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Show AN ECHO OF 1907. An echo of the Uooscvelt pania of 1007 comes in tho statement that the Union Trust Company of Providence, Rhode Islnnd, has just paid in full its indebtedness to its old depositors. The last installment of ten per cent, amounting to $1,750,000, was paid on Mondav of last week. This company was forced to the wall in that pnnic. although it was perfectly solvent, but it could not rcnlize on its loans and commercial paper. The baukers of the East had done what they alwnys do when a panic comes on. locked up all the monev and prevented realization on anv form of security whatever. Noth. inp but money would answer for tho liquidation of any account, and the money was all locked up. Consequently, Consequent-ly, onv conecrn tbnt was not cured for by the bankers' trust throuph the clearinp-housr. check systom. wns forced to suspend. It has been a little over four years since tbnt panic. The Union Trust Contpmiv hail plcntv of resources; it was. from the bank inp and trust company's com-pany's standpoint, and from any fair financial reckoning, entirely sound and solvent. But. since the money was all locked up, it could not pet any "ready An Eastern cflatoiupornry, noting thhs final payment, drnwfc tho moral that "fv uiountnrv and bnnkinp system sys-tem Is unsound which doos not provide mean- for avertinp such unnecessary ntln as the sohpension of this trust company inflicted on many mercantile! koti.Q and private, depositors in Prov-idawc.' Prov-idawc.' -That is undoubtedly true. And ret. what is the remedy 1 Certainly Cer-tainly not by putting the resources of the. United StHtos at the command of a coterie of bankers anil involving the President, th Serretarv of the Trcxs-it, Trcxs-it, and other biph (ioernment offi-eiaN offi-eiaN in the tanpled v,ch of a quasi public bfcnkinp stem whose apex is a central rcerc association, altogether controlled by private persons and in privnto interests. If the Government is to lmvc to do with the currency, let it have all to do with it. Jf it docs not have to do with the cuncucy, then leave the Government officials out of the matter, and let private interests furnish the assets, since those interests inter-ests will have and retain control.', The financiers of this couutry ought certainly cer-tainly to be able to get up a straightforward, straight-forward, clear-cut bankinp law that would furnish a proper currency systein to the country without iuvohinp the Government resources and officialdom in the. scheme,, and that would eaa to the Nation simply the business of supervising su-pervising the bnuks and seeing that thev were conducted honestly and skillfully. skill-fully. A hodge-podge concern such as tho A Id rich currency bill, partly Governmental Gov-ernmental and partly private, with the private interest iu control, stnuds no chance whatever of being accepted, either bv this ("onprcsp or any other. |