The New York Times from New York, New York • Page 2

THE YORK TI'IES. TUESDAY. JUNE 21. 1913 WiM aerdd the rostrum. i.m rt e'd I -y iritffi.

ft.r-ir-rtt material wu a r--r i.rk ar4 .1 I tl ttle the Mm. ilin I irt te tt.e CeS frwHl the felled simple "trM't. readme ii read Ma esree frm small riMen P. rS "I'T. tv '-f; lie tr.e 1 'n ttn the freel-lentS dietaroed 1M The rwaleent's Jleeeege.

President Wilson A Ur. fk(r, yr. TrmiAtKU OenUe-ma tbe Cocrr It la under the oomnilaton of wnat Sr-eeing you JUT' that the bl Jhl ur im tiiMn ws. that wora in mM 'r. al h.

cororotttee mm ioin hurden the Oration of t-ro I con -n l-r-on! comfort. perhaps. if tonm of us. considerations 07" n.l hesll even. d1te an iWluelon ef the hot there ere IkJI duty when these things hjr.h.

tost ts prlvaleiy seetnverysmall. ra the work te he done Pf lr3 and so fraught with eaenc that we snow that ej rot of unontt taTiflr. Vi now in It ia blutaly tmprativa tbt hrniM glvo th bwalnia rrmn of thW wintry bnhln nd irrtlry tr of whk-h thy can makj of th frwJnm of rrttrtrl and tndlrldoal tnltiatlvo which atviut to bMin upon thm- va ara about at inuat not lva thm without th toola M-t)oo thiy ara Wa rt about to act thro frco by ramoylng- tba alnca tha clril war thw hivt ralt4 for thta emancipation and for tha fraa opportuniti will brina; with It. It baa bean r4 or to aly It to thm. rVma fali In w.

Indd. wtth tha alothful rarity ef thair dpndenc upon tha Oovartt-mnt ama took adantac tha ahitir of tha nurary to at tip a mimtc maatary thair awn within I ta waiia. Now both tha tonic and tha clacipHna Mortr and maturity ara Thra will ba mim wdiutmita of purpoM and iolnt of vw. Thwra will follow a parlod of arpanalon and now ntarpriM. frahly eoncolvad.

It la for ua to dtrnloa now whathar It ahall ba rapid and facila nd ct aay acmpHahnint Th It rannot ba unim tha raaour-ful oualnaaa ron who ara to deal with tha naw ara to hava at hand and ready for uaa tha lnatruroantMlltla and eon-vnlenra of frea anterprlaa which In-epndnt mn naed when ctinc on their own UtfUaUva. trtka Shaeklaa rwaa Bwalaaaa. It ta not cnoush to atrtke tha ahacklaa from buslneaa. Tha duty of lUtw manahlp ta not negatlva merely. It ta onarructlra alao.

Wa must ahow that at nndAratand what bualneaa naeda and that wa know how to auppty lu No wan, however caaual and aupar-Pclal hla observation of ha condltlona ftow prevallin In tha country, can fall to aw that ona of tha chief thlnira btialnwM neoda now, and will need In-rrvaalnaly aa It alne In acopa and vlor In tha yea re immediately ahead of ua, la tha proper means by which readily to vltallaa Ha credit, corporate and Individual, and Ha originative brnlne. hat will It profit ua to ba frea If we are not to have the brat and moat acceaalble InatrumonlaUtlm of coot' tnerre and anterprlaeT What will It profit ua to ba quit of ona kind of monopoly it we are to remain in me rip or anotnr ana more ercecuve indf How are wa to aaln and keep i no confidence or tne oueineaa com-. munlty unleaa wa show that wa know hnw both to aid and to protect It? What ahall we aay If we make freah enterprl neceaaary and alao make It Very dlfflrult by leavin all elae ex c-rt the tariff juat aa we found It? The tyrannise of bualneae, bi and ltttle, lie within the field of credit. Vve know that. Fhell wa not act upon the knowledae? tx wa not know how to act upon It? If a man cannot make hie aaaeta available at plaaaure, bln amaeta of capacity and character and reaourca, what aatlafactlon ta It to him to aea opportunity backonlnc to him on every hand, when othera bava tha keya of credit In their rocketa and treat lhm aa all but their own private poaaeaaion It la perfoctly clear that It ia our duty to supply the lew banklns; and currency system the country nela, and that It will tmmw omtaly ned it more thn aver.

Th only qurarion la. Vh-n shall wa aupply it now or later, after the de-ma ttda ahall hava become reproaches wre so dull snd so slow? hall we hasten to change the Urlff laws and thn be Ugxarda about mak-ln It possible and away for the coun ke advantage of tha chance? Thera can be only one answer to that question. We must act now. at whatever sacriflca to ouraelvee. It i forbid 1 "hould be recreant er-pet convlcUons of public oh Ration aid I not press it upoh you With aolemn and ursent inalatenca.

