Show BOARD WOULD COM POLITICAL SPOIL S So o Declares Representative Smith in Opposing Currency Cur- Cur 1 rency Bill w WASHINGTON Sept l lo lA i A A wooden tombstone tombstone- 7 1 feet tall taU and aM 4 feet square was raised on the floor of the house bouso to illustrate an argument by Representative tive Smith of Minnesota late lato at 0 Saturday Saturday Satur day that tho the administration currency bill would put the industry labor agriculture agriculture agri aRTi culture and commerce of tho the United States under control of four ur men appointed ap ape pointed by the party in power On tho base baso of the tho monument wore painted seven even circles representing the seven members of the tho federal reserve board proposed by the bill biU Of these four according to Mr lr Smith tho the secretary of a agriculture secretary of the treasury treas ury and the fhe comptroller of the currency cur cur- rency roney with a fourth member selected by them would control the board They Thoy would change chanc ho he said aid with each administration ad nd ministration and mako make the board a n partisan is n political institution On the shaft of the tho monument were painted sixty nine different functions described by Mr Smith as tho powers of tho the federal reserve o board While Whilo indorsing in dorsing dorsin the principles of tho the bill Mr Smith opposed tho the placing of such large powers in m the hands bands of the board What I contend for is tho substitution tion of nonpar nonpartisan san nonpolitical control control con cou trot for control by bv banks said aid heThe heThe heThe he The great cat political power po er which President Jackson saw paw in the first r t and second national banks of his day mere N pygmies ies when ben compared to the gigantic i anh power imposed on federal re re- servo seno board and which by the prop proposed sed bill biH is made mado the prize of each cach national election If a method or means can be evolved b by which the tho government o can I ma maintain control and regulation of the I banking bankin and currency system and atthe at tho the same Eam time Lime prevent it i front from becoming becoming becom becom- in ing a a. tool and instrument of political pressure and party expediency it would be a decided improvement ement over o the tile party measure now before the house A general attack on the method of oC putting the bill through h the was made bv by Representative Calloway Galloway of Texas Democrat who protested vigorously vi vigorously vigor vigor- or- or a against CI following Yint Wilson and Bry Bryan n blindly |