jones. }

Washington. May 30.-Former
Senator Nelson w. Aldrich. Of
Rhode Island, author of the much be-
rated Aldrich currency plan. prob
ably Is unable to repress smile when
he contemplates the currency reform
plans now being seriously discussed
among the Democratic leaders.
That the proposal of the Demo-
Gratis most prominent in currency
matters is to take essential parts Of
the Aldrich plan, with the omission
Of the central reserve association
feature, is becoming palmer each
day. This is SO we'll understood that
some OF the strongest advocates Of
the Aldrich plan have come to the
support OF the Democratic idea and
Rave made their support known to
the administration. The regional
banking association feature OF the
Democratic plan is looked on by some
OF the men who have had most to
do with promoting the Aldrich Cen
tral Reserve Association as in reality
laying the foundation for the central
lied scheme which the former senator
from Rhode Island fathered.
One Of the embarassments of the
Administration in trying to frame q
currency bill concerns the number OF
regional associations to be estah-
lished. The widest variance of opin-
ion prevails on this. Some of the
Eig bankers, who are for the Demo-
cratic plan, advocate only four as
scciations. In other quarters, twen-
ty or more are advocated. Some
think there should be such a regional
association In every State. Nearly
every section wants to be a financial
center. and the administration 10
finding that while It might be q good
thing, politically to crafty tho wishes
o. each section. there is danger In
II from a banking and currency
standpoint.
1t is discovered that II the regional
associations are made too numerous
and spread out too thin, some of the
regional reserve banks would find
themselves located alongside of tnds-
pendent banks which were much
larger than the regional Institutions.
|: would hardly do to have the head
bank of regional association of less
Importance than single independent
bank In Its own territory, and this 10
cne Of the problems which the crea-
tors Of the proposed new system will
have to work out.
How to relieve the banks of the
per cent bonds which are now used
t. secure circulation and public de-
posits Is a question also involving dif.
ficYlties. Indications are that a way
will be found out of this. Democratic
leaders seem to be generally dis
posed to evolve plan for the re-
tirement of these bonds. Chairman
Glass of the House currency commit
tee, has suggested plan for retire.
ment of the old notes at the rate of
about 10 per cent per anHum for ten
years, probably through the issue of
. per cents In place Of the 2s. It is
an interesting fact that in the last
few years no issue Of bonds having
the circulation privilege has been
proposed.
In relative way. the greenback
Will not cause much trouble in the
formulation Of the new currency
scheme. The government has about
546,OO0,OOO Of these in circulation.
The government gold reserve and the
gold supply throughout the country
are each several times in excess Of
tie amount Of greenbacbs outstand.
Ing, and hence demand for their re-
demption would cause no discomfort.
Fritz Johansen, Norwegian biolo-
gist, recently an expert in the de-
partment Of agriculture, has been de-
tailed for the scientific artic explor-
Ing expedition Of Vilhjalmur Stef.
aIsson.
In command of the Karluk, the
ship In which Stefansson hopes to
pursue the quest OF the possible mill
lion square miles Of Arctic continent,
will be Capt. Robert Bartlett.
Capt. Bartlett was the captain for
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