Clear Frtaefalea at Aettaa. Tha principles upon which wa hould act ara also clear. Tha country has sought and seen Its path In this matter within tha last Tew years sees It mora clearly now than It ver saw it beforemuch mora clear iy than when the last leglslatlvo proposals on tha subject wars made. We must have a currency, not rigid as now, but readUy. elaaticaJiy re-aponalve to aounj credit the expand- iviiuwuii cretiiia OT every Jay transactlona.

the normal ebb an flow ot Personal and coraant. t.i ot personal and corporate deal- itise Our banktna laws muat mokni aeryea, must not permit the concentration anywhere In a few haoda of tha monetary resources of the country or their pa for speculative purposes In such volume aa to hinder impede or stand In the way of other more legitimate, more fruitful ni the control of the eystetn of banking and of iasua which our (tew laws are to set up must ba public, not private, must be vaated in tha Oorernment Itself, mo that tha banks may be the Instruments, not tha master, of bualneaa and of individual enterprise and Initiative. The committee of Tha Congreaa to which lezlaiation of this character Is referred hava devoted careful and dla-paaaionate study to the roeana of these obiects. They hava honored by consulting1 ma. They are ready to suggest action.

I hava come to you, aa tha bead of For QUALITY and PURITY GILBEY'S EXTRA PUREIMPORTED DRY FV GIN JO STANDS ALONE CDuted tni Bottled in London) rr Sale at' TiURIX ACKER. MTRR VLX. a CO.NDIT CO- U4 eurr J-iore hlck StU the 3 the Oovemment snd the reeponstb'e leed-r of tne rarty li pawer, to urse artl4 naw, whiSe fre ie tint serve th country end aa wa shouid. ia a clear air of common counl. I appeal ta yon with a eeep eenrte.

tln of daty. I belief that yon snare txis conviction. I therefore appeal ta 'you with ronfideBee. I am at yottr erWe without reserve to play my part ta any way you may caii iinoa ma to play tt to this great enterprise eslsent reform which It will el-Blfy arid o'tlnguiah us to perform and elscradJt us to neglect. Creetea sr AsfUee.

Tha President concluded tha address at o'clock. Tha detlvery had occo- oled exactly nine minutss. Than with a bow tha President turned, shook hands again with tha Vice President and ths fpeaker. and disappeared through the door behind tha rostrum, while Sena- tors, ftepreeentauvea, ana speciewie wera applauding. Tha Senators Immediately want to their side of the Capitol, tha loose adjourned, tha apectatore poured out of the and tha ceremony was ftwe.

This Is the statement Issued by Rep resentative Mann, toe jiepuoucan sioor loader: The President's message la a fin example of classic- tnsliah. bat there is nothing mors to it, unless It bo considered aa a throat that patronag-e will ba withheld until a banking and currency bill Is passed. I wish to cooperate wtth those In favor of passing reasonable banking and currency bill, but tha President evidently Intends to treat tha subject aa one purely partisan, and ha old not take tha trouble even to dlecues or analyse the principles Involved in banking and currency legislation. He erred in aay-nr that the committees of Congreog had consulted wltb him and had pra- rared a bill. Tha committee of tha iouaa has had no mil before It and has had no meetings to consider a bill.

Outside of dealins out a little bunk about new freedom there waa nothing to the message. That waa sopbomori-cal. Calls It Tariff Fonr. Tha real need of a currency bill la not because of new business which will coma with tha new Urlff law, but with a threat of disaster Impending over tha country by reason of tar iff legislation and Democratic incompetency. Tha President did no? do tha Congreas tha courtesy to express any opinion concerning tha principles; upon which a banking' and currency bill should ba baaed.

So far aa wa hava yet been able to learn, tha bill will be In the main pieces stolen from the Aidrich Monetary Commission report, with a few radical provisions taken from the Bryan platform mixed In. It will ba a Jumble pf discordant Ideas. Tha President came before Congress like a schoolmaster before fourth-grade school children and told tha members to ba good, but he did not dare to analyse what goodness ia this case consisted of. while Con- frees has had no help from tha Preei-ent's messace on banking1 and cur- -rency matters, and has received no enlightenment or suggestion ot ideas from ths President still I do not wish to Judge in advance tha proposed bill because of lack of Intelligent prenen-tatlon by tha President- It la evident that tha measure Is to ba considered a Democratic partisan bill, but even ao If It will advance tha interests of the country tha Republicans will support it. but if it threatens to go still further than the Tariff bill In breaking down the prosperity of tha last fsw years, then we cannot support It.

but will try to amend It. Ths ona thine thst we will not stand for Is psrtisan nolltlcal control of banks or the la suance of currency. Tha Bryan ad ministration tnrougn ita cnineae ana Houth American policy Is doing everything tt can to prevent American business going abroad, and if the same sort of Administration had control of banking: and currency In thie country it would be absolutely ruinous to every ousiness intereat ana wouia make chaoa. I shall strongly opposs any such Ideas. Wilson DefeadsBUI.

