Lincoln County times. (Jerome, Idaho) 1911-1919, 1914-07-02

.o,otry doubtless VIII not overlook
~ tact that President Wilson and
40 democratic party Will have full
control of the national banking board
under the new currency law for al
,a.s. eight years TO come, whether
INC democrats be retained In power
- whether they be defeated.
While this reserve board is sup
.osed to be, and may actually be.
nop-partisan, still IT must be under
.,ood that none but friends OF the
,oasuro have been named by the
oyssident for place upon 1t. There
are Ave appointive members OF the
hoard of control having In charge the
hauking business OF the nation, as It
xi,, develop that this board wiz
have Each member, after the first
hoard will hold ONCE for ten years.
President Wilson has appointed one
member for 10 years, one for eight
wears. one for six, one for four and
one for two years. Two years from
now. he will appoint another meni-
her for 10 years. This he will do re-
xardless OF the result OF the coming
election or OF the election to be held
two years from now, when a success
sor to Wilson shall be elected.
AT the time OF President Wilson's
retirement from Office, assuming that
he will not be reelected. there will
then be one member to hold Office for
ten years yet. one for eight years. one
for four years, and one for two years.
Thus IL will be seen TINT at the end
OF the present term OF Mr.. Wilson,
majority OF the board named by him
will still have six years 10 serve In
other words. majority of the bank
board now named by President VIII
son will have control for eight years
from the date the new law goes into
effect. and for six years after Wilson
shall have retired from Office assum-
INK that he viii retire at the end Of
the present term.
Now. what does that mean?
To inanciers and bankers Il should
mean that the execution OF the new
currency Law Will be In the hands OF
friends OF the measure and OF friends
OF the present administration and
that II is not likely that the board.
with &c tr.noudous orI atr,nst IT,,
itless powers. VIII permit the law to
become failure.
With the present bold supply. max
Ing no allowance for its increase in
the years 10 come. this board is en-
powered. under the currency law. to
issue s1.5oO.o0e. 900 in new currency
"a volume OF money greater than
that the country now has.
Suppose these bank governors
should determine to issue currency
to the full limit authorized by the
law. Who can determine the stimu-
lating effects upon business OF doub-
LINK the money " the country prac-
tically within single wear. say?
Without doubt. the leading bank
ers Of the country have foreseen that
the power OF these bank governors Is
sufficient to break the money trust.
and to prevent further business stag.
nation. That accounts for recent
declarations OF vanderiip. the great
est banker New York has. and OF Nc
Reynolds. Chicago's greatest banker
that conditions are opportune for 8
return to great prosperity Throughout
this nation.
These men are shrewd bankers
They were opposed to the currenel
Dill, but 1t was enacted and is nov
about to be put into eject. II the,
are beaten and II their old power II
already taken from them. who shout,
recognize that fact quicker thar
they? And II they cannot do bank
Ing bushes any longer under the OLE
conditions. who should be quickc
than they to prepare to take advan
tage OF the new system7
And we more than suspect tina
THIS is exactly what they are prepar
Ing to do.
What but the realisation OF tn
efficacy OF the power OF the new bank
ing board. would have justified Pres
'oent Wilson only recently to hay
hurled defiance into the teeth OF til
nnanciers and the big business me
81 The nation when he exposed thei
plans to prevent by intimidatin
methods his purpose to enact at tn
present session OF congress his ant
trust program
Is 1t not clear that the presidei
is determined to complete his pro
tram Of drastic legislation, and the
10 see to It that The banking ooar
appointed by ni.a backed rs II f. h
me secretary Of The treasury. who
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