Barton County democrat., 1914-01-02
The CURRENCY BILL.

Inc CurrSncy blH-Wuol u IL, "uo
will it do, and how will it work?
Those questions are asked in tht
street, in the home, and every place
men congregate to discuss economic
questions.
Currency legislation as undertaken
has but one goaLthe prevention d
a corner" in money. The preveu-
ton of panics, such as have FOLLOWED
financial speculations and corners
II money oniy too often in our his
tory as a nation is worthy under
taking and the Currency Bill wal
drawn up for that purpose.
In 1907 the powers behind the Stee
Trust decided that they wanted Il
take over the property Of a rival com
9lry, the Tennessee Coal & Iron Co
Roosevelt vas presiden: He WASH ,
incl!led to Silow any sub thing. Tx
money "cornsr; followed and tht
steel Trust va; allowed 10 do Us Il
pleased and the furry was over.
When the present tariff bill becam'
a law the same money corner" waE
threatened. Our tariff is the highest
in the world today but the monopo-
lies are not content. They have beer
making enormous profits out of every
thing manufactured. A New YOrl
jeweler has been buying American
watches in London, paying our high
tariff on them and then owning them
at lower price than he could pur
chase them from the manufacturer ir
the limited States. American binders
and farm machinery have been sold
cheaper in Europe than here in the
United States. But the tariff reduc'
tion is the beginning Of am end to
robbery on the part of Big Business.
So Big Business threatens panic.
France, for years, has controlled
her own money market. An foreign
governments have had more elastic
money systems than has the United
States. So President Wilson and his
advisers have. decided that the small
concerns the public in general, must
be protected from the money trust
and Wall Street. The Currency Bill
is primarily intended for the protec.
ton Of healthy business. This piece
Of legislation win make the United
States the leading financial power OF
the world. It will protec+ healthy bus
mess conditions and make a panic
impossible.
The Currency Bill has many pro
visions, among other things
1t provides a plan for concentrating
the reserves of twenty-five thousand
banks into the most gigantic banking
association in the world.
1t provides the mobilization Of these
bank reserves, thus keeping them ID
guild and quickly avahlabDe into cash.
1t provides for the issuance of elias
tic currency through federal reserve
notes which may be obtained ON the
security OF commercial bills of short
maturities.
It establishes an open discount mar
het, which America never has had,
and in this open discount market will
be found place where commercial
bills and commercial paper can be
discounted, at all times at low rates
Of interest.
1t provides for Safeguarding the 2
per cent bonds.
1t will stabilize the commercial, fl
nancial and industrial conditions cf
the United States.
1t establishes foreign branch banks
30 take care Of our foreign commerce
It extends a strong helping hand to
The farmers and producers of the
country and will be very valuable to
business men as we'll as to the bank
srs themselves.
The system is under the supervjs-
'r control Of the government through
/ federal reserve board of seven
members appointed by the President,
with full power to fix the interest
'ates, control the elastic currency or
ederal reserve notes, examine the
banks and remove officers or direc..
'ors Of any federal reserve bank.
The SyStnm will start ur;Aib 20 MIL
ion doIIars Of capital and will in two
'eas have more than 400 million dol.
ars of reserve and probably 200 mil
ion dohars of government funds dis
rlbuted through from eight to Twelve
'anks adjusted to serve conveniently
md sympathetically every section Of
country.
The creation Of a market for the
negotiable commercial paper which
ormS the bulk Of the assets of the