President Wilson made it clear to vis itors at tha Wnlte House that ha believed tha idea of complete Executive control, as proposed by tha Administration bill. waa perfectly safe. lis Indicated that the only choice waa between airing tha control to tha bankers -or the Govern ment, and ha favored tha Govern ri en There might be a middle ground by which the national banks mlgbt par ticipate In the management of the monetary system, but to tne President's mind it was not decisive. The President has no sattence with tha suggestion that under the proposed Plan with all the seven members of tha Federal Reserve Board appointed by tha President politics might dominate the monetary evatem. lie eald he could not Imagine anybody In a political office) be ing auaaoious enougn to pisy-pontics to that extent, lis admitted that tnere had been soma such eases, but they never naa neen triea out wun regara to financial operatlone.

Tatting an examnia rrom nis own expe rience, Mr. Wilson referred to the fact that In New Jersey the Governor so- pointed all the Judges. But. be eald. no Governor, even the worst Governor that New jersey ever had and he mentioned that hla State had elected some nrsttr oaa Governor- never flared to may noil tlca with th Sunreme Court or the Court of Errors and Appeals.

There had been. ne saia. a uniform quality or juagea witn rar rrom a unirorm quality or uow ernora In Xew Jersey. That, ha ex plained, waa because justice touched the wnole community. Tbe minute Dolltlca waa piayea witn justice tne wnote community knew it, and the party that dared do it, would be chucked," and deservedly "chucked." forever.

The lTesldent indicated that he could not fancy a man acting In thta way even upon g-rounds He would be a man without principle. The banking aystem of the country touched everybody, he said, and he could not Imagine any one playing politic with It. Some one suggested to Mr. Wilson that danger might arise at soma future time tnroucn the election nf m. Phi dent wboee views on tbe subject ot in nation 01 tne currency were very ex treme one- way or the other.

It was suggestea mat nxing discount rate and controlling' the issue of Federal reaerve notes amounted to a mere matter of economic tneory. and that entirely apart from politico the President's power would be enormous, with no check on It Tn-ewry Inflation. In responding to thta suggestion the President said there was the 'same extreme difference am one economists aa to the theory of Inflation! In his view, the minute there was progress beyond definite assets, bill of lading- and all the other things that were extremely definite, not only liquid credits were reached, but what he ahouM e.n cila credits. The tine, be said, waa a Una vt jtiuimvDi. Mr.

Wilson Indicated ttiat miM 'not follow tha interpretation that there waa noioing in tne out that would prevent the Federal Reserve Board from placing; the entire currency issue ot LRMuO.OU) In one regional bank. Tbe ooara. ae contended, nad not the power to apportion In tha Be nee that th entire issue should ge to ore place, because the only power the board had -waa to i Lid re whether the credits offered were and sound. Any member of-the reirtonal association, be held, had the rlgnt to call for the circulating- notes upon furnishing- proper collateral, and there must be some special reason of unsoundness to justify keeping-, thta member front getting them. Elasticity CwrreyV This raised ths question of whether 000.000 was to give the desired elasticity to the currency.

He admitted that tt waa an arbitrary Bmlt a cueaa baaed upon statistics. It waa hla recollection that In the panto of 1907 the amount of Clearing House certificates rose to and while he was not sure sr to the exact fir urea, he was certain that th amount did not approach, anythins; like the proposed limit Of sVViO.000.OaX It waa a debet- alle dueetion. Mr. Wlleon admitted whether or not the rigid limit should be set. but aside from the supposition that the entire Issue might be taken up In one part ot the country, he did not see any danger-of any power of discrimina tion net ween one section of the country and another.

'1 he 1 "resident explained whv the three section that provided for the gradual retirement or tne oona aacured national banknotes over a period of twentv years and the refunding of the 2 per cent bonds which secured this currency into 3 per cent, bonds, had been stricken Lrom tne ptu. All that the proposed provided for. he aiu waa iii i currency. It was 's recollection tost thire was i U) i as 1 Son! bang rurrenacv baud upon the 1 per ct. bonda Th 1 gave the liorernirent no control over ue note, ui m7 a permanent bene iesoe.

remaining at tbe ane volume ne m. tt er nat the vo urn of bualnea m'eht be. The new bill, be said, contempt td that If were not enous h. then additional Treasury notes shout 4 be taeued upon specified terms to sum not eiceeoina Hut tn respect to the additional 1HU the Federal board could de-i-niiu I K. ijpma rf A mjTttti nt end could control the volume by tbe amount of discount It alao would have a general power enabling It to retire these note after they had don the temporary work to wnica tney naa oeert awnnm.

