White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1914-01-11
FACING A GREAT CHANGE.

In a discussion OF the recently en-
acted currency bill, the ST. Louis
Globe Democrat takes the view that
the legislation offers hope of meeting
the expectations of those who have
felt that such a pronounced expert
ment was necessary.
"While the new law is revolution
airy in its departure from old and
%well-settled systems of banking and
of currency issues. it may not fairly
be condemned. in advance, as being
revolutionary in the sense OF
destruetiveness,' says the Globe
Democrat. 1T was a Democrat,
Senator Reed of Missouri, who, dur
ing the progress of the debate, said,
in defending his demand for further
time and fuller discussion: The bill
that is before us contemplates what
must be considered if not revolu-
ton at least a radical change in our
financial system. + = | be-
lieve that plan can be worked out,
and worked out safely. to the great
advantage of our country; but it
must be agreed that so important a
departure from the present system
demands the exercise of the highest
degree of care, prudence and fore
thought
The efforts to prevent percipitate
action were successful, at least in the
senate, where nearly all of the ma
terial amendments to the bill as it
came from the house. and which are
now incorporated in the law, We're
made. Something in t he line of
banking and currency legislation has
been demanded of this congress.
This demand was not voiced in the
Baltimore platform any more clearly
than in the Progressive Republican
platform adopted at Chicago. The
question has been one of method, or
of degree, and opposition to the bill
conferred for long around the enor-
nous power for control of banking
and currency with which it clothes
the Central Federal Reserve board.
1t has been found impossible to make
any amendment of that part of the
measure, or any other part upon
which the president has insisted is
vital. But during the discussion the
system, as originally proposed, has
been fortified at many points, In
dealing with the accumulation, the
depletion, and the counting of re-
serve funds, all tending toward a
partial limitation of any possible
abuse of the great powers lodged in
the controlling body at Washington,
One of the amendments latest to be
adopted is partly in line with that of
fered by Senator Root late in the
discussion. proposing a graduated
tax against depletion of reserve be-
low a designated limit. The limit
named by Senator Root was so per
cent. As fixed in the law 1t is 40 per
cent, at which figure, under the tax
ing clause. the safeguard is much
stronger than it would have been If
the limit had been left at 1914 per
cent without the depletion tax.
This cooperation among senators
Of all parties has served to make q
vastly better and stronger bill than
first left the house, where such CO.
operation was made impossible
through caucus control of the COM
mittee and the house itself. Again,
in the conference committee of the
two houses, additional changes, all
in the line of erecting new safe
guards against manipulation through
absolute control, were agreed upon
and are now incorporated In the law.
While 1t is true that nothing upon
which the president most strenuously
insisted has been left out, ii is equal
ly true that during the long and ear
nest discussion, while the problem was