Newspaper Page Text
FEBRUARY S, 1906
PAGE 12 Wje Nobrasktx Independent ' NEW WALL STREET PLOT NEW YORK CHAMBER OF COM MERCE PROPOSES PLAN. Would Have Unlimited Power to Cre ate Stringency and Then the Privi lege of Using Government Funds at Low Interest Rate. New York, Feb. 2. The Chamber of Commerce yesterday pronounced Sec retary of the Treasury Shaw's scheme for an emergency currency to be, in the Chamber's judgement, a hazardous experiment imprudent, unsafe and in advisable. The language in which the scheme was condemned was so forci-j ble it fairly took the breath away from the Imperial Chinese commissioners to America, who were present as guests. ' Scares the Chinese "A mandarin in China might have his head cut off if he said such things," whispered one of the grave Oriental financiers to another of the suite. Secretary Shaw's plan, was to per mit national banks to issue' a volume of additional currency, specially guar anteed by the government, equal in amount to 50 per cent of the bond-secured currency maintained by them, but subject to a tax of 5 or 6 per cent until redeemed. When the Shaw scheme was . pro mulgated a month or so ago, it was bitterly attacked by Jacob H. Schiff , who was reported as saying a panic might happen if the monetary system of the country was not reformed. He asked the Chamber of Commerce to v. l tS: A" S3' A BIG TOMATO Last year when Mr. J. R. Lawrence, the not ed horticulturist and experimenter of Massa chusetts, reported that he had grown one of the Mnjestic Tomatoes which weighed b lbs., we thought that surely the limit had been reached, as before the introduction of this errand new variety 2V4 to 3 lbs. was considered the largest weight possible. During the past season $100.00 in cash prizes was offered and all ot the five prize winners grew specimens weighing over 6 lbs. each. Mrs. Amelia Cronin, of Akron.Iowa, has a scheme for growing large specimens, which proved very successful and will undoubt- edlybe of some interest to some of our read ers. She eaj s: Enclosed find my report which Is signed also by two witnesses who saw the - big tomato weighed. I planted the Majestic to mato seed in February in a box of sou in the house, and when about two inches high, trans planted to another box. A t proper season I setthenrout on a very rich piece of ground where a straw pile had been burned and the ashes racked in. The plants were watered every night and when about 18 inches high, I cut the tips off and by allowing only 2 or 3 fruits to ripen on some of the plants: it threw all the strength to these fruits. The largest specimen weighed 7 lbs. 7 ozs. and there are several which weighed over 5 lbs. each." Some plants of the Majestic tomato have produced 145 to 100 lbs. of fruit. Just think what that kind of a crop whould mean on an acre of land. They are of such large size and so productive that they are attracting general attention. This new variety is being introduced by the Iowa Seed Company, of Des Voines, Iowa, who are again offering $100.00 in Cash prizes on them and we hope our readers will compete. Better write them today for a copy of their large illustrat ed catalogue of Garden and Farm Seeds, which will be sent free if you mention this paper. make a special investigation of the subject. The committee of finance of the Chamber took the matter up, and reported its conclusions to the Chamber yesterday. Easy Money for Bankers The committee proposes legislation permitting the banks to retire at will more than $3,000,000 of currency a month, the present limit. This per mission would naturally be used, it is argued, during periods of low interest rates and slack demand. For such opposite conditions of scarce money and high rates as pre vailed in this city last December the committee recommends that the sec retary of the treasury be authorized to deposit in the banks, In his dis cretion, public funds from customs collections and internal-revenue re ceipts at a rate of interest of not less than. 2 per cent when not secured by bond deposits. Many Pious Pretenses The committee, said there were al ready eight Wads of money in circula tion, and that .the national bank cur rency afloat aggregated over $512,000, 000. To add to this an emergency issue of $256,000,000 would render it impossible for the comptroller of the currency to safeguard the issue against the temptation to enlarge the circulation to meet the local emergen cies and speculative demands sure to follow as a result of the privilege. "All makeshifts," said the commit tee,' "are dangerous if tacked on to a system made up as it is of parts unrelated to each other one created to bridge over a crisis, another to meet an emergency in a demand for the purchase of silver bullion and all permeated with the evils of fiat money." The committee, composed of John Hausen Rhoades, William A. Nash, Edward King, Harris C. Fahnstock and James T. Woodward, concluded there was already enough currency. The great trouble . was the currency lacked elasticity. To provide for proper elasticity, the committee rec ommended that the law restricting the limit of redemption of national bank notes to three millions pr month be repealed, and the banks be permitted to issue and return their currency at will. jSchiff Hungry for It i "In this way would be inserted in our existing system the elements of issue and redemption so necessary in giving some elasticity at least to the great mass of our bank issues now clogged for lack of movement," said the committee. "It is one of the first steps which should be taken by the government to relieve the present sit uation, and, once taken, everything should be done to facilitate such issue and redemption on the part of the banks and to lessen tne cost to the banks both as to redemption and re issuing." The Chamber indorsed the report. Jacob H. Schiff made a speech, urg ing that the Chamber take aggressive action to secure currency legislation, and offered a resolution that the com mittee name five members of the chamber to confer on the monetary question and present their findings to the president of the United States. The resolution was adopted. to sell Mr. Be rge's Agents Wanted Everywhere New Hook. "THE FREE rASS BRIBERY S F' TEM." This book will be a seller. Every, body wlil want it. You can make $100.00 per month. For particulars, address The Independent. CONDEMNS THE LABOR LEADERS St. Louis Grand Jury Seeks to In jure Unions St. Louis, Feb. 3. The final report of the December grand jury today, submitted to Circuit Judge Withro'w, condemned' labor union leaders for alleged intimidation of workmen en gaged under contract on building work. 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