In th last examination of the bin ft waa apparent tbe President explained that if provision wera made for refund-tnar the 2 per eenta the volume of tbe permanent currency would be red need below 712.0UMiu. Therefore. Just aa tm at aa that eedeetlnn eetirrd all the bond secured currency would be made Into emergency currency, becauee all of it would be ptavcea under tne com the Federal board with power to fia ratee ef discount. This would ba so unless It wsa arranged ae aa to provtac another bodv ef currency based upon new terms after the 2 per cents had disappeared. Tbta would be a permanent volume ef currency and not subject to the same regulations aa tne emergency currency, in lotoer worue, be said, provision had not been er-ranted bv which a perfect substitution could be made below tbe 712," limit and rather than work the bill out with great elaboration, the framers thought It beat to segregate that phase and regard it aa a separate thing to be treated independently.

Mtafct Need. Caava are. Tbe President said the proposed bill waa an Administration measure In ex actly the same sense as he hoped tbe Underwood Tariff bill would be an Ad ministration bill Ha thought the gen eral principles ef the bill were thor oughly defensible, but of course, there were details which might have to be recast. he said, certain points In the bill were built on definite principle, which. In his opinion, would not be a subject ot compromise.

He mads It clear that he did not want to appear to be shutting the doors on tne consideration of anvthlna that was reasonable. Tha President did not agree with the surrestlon that the bill prohibited the national banks from havtn- any aay in tbe ultimate government of the new system. He pointed out that thie was not the case, because tbe regional banks would determine what should be done with the iMinn tnveated. The regions banks, he would not Do obllred to rediscount commer cial Barer that thev did not approve. The framers of tha bill, he said, were trying to mobilise the reserve and make ail tne resource or tne country avail able to every part of the country.

One of the things they wsre bent upon correcting; was the present concentration of reserve and control by a single group of bankers, or by localised pan Kins jn Aa to the composition or tne reaersi Reserve Board, the President expressed the nninlon that the exercise of better Judgment en the part or tne board couia not be obtained by Including in Ita membership a number ef bankers. All that waa needed waa expert advice. He felt that when the bill had been enacted there would be lust the same sort of opinion as to the Tsdersl Reserve Board as there naa been aoout tne interstate Commerce Commission and the Public TTtiiitie Commlaaiona of the States. They were vigorously opposed, he said. on very much such misgivings as were being- presented now in regara to tne central control over banking and currency.

At last however, they were more then welcome becauee they guaranteed that things would be done in such a way-that no slncls interest or Broun or interests waa represented, pree dent Wilton exnreased the onlnlon that in tne ion run. tne nan iters would be glad of the direction of the Federal Re serve tfoara over wnicn tney naa no control. GLASS REPLIES TO CRITICS. Hints That Seme Bankers Fear Death of Stock Speculation. BptcM fo ne Vets Tor Time.

WASHINGTON. June 23. Represent ttve Carter Glass. Chairman of the House Banking and Currency Committee, one ot the authors of the new cur rency bill, replied to-night to some of tbe criticisms aimed at the measure. i' 't I nave purposely refrained from dis cussing In rae public prints," said Mr, Class.

the dstalla of tha Currency bill, which I shall soon Introduce tn the House, and which was prematurely pub-llahed some dsys ago, pending elimination of several essential provisions. At the proper time snd place I hope to be able to justify the measure and defend It against severe criticism. Mean while. I nave been not a little amused at certain commenta whlen have been made by those who think thev muat oppose the bllL The critics do not agree among themselvea Concerning some vital points tney are not quite rar apart but almost ludicrously Inconsistent. For Instance, several very eminent bankers whose long personal observation and practical experience scarcely exceed their theoretical knowledge of the subject have protested to me by wire and by letter that the bill as drawn 'will frightfully contract and especially cripple the loaning faculties or tne country Directly in line with this protest to roe.

New York papers to-day assert that the bankers Jn that city on Sunday assured senator Owen, who was there In consultation with them, that the reserve feature of the bill would cause a beaw eontrae tlon In accommodations to merchants and At the same moment that these remonstrance were being made by bankers In Mew ork Mr. Burton. the senior member from Ohio, who was a member of the Aidrich Monetary Commission, was contending through tbe Washington newspapers that the possibilities for Inflation or speculation under tne pui cannet oe exaggerated. Bet Wraaf, He Saya. "It la dead certain that both proposi tions cannot be true.

