El Paso herald. (El Paso, Tex.) 1901-1931, 1914-03-07

( A 7 THE time the great currency
"A bill was under fire from some
! of the bio New York banks, LIie
/ comments from those who spoke Tor
Ihem were calculated to. make the ordl-
/ nary man fear that some calamity was
( approaching.
1t was asserted that a great outrage
was about to be committed; that these
banks would never submit, they WOu!d
! surrender their national charters 1Irst ;
! and that the new bill would spell rum
and catastrophe. That was the talk
| then.
How different are the facts now! No
rum has befallen US. No appreclaDle
number of banks have held back Bank
ers generally are optimistic. And prac-
ticaIly all the national banks have joined
the system.
Not alone has the currency bill won
the confidence of the bankers, the busi-
ness men and the general public, as It
relates to home prosperity, but 1t IS
+ Delng freely predicted that the new bill
VIII give our banking system lar
greater international prestige.
The Washington Post regularly pub
lshes articles from New York, written
by .HOlland,' a man of insight, whose
writings are popular with men OF big
business. Recently he wrote the follow
ing:
Without exception, the leading bank
ing authorities of Great Britain and OF
the continent of Europe, who have said
anything about the new banking and
currency law of the United States, have
spoken in words of approval Of 1t. In
banking circles in this city, private
and even confidential communications
have been received from bankers Of
Great Britain and of the continent OF
Europe, in which there is strong intima-
ton that the new American system is
likely to make the United States the
greatest discount market in the world,
not Immediately, but after a course OF
years"
We may thank the administration for
the prospect of becoming "the greatest
discount market in the world" Had
the president faltered in the face of
opposition from great banks, had he
lacked his Andrew Jackson like courage,
had he not understood the needs better
than his opponents, the United States
would have continued playing second
fiddle among the worlds discount mar
kets.
1t is due to Woodrow Wilson that
OuI DduhllE ~ SIeiu Is Dtiug pldceu upon
scientific basis, scientific in its eff
fects at home and abroad, removing the
danger of panics with our own people,
and also drawing business to our coUn-
try from other lands.
1t was a wise thing for the American
people to choose a president with knOwl
edge greater than possessed by those
hired by the predatory interests, and
with a heart that beats so true to right
and Justice as to make him unafraid
in serving the cause of the people.
While it would be improper to specu-
late at this time upon the actions of
the reserve bank organization commit
tee. It is not improper for US to reflect
with pleasure upon the attitude OF New
Mexico, Arizona and the portion of
Iexas lying close to Ell Paso.
The bankers from this section, who
the hearing at Ell Paso, those
who came in from New Mexico and
as well as our home folks, de-
serve the heartiest congratulation upon
the way they presented the southwest's
3ase.
While it was reported in the Asso-
dated Press dispatches that the COM
nittee met with grasping and exorbi-