Salt Lake Tribune | 1913-10-07 | Page 2 | Hearings to Close Saturday, Oct. 18

HEARINGS TO CLOSE SATURDAY, OCT. 18 WASHINGTON, Oct. 6. Arguments supporting the administration currency bill were presented to the senate banking committee today by George H. Shlbley, director di-rector of tho bureau of political research. Shlbley attacked American universities for the character of their economic Instruction. In-struction. He declared that professors of economics, with the exception of one or two colleges, dared not take any other view of currency and financial affairs than that favored by the "creditor or plutocratic class." A tacit understanding has been reached to close hearings Saturday, October 18. Mr. Shlbley contended that currency legislation should provide means for making stable the "purchasing power of money" by controlling tho volume of money. He criticised the twelve regional reserve banks plan and recommended the elimination of the reserve system. "The progressive Democratic leaders in banking and currency," he said, "are In danger of being misled into taking over tho plan of Aldrich to form a giant monopoly mo-nopoly of the 7400 national banks by forcing them all to come in or give up their charters. This, however, Is a misunderstanding. mis-understanding. Had the real facts been clearly understood, the reserve bank plan would have been promptly rejected. The other propositions by the Democratic leaders, for government paper currency and government control of the interest rate and price level, aro squarely in the people's behalf and In opposition to the trustocrats, and the wise course to follow fol-low Is to quietly drop the proposal for the reserve banks."