If the surmise of the bankers as to contraction ta right the conjecture of Senator Burton as to inflation ta wrong, and vice versa. As a matter of fact both are wrong. Tbe reserve provision was expressly Intended to check inflation, and diminish stock speculation and ao euro are some bankers that it will too well accomplish its purpose that they are entering emphatic protests. On the other hand, such pains were expended to guard against aay Appreciable contraction of business credits that nobody can produce figures A suggestion. for the -sagacious At year Cluk mmdaUdUrn Plainer Cork Tip' 23c in 1ULO also come ta Una ot 60 and 100, The fcew xta Mm tn the asseraoa tbat tbe) bCl falls ot t'S intent.

liat ton it wonderfutTy refreshing for sn advocate of th AMrlch plan to attribute to th Ad ministration tnt tbe d-fect ascribed to it by kurlont In AJurirti t4U not only left nil tne reserves ef ttve country in the snoney centres directly nveUab-le for specula-tire purposes, but actually authorised the Aa waa publicly demenetrated by one of tne biyvest and ablest bankers ot th West, the Alorich acbeme presented the possibility of currency Inflation to tbe enormoue extent ef six thousand minion dollars before the tax of which Mr. Burton apeaks would apply. And then note, yea please, tne complaisant comment about the 'enormous centralisation of power" contained In the bUl which we ahall Introduce. Who doe not know that the Aidrtca seberae feU short of being a central bank, with all of the proveoatlv of such an institution as well as all the powers, only bticause It did not propose to desi with IndlvldualsT The Federal Reaerve Board proWled In our bill baa power, to be eitre. It weuld be naeleas without power; but It naa not the bank-Ins; Incentive make money primarily, rather than to serve the country before all things else.

Avoids Central BaaJk. The objection that we would create twelve scattered and independent beaks. Instead of one great central bank, with fifteen branch, as proposed in the Al-drlch plan, to straight to ths nark Ws have purposely scattered tbe regional reserve banks and ahall be Intensely disappointed if they do hot exercise a or to Atortcn currency iot very large measure ef Independence. As te the Secretary of tbe Treasury being empowered te apportion tne Government deposits among; ths banks, be has possessed that power under the existing system, fa varying measure, for years. The exercise of it tinder the bill which we will presently introduce may obviate the necessity of ever compelling the Reserve Board to direct one regional bank to go to the aid of another.

That the Board should have the right to do so cannot be conststsntiy contested, as It seems to me, by anybody who favored a scheme that placed all the reserves of the banking community under the eole direction of a central body. "It Is objected by Senator Burton that our bill compels national banks to become members of the organisation, whereas the Aidrich scheme made mem bers nip optional, in a sense this Is true. National banks must either come in or go out of a proposed national sys-tsm. But what la tha difference be tween our bill, on one hand compelling nauonai oenas in plain terms to come In, and the Aidrich scheme on tbe other hand, making It impossible for them to stay out? It is a refinement of casuistry to say that there ta any substantial difference in the two schemee on this point One plan would forfeit the bank's charter, if it refuses to come In, while the other plan would confiscate its property without redress at law. But I have said.

It Is not profitable to discuss the bill In the papers before It Is Introduced. Perhapa there are provisions which should be altered, and. maybe, will be changed. We shall F0R0AN DENOUNCES BILL. State Charters Only Alternative, Says the Chicago Banker.

porta fe TTta 2fm Tor Time. CHICAGO, June 23. James B. Fer- sen. President of the First National Bank and Chairman of the Chicago Clearing 'Houss Association, criticised the Administration's Currency bill today and said that In view of the chaotic possibilities of the measure he could not conceive of its being enacted by Congress.

Under the proposed law, be said, the national banks would have only one alternative that of dissolving their Federal charters and becoming State Institutions. Mr. Forgan was one of the committee of five members of ths American Bankers' Association appointed to answer a list of questions propounded by Congress relative to the country's monetary matters. He -returned to-day from the bankers' conference in Atlantic City. There ia a arreat deal of consterna tion among bankers In regard to- tha proposed psniung ana currency measure." said Mr.

The taeaaure aa it. first appeared waa not so alarming, and bankers thought that, with a fsw changes. It might be made satisfactory and workable. Tha chanaaa In the measure that sines have been made iprm tne principal cause of criticism on the nart of bankers. Tne removal of tne provision for refunding the 2 per cent.

Government bonds Into ner cent, bonda means that the two classes of national banks, which would decide either to dissolve or to take out State charters, would have to realise on their 2 ner cent. (la. ernment bonds In a market reduced to a strictly investment basis, which would resuu in neavy loss to them. to me it seems very unlikely that any Board of Directors charged with tne responsibility or representing their shareholders and depositors would consent to plaes an amount aggregating approximately 60 per cent, of their capital entirely beyond their own control and under a management which could am be oiaerwiae man politically eominateo. AID FOR LAND COLTIVATORS.

