The record. [volume] (St. Maries, Idaho) 1913-1918, 1914-06-23
SIGNS OF COMING
PRosPERITi


son and the Democratic party
will have full control of the ma
iional banking board under the
new currency law for at least s
years to come, whether the Dem
ocrats be retained in power or
whether they be defeated.
While this reserve board is
supposed OF be, and may actually
be non-partizan, still it must be
understood that none but friends
of the measure have been named
bv the president for place upon
il. There are five appointivc
members of the board of control
having in chare the banking
business of the nation, as it will
develop. that this board will have.
Each member, after the first
board, will hold Office for ten
years. President Wilson has ap
pointed one member for ten year
one for eight years, one for six,
one for four and on @ for two
wears. Two years from now he
will appoint another member for
ten years. This he will do re-
CARELESS Of the result of the pend
ing election or of the election to
be held two years from now when
a successor to Wilson shall be
elected.
At the time of President Will
sons retirement from office, as
suming that he will not be re-
.lected, taere will, lh,n, be one
member to hold Office for 10 year
yet, one for eight years, one f0I
six years, one for four years, and
one for two years. Thus it will
be seen that at the endof the pre-
sent term Of Mr.. Wilson, a maj
orlty of the board named by hin
will still have six years to serve
In other words, a majority of the
bank board now named by Presi-
dent Wilson will have control fol
eight years from the date The
new law goes into effect, and fol
six years after Wilson shall have
retired from Office, assuming
that he will retire at the end o.
the present term.
Now, what does that mean?
To financiers and bankers j
should mean that the execution
Of the new currency law will b.
in the hands of friends of tn
measure and of friends of to-
present administration and tina
it is not likely that the board
with its tremendous and ahnos
limitless powers, will permit th
law to become a failure.
With the present gold supply
making no allowance for its in
crease in the years to come. tn
board is empowered under Tn
currency law, to issue $1,000.
100000 in new currency no!
ume Of money greater than tina
the country now has.
Suppose these hank governor
should determine to issue cur
rency to the full limit authOfit
ed by the law. Who can deter
mine the stimulating effects up
on business of doubling tn
money of the country practical
ly within a single year, sayY
Without doubt the lead'n
bankers Of the country have Tor
seen that the power of thes
bank governors is sufficient
break the money trust, and to pr
vent further business stagna
ton. That accounts for recer
declarations Of Vanderbilt, tn
greatest banker New York haI
and Of McReynolds, Chicago
greatest banker, that condition
are opportune for a return
great prosperity throughout tn
nation.
These men are shrewd banker
They were opposed to the cuI
rency bill, but it was enacte
and is now about to be put int
effect. If they are beaten an
If their old power has been tai
en- from them, who should reco
nize that fact quicker than the
And if they cannot do a bankin
business any longer under II
old conditions, who should
quicker than they to prepare
take full advantage of the ne
system?
And we more than suspec! tn
this is exactly what they are pl
pairing to do.
What but a realization Of II
efficacy Of the power of this ne
banking board, would have jus
ed PresidentWilson only fe
days ago to hurl defiance I'M
the teeth Of the financiers an
the big business men of the n;
uon' when he exposed their pla
TO prevent by intimidating mel
IDS his purpose to enact at Il
present session OF congress n
antitrust prog am2