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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (July 4, 1913)
flr M- The Commoner. WILLIAM J. ERYAN, EDITOR AND PROPRIETOR VOL. 13, NO.. 26 Lincoln, Nebraska, July 4, 1913 WhofeNumber 650 The Diggs-Caminetti Case Tho editor of The Commoner has read with deep regret tho editorial which appeared in tho New York World of June 29, and is sure that tho World editor will, on reflection, admit that ho has done injustice to Attorney General Mc Reynolds, Secretary Wilson and Immigration Commissioner Caminetti. Mr. McReynolds continued the case at the request of Secretary Wilson and it was a reasonable request. The New York World says that it does not doubt that- Mr. McReynold's motives were honorable.' If his motives were honorable, how can his act justify a demand for his resignation? A continuance is not an unusual thing, and does not mean a defeat of justice. If such a continuance had been asked in an ordinary caso, under tho circumstances it would havo been granted without question by any attornoy general. The fact that tho father of one of tho defendants is a public ofllcial ought not to alter tho case. Neither can Secretary Wilson bo fairly blamed. Ho declares that he was considering the interests of his department and that ho made tho request on his own initatlvo and with out solicitation from Mr. Caminetti. No ono who knows Secretary Wilson will question either his honesty or his veracity. Why should he resign? No one could make a more satisfac tory secretary of labor than he is making. As for Mr. Caminetti, wo have known him for moro than twenty years, and have no hesitation in saying that there is not a moro upright or honorablo man in public life. Ho is a pro gressive democrat and has, during tho last two decades, been connected with all tho move ments that havo had for thoir object tho ad vancement of tho public welfare. It Is both un just and ungenerous to say that ho should ro tiro from politics becauso of his son's conduct, oven though tho son has been guilty of gross and criminal Immorality. Tho president lias examined into tho facts and approved the action taken by tho attorney gen eral. When tho public lias had an opportunity to consider tho ontlro caso, tho administration's course will bo sustained. Its hold upon tho pfubllo would bo frail, indeed, if confldenco In it could bo destroyed or oven shaken by ono act, oven If It could bo shown which is not possible that that act was a mistake. Mr. Bryan on the Currency Bill Tho currency bill, prepared by Chairman Owen, of tho senate, and Chairman Glass, of tho house, in conjunction with President Wilson and Secretary McAdoo, is now beforo the country for discussion. It is known as the president's bill, because his influence was paramount in re conciling the differences existing between those favoring currency legislation. Tho president, in his messago to congress, urged immediate action and was felicitous in the language that he employed. He pointed out the need of legis lation which will enable tho business world to make use of its securities in times of emergency. While he did not outline a measure, his message should be interpreted in the light of tho bill which has already been given to the public. The first question to be considered is whether there should be immediate legislation. It would be hard to answer this question in the negative, in view of the fact that tho need for currency legislation has been emphasized in every quarter and by all who have cared to express themselves on the subject. Tho only justifica tion that could be offered for delay would bo that time is needed for an investigation of the subject. This objection, however, can hardly be made when it is remembered that resort has been had to nearly every form of investigation during tho last few years so that it may be assumed that every one who desires to form an opinion has had an opportunity to do so. As a matter of fact, tho fundamental prin ciples Involved in currency legislation are so well understood that no delay, however ex tended, and no investigation, however thorough, would be likely to change the minds of those whose duty It is to act upon the matter. A re quest for delay may, therefore, be regarded as a motion for a continuance made by those who object to tho principles upon which the bill 'is drawn; and a demand for further investigation can fairly be considered In the same way. So true is this, that it is quite certain that those who now favor delay, in all probability, have been the very ones to urge speedy action had tho bill been differently drawn. When tho bill is considered upon its merits, one at once realizes that it is written from the standpoint of tho people rather than from tho standpoint of the financiers. Tho latter aro quite unanimous in the belief that the Issue of money is "a function of the banks" and that "the goverment ought not to go into tho bank ing business." Tho democratic party, however, has consistently taken the position that tho issue of money Is "a function of tho govern ment" and should not be delegated to banks. It all depends upon tho point of view from which one considers this question or, for that matter, any public question. President Wilson, in his letter of acceptance and in his speeches, reiterated his determination to look at all questions from the standpoint of the people rather than from the standpoint of a privileged few. This was tho central theme of his addresses and he can not well depart from this position in the framing of a currency law, especially since tho democratic party, has never deviated from this position in its platforms. If currency reform is to come under a democratic president, a democratic house and a democratic senate, it must como along lines in harmony with democratic history and doctrine. Tho bill involves three fundamental prin ciples: First: Tho notes Issued must be issued by tho government and not by tho banks. Second: The issue must be controlled by pub lic servants and not by private Institutions or individuals. Third: Tho emergency currency issued must be Issued through state banks as well as through national banks. Tho bill as prepared observes these three re quirements. Tho right of tho government to issue money is not surrendered to the banks; the control over the money so issued is not re linquished by tho government; and national banks aro not given a monopoly of the benefits flowing from the issue of theso emergency notes. Tho people, having safeguarded their rights in the three particulars above mentioned, can afford to deal liborally with tho remaining pro visions of tho bill. The regional reserve banks will prove of great advantage to business. Bach reserve bank will bo a commercial center and this contor will bo much nearer to tho oxtremes than tho few large cities are to tho banks which havo been compelled to reach tho public through ' them. Theso regional resorvo banks will glva to the Individual banks a security for thoir re serves that is lacking under tho present system a security which will go far toward prevent ing panics. The national banks, however much they may bo' inclined to object to the extension to state banks of the right to borrow emergency treas ury notes, will find this bill so advantageous as to make them willing to accept its provisions. Tho right to borrow treasury notes on an equit able basis, without having to put up bonds, is a distinct benefit, and yet a benefit which can bo granted with advantage to tho community rep resented as well as with safety to tho govern ment. When a bank is compelled to put up bonds as a security, it has already parted with as much money as it can possibly borrow upon them. Hence a bond basis reduces to a mini mum the advantages to be derived from borrow ing. Why should the government require bonds as security for the loans to bo made when the other security provided for is adequate? Tho govern ment can have no Interest in prescribing onerous conditions to the banking world. Tho regional reserve bank, representing as it does tho banks of its district, would be financially good for tho money borrowed even if it was not required to put up specific security, but its security is made greater by tho fact that collateral will be put up to secure each loan. It is possible, under this plan, to provide Im mediate relief to any section of the country, and thus cure in the very boginning a condition which, if allowed to continue, might precipitate a panic. It is not contended that the bill Is perfect in detail. No one, or "even a fow, can hope to 4 ''t.ju. .iti.i!Jj'i.t. vtJitii - jijgMtMajjAi wB. j:jjrra'gWfci