Government. Offers Easy Terms to Real Reclamation Settlers. WASHINGTON. June 21-8peclal consideration for farmers who actually cultivate land on Government reclama tion projects, as against speculators, was announced as aa Interior Depart ment policy to-day by Beers tary Lane. In line with this, the Secretary ordered a temporary reduction to one-third, ot tne amount due from present settlers on final building charge Installments, provided no payment shall be leas than 10 cents an acre.

The unpaid balance will be added to the lest Installments for water fight applications; This action wss taken In recosmltlon ot the difficultlee many settlers on Irrigated land nave had In meeting their obligations to the Government. no person win receive tne concession who naa not paid ail the amounts due for operation and maintenance on Dee. 1 next, and who has cultivated less than one-half of the Irrigable area of his lend, er not less tnan nve acres zor each full Irrigation season since water was first available. The man who makes a farm and Ir rigates it la the man I am interested In primarily, not the land a said the Secretary. On some of our reclamation projects we have been making money for land speculators, rather than nemee for farmers.

The man who Irrigates his land should nave the easiest terms from th Government, because he te the one who is giving the public the benefit of that land. ELECT DOREMUS CHAIRMAN. Democratic Congressional Commit. tea to Work with National Body. WASHINGTON.

June 2a. The Dem ocratic Congreaslonal Committee to night elected Representative Doremus of Michigan aa its Chairman and agreed to co-operate with the Democratic National Committee in the coming mid-Preaidentlai campaign. Mr. Doremui fa understood to have been President Wilson's choice to bead the party's Congressional campaign or-Sanitation. He was elected by a vote of bt to 24.

arter several roonus ox lively skirmishing- for the poet, with Representatives Cline of Indiana, Sab. ath of Illinois IJovd ef Missouri, the re tiring Chairman, and Sharp of Ohio, prominently mentioned aa possibilities, Mr. LOoyd announced some months ago that be would relinauisb the Chairman ship, feeling that after six years' service aa Chairman and two years' service earlier in charge of the -Vestern headquarters tbe honors should go another man. Tbe new Chairman Is serving bis second term in Con-rre. lie waa active in the Washington and Chicago bead-quarters of tbe Congressional Committee in tne last campaign, rte aaia to-nigac it was too eariv to forecast any cana pe Urn programme.

Harmony prevailed throughout the proceedings. The organisation waa completed, and everything la now ready for planning th coming campaign. $1,000,000 in Cold from SEATTLE. June 23. A minion dol lars la gold, the first shipment from Nome.

Alaska, this year, was received by the steamers Senator and Victoria, which arrived from Berinr Sea on their Cm tn? ti. ttuoo BA11KERS CLEAR DP THE CDRRE1IGY PLAIT Surzestions of Theirs to Senate Committee Are Expected to Make the CHI Desirable. NO CHANGE OF PRINCIPLES MotfrflcatlonV to Along tha Ad ministration's Own Unas, Super -vision, but Not Operation. Nine members of ths Currency Commission of the American Bankers' Association met again yesterday at the Waldorf 'and formulated suggestions for modifications tn the Administration Currency bill, which they hope will bring that measure Into harmony on Important points with their own views, sa set forth to their answers to the thirty-three questions propounded to them by the Senate Committee on Banking and This they hope can be accomplished without involving any sacrifice of principle on the part of either the sponsors for the blil or tbe bankers. This hope is baaed largely on their conference with Senator Owen, Chairman of the committee, at the Waldorf on Sutday.

Tlw next step will be to present these suggestions, which were put In writing esteraay, to senator Haas ot ths House committee, and others who ere In charce of tbe bill. Nec essarily they will have to he brought be fore Preaiaent lison, enner airci-uy ui Indirectly, before they can oe incorpor tMl Is the hill When the meeting adjourned last night It had not been decided Just how these suggestions were to be put before the bill's managers, that ta whether they should be sent to Senator Owen or whether a subcommittee of the Bank era Currency Commission should take them to Washington before' the measure is introduced. It waa aaid definitely, how ever, that the purpose of the conference having been accomplished in whipping these suggestions Into shape, there would be occasion for no further sessions at present. These suggestions, as drafted at the meeting yesterday, are not In the form of textual amendments to the bill, but outline In a general way the means the bankers think may be aaopteo or meeting their objections to certain provisions, whils leaving in the bill practically everything its authors are really seeking to accomplish. Just what these suggestions are the bankers would not discuss in detail.

They refer, however, to four principal objections that they have raised. The first of these Is the feature of political or Governmental control ot ths proposed system of Federal reserve banks through the appointment of the Federal Reserve Board by the President of the United States, with plenary powers not only of regulation, but of actual operation. The bankers said last night that they had never opposed, but, on the contrary, had favored Government supervision of the new banking and currency systems and this Is boms out by their expressions in privets conversation while they were at Atlantic tity last week. The bill aa drawn, however, would, they believe, mo far bevond the neia ef such It baa been pointed out by the bill's sponsors that the In terstate commerce Commission ta not maae. up or rauroaa men, but of so- called political appointees.

