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Show H Panics Prevented B fly Emergency If Currency Bill H. Free Traders Took Advantage of H ' Exlttlng Republican Currency JH Legislation H Senator Curtis, 0f Kansas, in tie iH debate of July 14, drew attention to JB tlio fact that threatened luwliiosa JB panic following the onactmtnt of tlio JJf Underwood Freo Trail? Tarlft or Oc- tober 3, 1913, was averted by imttlng in force the Kmorgency Currency bill flai rasscd by a Ilepubllcan CoiiBrefls In Bj 190S. Senator Curtis said' bVJ , r. I'rcsldent, the uperhnco of H. 1907 convinced tlio UepubllcanB who were then In power, having the 1'res- BW- Idcnt and a majority In imcIi branch BH of Congress, that provision should oo t made for tho issuance of an omorKOii- BS cy currency, and they rletcrmlncd to BwJ enact a short and simple law which K,' would prevent panics In tho future BBk by providing an emergency currency B1 to be returned when tho demand had BBJ erased. k So tllu "cpul'Hcatis In Congress T r.grecd upon snd enact) d Into law BH . what has slnco been Known uh tho BBt Aldrlch Vreeland Art of May 30, 1!0S, BBJ and It must bo remembered that this BBJ law was ennctcd ner the protest of BB tho then Democratic minority in Con-BBS Con-BBS BBV There was no occasion to tiU this BV law during tho remainder of tho BBB tlmo tho Hcpubllcans were In control BY of the national admlnlattiitlon. Tho BBV first real test was had In ISUi. during BVB tho first jcar of President Wilson's BBB administration. Tho Democratic par BBfl ty having succeeded In tlectlng -a BBY President and n majority In tho BBB House and Senate, an extra tesston BBB of Congress wiih called and tho Dem- BBB icintlc majority began Its chl tac- , tics of changing the Taillf and tlnler- BBB Ing with the financial policy it V.w BBB Tuntry. The result can bo best told BBV' by reading the icport of the Hccre- SB. try of tho Treasury for thu je&r BBV The Secretary In his report ot l'Jia cuys as follows: BBb "A special session of Congrc3s con- vencd on April 7, 1913, and Immccll- ately began to consider the Important Import-ant questions of Tariff and curnncy reform. Tho vast economic changes Inolved In theso two important rjucs-tlons rjucs-tlons had the nntural effect of causing caus-ing In many quarters apprehension as to the possible effects of the nn ticlpated legislation. A feeling or unrest began to pen ado buslnuns circles This was accentuated by a certain propaganda cf r'wlralsr.i which, whether designedly or not, pioduced a condition cr c::trcmc nervousness ner-vousness and tension. In tho early part of June this assumed a serious aspect. Complaints- began to reach tho department from many parts ot the country that credits wero being restricted and that It was increasingly increasing-ly difficult to secure funds for the normal needs of legitimate buulnoss. To what extent these reports wero Justified thero was no exact means of ascertaining, but the general conditions con-ditions Indicated n more or less ncuto state of affairs. In order to relievo anxiety and let tlio business interests of tho country understand that thero was no occasion for unreasonable un-reasonable restriction ot credits and to destroy npprchenBlon based upon unjustlflnblo tears and to assure thu country that tho means wero at hand to cope successfully with any situation situa-tion that might arlso, tho Secretary announced that thero was actually on hand In the Treasury and ready for Immediate delivery to any and every bnnlc complying with tho requirements require-ments of tho law 1500,000,000 in non-national non-national bank note, currency, which thy Secretary said ho would not hesitate hes-itate to issue under the provisions of tho Aldrlch-Vrcolund Act of May 30, 1908, to banks making application therefor In nccordanco with the terras of that act Tho relief occas loncd by this announcement wns n-ttnntancoufl. n-ttnntancoufl. Confidence of the banks In tholr ability to meet tho demands of their customers was largely restored re-stored and tho unfuNoralo symptoms promptly disappeared. So completely effective was this action that nono of tho $.r)0,000,000 of currency was applied for by the banks." So this Democratic administration by offering to glvo relict under tho ltopulillonn emergency currency law-was law-was unablo to rentoro confldonco and pi evented a panic. Carly In 1913 tho exportation ot gold from the United States began to Increase to an alarfnlug extent. In the lost six months of 1912 tho exportation ex-portation of gold only amounted to $13,978,000, while tho gold exported In tho first six months ot 1913 was C3,784,C1C. Tho exportation of gold for tho year ending June 30, 1914, amounted to $112,038,K29, and that exported ex-ported for tho year ending .luno 50, 1915, amounted to $146,224,148, and the exportation or gold did not decrease de-crease until soveral months after the opening of tho European war. Tho large exportation of gold in 1913 und 1914 tho effect of tho new Tariff law- on the business or the country, tho men without Jobs, the silent factories, tho Idlb freight cars and the breaking out of tho European Europ-ean war late in tho rummer of 191 i caused a great demand for tbo Ipsu- '"Tiifru t- I fttrtiiffi?V-"'y 7 nuco of emergency currency nnd again the Secretary of the Treasury, In his report of December 7. PJ14, tells us of the condition of the country coun-try In tho summer and fall of that j ear in the following language: "The outbreak of the European war precipitated many grave problems. prob-lems. International credits and exchanges ex-changes wero completely disorganized, disorganiz-ed, ocean transportation was for a tlmo partially paralyzed, tho entire business and economic structure of this country was shaken to Its foundations, foun-dations, and a catastrophe ot calam itous proportions was narrowly averted. av-erted. A panic might easily havo resulted, re-sulted, and if it had the injury to the country would have been incalculable incal-culable and many years would havo been required to overcome Its effects. ef-fects. Confidence has been restored and specie payments have been maintained main-tained in tho face of the world. Thero Is every reason why the country should look to the future with confidence con-fidence so fnr as its trade, commerce, and industry nro concerned. This hag been accomplished notwithstanding notwithstand-ing tho fact that tho Federal He-cerve He-cerve System authorized by the net of December 23, 1913, was at that time only In process ot formation and was therefore unable to render any service in tho situation." So tho Republican net of May 30, 1908, was again restored to In ordor to relieve tho situation and between tho dates of August 4, 1914, and February Feb-ruary 15, 1913, inclusive, tho sum of 52F2.r02.G15. was issued and by issuing issu-ing this amount of emergency currency, curren-cy, tho Secretary of the Treasury tPlla 111- "A country wldo panic of appalling proportions was threatened, but averted. av-erted. Wo had emerged with our credit not only unimpaired but alco strengthened." Now, what has the Democratic administration ad-ministration given tho country to tnko tho pjaco of tho workable- and successful Aldrich-Vrceland Emergency Emergen-cy Act of 1908? Why, the Fedora: Ileservo System, which provides for 12 Federal rescrvo banks in different rectlons of tho country nnd gives employment em-ployment to 693 new olllce holders. Thero 1ms been no threatened panic, pan-ic, no chanco to test tho efllclency ot tho new system, but wo do know thai It has cost tho Government n largo sum to establish, operate, nnd maintain main-tain tho 12 rescrvo banks to date. Tho organization expenses amounted to $493,960; tho cost of tho notu I-suo I-suo was $804,705; the furniture nnd equipment cost $2S1,C00; solarlos ot officers nnd employees of tho Federal Feder-al nesorvo Hoard to December SI, 1915, amounted to $108,050; tho salaries sal-aries paid to tho bank examiners amounted to $39C,000; and tho current cur-rent expenses of the 12 Federal ro-sorvo ro-sorvo banks nmountod to $l,G77,fc3! So you hao n total expenditure from tho date tho banks opened Mr busl ncgg to December 31, 1915, of $3,705,-55), $3,705,-55), nnd tho earnings of tho bank woro $2,130,010, or n cost to tho Oov-crnment Oov-crnment t that dato ot $1,634,941. Now thero lias been no threatened panic lnco tho banks wero opened for business. Tho great European war has given tho pcoplo of UiU country a great market and our ev ports since tho beginning of thj war havo exceeded those of any othe.' pe rlod in the history of tho country. Yet tho Government has maintained this expenBlvo system when It has been demonstrated that tho slmplo plan provided by tho Aldrlch-Vruel-and law would havo answered tho purpose and tho expense would have been very small, and tho interest collected col-lected on thu notes issued would more thnn havo covered such expenses. ex-penses. American Economist. THE THING FOR DIARRHOEA "About two years ago I had a severe se-vere attack of diarrhoea which lasted over a week," writes W. C. Jones, Duford, N. D. "I became so weak 1 rould not ttand upright. A druggist recommended Chamberlain's Colic, Cholera nnd Diarrhoea Remedy, The fit st dose relieved mo and wltntn two days I wns as well as aver." Many druggists recommend this remedy because be-cause they know that it is reliable. Obtainable everywhere .-r Adv. |