Evening capital news. (Boise, Idaho) 1901-1927, 1914-06-17
SIGNS OF COMING PROSPERITY.

4
FYnanciers and bankers of the country doubtless will
overlook the fact that President Wilson and the Dem
ocrac party will have full control of the national banking
board under the currency law for at least eight years
to come whether the Democrats be retained in power o
whether they be defeated.
While this board is supposed to be, and may
actually be- bipartisan still it must be understood that
but friends of the have been named by the
president for place upon it. There five appointive
members of the board of control having in charge the
banking business of the nation it will develop that this
board will have Each member after the first board will
hold office for 10 years President Wilson has appointed
member for 10 years. for eight years. for
for four and for two years Two years from
he will appoint another member for 10 years This he will
do regardless of the result of the pending election or OF
election to be held two years from now when successor
to Wilson shall be elected.
At the time of President Wilson's retirement from of
fce assuming that he will not be reelected there will
then be member to hold office for 10 years yet for
eight years. for six years. for four years. and
for two years Thus will be that at the end OF the
present of Mr. Wilson, majority of the board named
by him will still have six years to In other words
majority of the bank board now named by President
Wilson will have control for eight years from the date the
law goes into effect and for six years after Wilson
shall have retired from office assuming that he will retire
at the end of the present term.
Now, what does that mean7
To fnanciers and bankers it should that the exc
cution OF the currency law will be in the hands OF
friends of the and of friends of the present admin
istration and that is likely that the board with its
tremendous and almost imitless powers, will permit the
law to become failure.
With the present gold supply making allowance for
its increase in the years come this board empowered
under the currency law to issue 81 in
rencya volume Of money greater than that the country
now has
Suppose these bank should determine to is
currency to the full limit authorized by the law Who
determine the stimulating effects upon business of
doubling the money of the country practically within
single year, sayf
Without doubt the leading bankers of the country have
foreseen that the power Of these bank su
Gent to break the money trust and to prevent further
business stagnaton That accounts for recent declara
lions of Vanderbilt the greatest banker New York has,
and of McReynods Chcagos greatest banker that cond
tons opportune for return to great prosperity
throughout this nation.
These shrewd bankers. They were opposed
to the currency BILL but it enacted and is about
to be put into effect If they beaten and if their old
power has been taken from them who should recognize
that fact quicker than they? And if they cannot do
banking business longer under the old conditions who
should be quicker than they to prepare to take full advan
tage of the system9
And than suspect that this is exactly what
they preparing to do.
What but realization of the efficacy of the power Of
this new banking board would have justified President
Wilson only day before yesterday to have hurled defiance
the nation when he exposed their plans prevent by in
tdatng methods his purpose the present
sion of congress his antitrust program2
Is it not clear that the president is determined to COM
pete his program of drastic legislation and then to see to
it that the banking board appointed by him. backed as it
is by the secretary of the treasury who his naw
the cOmptroer the currency no1itica1