Mountain advocate., 1914-01-16
THE CURRENCY BILL

he currency Bill has been pass
ed by both Houses Of Congress and
has been signed BY the President Of
the United States. Therefore, it is
now "a part OF the law Of the land
None OF the sensible business men
OF the country will want to waste
their time IN discussing its theoreti.
cal possibilities. but will begin at
once to prepare themselves to con
duct their business under its provis-
ions. hut it will, at course make
some changes in the daily banking
and commercial lite al he merchant.
banker, manufacturer or the farmer.
Whether this law will affect III,
people OF this city cannot he fore
told but to the majority OF the PEG
pie who has a bank account and
check book there will be no visible
changes whatever in the banking
system OF the country. except sucl
as may appear i'll the form or tn,
topography Of the Gve.dOllar Ma
tional Bank Note. The cashier will
go on accepting deposits aud cash
+ ing checks, and continuing TO make
loans under the new currency act
just as they did under the National
Bank act. The daily operations OF
the banks will be unmodifed; the
depositor or the borrower will have
no new window to 90 TO, no new
officer to see, no new formulas OF
red tape to understand.
The provisions Of the Currency
Act are not compulsory. Nv thi,
statement we mean that no Ma
tional Bank is forced to enter iuto
this new arrangement, but the Ma.
tional Banks OF the Country have
been given a certain time in which to
make their election as to whether
they will accept the provisions Of
the New Act, or whether they will
revert TO State Banks, without the
privileges and immunties and the
prestige Ct National Ranks. We
are not informed just what cours,
the two local banks will pursue
They are both National Banks and
it is fair to presume that they vii
continue so TO I've, until the law has
at least been given a fair test ard
found wanting.
The MOUNTAIN ADVOCATE is
a Republican newspaper and be.
lieves in and uphulds and defends
as well as promulgates Republican
doctrine and principles. The new
Currency Act is an act OF a Demo
cratic Administration, introduced
and passed in a Democratic House
passed by a Democratic Senate and
signed bv a Democratic President
This in the main would be enough
to make US suspicious of the Act,
knowing as we do the time proven
weakness of the Democratic Party
and knowing that the Bill at least
act the approval OF one William
Jennings Bryan, IT, indeed. it was
not fathered by him. but in this
instance, the ADVOCATE desires to
give this particular Bill its due.
Whether it is the best bill tor tho
Country we are, OF course, unabl,
to saw. We are not economists
Men who have given their whole
lives to the study OF the Currency
Systems of this and other countries
as divided. Time only can prove
the worth OF The Bill But We he
lieve in fair play. The Democrat u
are in power and have enacted this
Bill An act OF some sort seemed
to he a necessity for onr currency
system was in a bad way. The |
Aldrich Currency Bill, proposed and |
introduced into Congress by Sena
tor Alrich, was in most respects
radically different from the present
bill, but this was defeated during |
Talt's administration. But it goes
to show that both parties realized |
that something must be done to the
Currency system.
The present Bill was designed to
prevent panics Whether it will do
this remains, OF course, 10 he seen
According to the men who have
studied and supported the bill in its
passage through the House and
Senate OF Congress, there is one
type Of man whom it will immeas-
urably assist This type is the bank
en- IN the small town or city with
a bank of moderate means, com
paratiyely speaking, who knows his
customers personally, aud wishes
10 take care of their legitimate
needs, and who has been prevented
m m so doing in times OF stress un.
a