Using me aam snaiogv-, ins bankers say that the Interstate Commerce Commission, while exercising supervision and a very effective supervision over the railroads, does not actually operate them, while the Federal Reserve Board, as it is propose xo establish it, would do both. ravsr Sapervlsloa, Operation. they are convinced, is not the object really aimed at by tha authors of the bill, and hence they-hope that Its provisions may be modified in such a way as to accomplish the supervision desired by both legislators and bankers and yet leave the banking operations of the system to be conducted by bank- th railroads ara conducted by their own managers. fnpis of the theory on which the bankers are working in their efforts not to brine promise of principle on either side, but 1m "laupni or tne Federal Reserve Board, the rn.na.-.-.., reserve banks and ths entire banking aystsm ae to eliminate the dangers they control "of their The second point on which they hope for sn adjustment ef the erlng views Is the ouestlon of whether MT. .7 "rrency snail be issued SS the SblIf.aVi0n.-of ihe.

rrve banks solely or shall haye behind It the credit of the Government. William J. Bryan and the Democratic Party renersiiv mltted to the principle that the issue of iwnn ui money is a Government function, and hence the bill was drawn provide for "Federal Reserve Treasury notes." As Senator Owen argued while here Sunday night, the notes are amply secured without respect to the Government's credit and the liability involved on the Government's part la so Inconsiderable as to make conformance to the Bryan principle pretty ahadowy. In fact. It appears to some bankers that thta feature was Included In order te save Mr.

Bryan's face and that of the Lremocrauc farcy, ana hasn't much other force In It- It might seem from this that the ouestlon was in reality unimportant, but on tbe contrary It Is regarded by the bank, ers as vital. The reason for this is that they believe it vicious In principle for the Government to put Its credit behind the entire mass of currency to be Issued. In times of wsr, they point out. tbe banks are now able to come to the assistance of the Government, and have frequently done so in the past, while in times of financial stress the Government has been In a position to come to the aid ot the banks. This situation, they argue, should be conserved, but If the banks and the Government were closely bound up into one system neither could help the other, because they would ro up and down together.

If the credit of the Government suffered through war. that of the banks would suffsr equally, and If for any reason the credit of the banks Issuing the currency should be affected that of -ie Government would alao suffer. If It is argued that the United States la too powerful and there la too little llke-Mhood of war that would affect its credit, they answer that the history of the country shows that there have been times when Government bonds were at a heavy discount and nobody 'can predict the future, with a possibility of war with two or three countries at a time. Just how the notes could be made independent of Government credit and still preserve tbe quality of Government issue none of those present yesterday would say. but they believe that It Is possible, while it would involve delicate shades of meaning; to so modify tbe bUl and the form of notes aa to achieve this object.

The third Important point Is the requirement that reserves of the Individual banks shall be kept partly in their own vaults and partly in the local Federal reserve bank, with the business necessity ot keeping also balances in the financial centres, which they are now permitted to count aa part of their reserves. This double tie-up of funds, they dec la re. ta bound to entail a contraction of loan a and consequent liquidation, with the result that enterprise would be hampered instead of helped by the new system. Passible CSBreaatae em Reserves. During tbe conference with Senator Owea It was pointed out to him that this practical effect of keeping locked up more money than tinder the present system would hurt th small country banks rather than thoae tn the large centres, and speakers were tot lacking to explain that this applied to Oklahoma, where the Senator halls from, as strongly ss to New York State or Pennsylvania.

The suggestion, es to reserves that the bankers rade tn their answers to quee- PAN HANDLE IJMITrr. Psanaylvsala Rsllrssd nee- trsta te CfeW eea. Leasee Fenneytvsalx-Btsuaa. 13 Hudson TerviiBSt. coon lo-ony.

arrives ChKsr. 1 P. M. te-oiorrfcw. ii.if day fas New York, half a day ta Chtra.es.

Sicoicg cars and poaches; ail. etssL A4v, Mora was thst one-third should be kpt i Af.itiiMl Am Ik. MvrYa III IIV I vi'' 1 bank, and one-third on deixit in tbeir correspon-1nt bank In the financial centres. This was not a tnest step ta take tn seeking tbe mid. lie ground the hope to find in general, and fcenater Owen, It la said.

'preeaed a willrncne to treks a change ia the bill along these linen. The fourth and last tmporcsnt problem to the retirement of the per cent, bonds s--ur1nr the present bank note currency. The blil ortzlnally provided for an exchange of these bonda for cents, without the circulation privilege, but this provision was cut out later and the sub-Jt was left for spaate treatment. It has been surmised that this wss done because In the bckwoods of the South and West Democratic voter, not apprehending the difference In value of bonds respectively with and without the circulation prfvlle-. would rise up to hprror at Lb-e idea of the tiovernment givln per cents.

