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Show . , FAVORS THE VANDERLIP METHOD. The editor of Collier's Is on the side of progress and reform and above n suspicion as favoring the banks Tnerefore his endorsement of thti Vanderllp method ot overcoming the pr.ncipal objection to the Owen-Glass currenc bill that th measure lu vltes political control of the reserve banks Is to be accepted as a most important commendation Collier's says "What is the most important end sought In the agitation for a new-currency new-currency and banking law? Not an emergency currency, we have pro i slon for that now Not. we venture to believe, a reduction of reserve re quirmen's, the reserves are danger ously low now. It Is rather a greater great-er mobility, not merely of bank re serves, but of the more liquid bank iunds of the whole country -to put the merchant of Oklahoma and Idaho on a level with the mill owner of Fall River or Pittsburgh A great objec tlon to the Aldrich measure was the fear of Wall Street domination TbA great objection to the Owen-Glass measure or to a central government bank, is the fear of political domina tlon to party or sectional ends fa there no way to escape both of these" i We believe that .Mr Vanderllp has hill upon a method It is simply that there shall be a uniform rate of discount i for every bank up to, say 30 per cent it its possible borrowing resources For all It borrows over this 3 P" cent It must pay a progressively In I Tensing rate of interest This means that the money would flow where u was In ereatest demand, and In the greatest need, for there the hlgheBl rate would he paid This would make the disposition of the central bank s resources automatic and beyond th reach of sections! influence Mr. Van dcrlip and Senators Cummins and PriBtow represent the extremes of po litkal thought, their proposal seem.? to us free from any tain, and by far Hie most intelligent yet offered li a guarantee of bank deposits could be added. It would be nearly ideal We hop that the administration feels committed rather to currency reform than to any particular plan" |