In es change for the 2 per cents, now held by the national banks. In their "answers' the bankers sus ested the exchange of the 2 per cents, or bonda of such an Interest rate as to be worth par without the circulation privUeKS. Vhat they will now- seek is to have this provision restored Jo the bill, and aa this Involves an addition rather than a changs, tbey hope to bring It ebout. A. Barton Hepburn, Chairman of the v.

i. inr rw, mi (An. Was asked when he came out of the rijnrer-ence for a moment yesterday whether it waa proposed to draft a substitute bill, as had been reported, or if any statement, would be made on behalf of the commission bill Mid. and wo not cmici th prnrDt Mil before it ha bn a SS af lrljgJ ea TttA WTJ 11 er wtenss- w-s copy. The bill is only tentative, as has been stated by senator uwri nu greasmen Glass.

We are trying to 15 out tne pracucat ppucuuii business conditions. One purpose of our analysis of Its provision! Is to ensble us to advise our stockhold ers snd directors of Its effect." It has been said by Senator Owen, ear. nrpmirn i material change will be made before the bill is introouceo. I am informed that there will modifications In the he replied If there sre not we will be sgainat It. I do not think tt Is likely to pas at thi 1 I 1 Ka til Af Atlt is.

bora may be a report to the annual convention of the American Bankers Association In October. We covered the whole ground of banking end currency reform at Atlsntle Ojty and you can Judge what we think er the bill from the answers to questions that were prepared at thst time." Those who attended the conference Jesterdsy benldod Mr. Hepburn were oseph T. Talbert, Vice Prealdent of the ivaitonai v-iiy ini iirt.li 1 Clonal, 2kTw Orleans; K. t-.

Howe, Vlcj rrriiucni di inn e-nuvruii tx.J. rae-n Tvai lr a RHssV. I jOM Angeles; Levi Rue, President of the rnuaaeipma ruauonsi; uwrs nolds. President of the Continental and commercial, nicu Aimur ncj A t. uAtn-.

Mat nn. Festus J. Wade, President of the Merchants Trust Company, St Louis, and Col. Fred E. Faras worth.

Secretary of III GVinnUHIOP MM SI UI. s.fviwm. SAN FRANCISCO WATER FIGHT Another Struggle In Congress Over 977.000,000 Heteh Hstchy Plan. Special to TAe Xrw York Time. WASHINGTON, June sUgs has been set for another struggle In Congress over the ambition of San Francisco (to obtain' a mountain water supply from ths Sierra Nevadas at a cost of over 177,000,000 through the con struction of a reservoir in the plot uresque Hetch Hetchy Valley, situated about 200 miles east of the Golden Gate snd adjoining the Tosemlte National For twelve years San Francisco has been righting ror a water supply irom the Sierras, and has now authorised a bond Issue of for the Hetch Hetchy dam and reservoir project, ine dam would lie 200 feet high, between shelving rocks.

It would flood the valley for many miles to a depth oi from ltxj to lau reel. Jonn juuir. tn nsiursi-1st. and other admirers of the natural rrandeur of the Yosemite and Hetch ietchy region, denounce the plan as a grab scheme iwould spoiiats ths vallev. 'I" The California delegation in Congress, Republicans and Democrats, are lined up behind a bill which, if passed, would enshls them to nut through their proj ect ton a water supply.

John Mulr has appealed to his friends in the East, among them Robert Underwood Johnson of New Tork, who has been aiding Mm in bis ngnt against me tiin tutuhv nlan. to urse Hcott Ferrla. Chairman of the House Public Lands Committee, to postpone action until Congress holds itr reguhtr session in De cern ner. Opponents of ths project allege that Pan Francisco Is trying to rush the Raker bill through Congress speciously In the present special session by urging imperative necessity tn connection with the forthcoming San Francisco fair, when no necessity exists, and that San Fanclsco could get an abundant water supply elsewhere in ths Sierras. The House Publlo Lands Committee will beirin hearings' on the eubject on Wednesday morning, when It will hear Secretary of the Interior Lane.

Secretary of Agriculture Houston, Chief For ester waves, uirector mun oi me nolneHcsl Kurvev. and Director Newell of the Reclamation Service. The have all agreed upon a new tie ten rietcny bill, which was Introduced to-dsy and modifies the terms of the Raker bill, rciffnni Ptnchot telerrached to-day hla support of the measure, and wants to be heard In Ita favor. The entire Cali fornia delegation ravors tne new oiu. WON'TBUYVANDERBILT LAND Commission Declines to Add Plsgah Tract to Forest Reeerve.

WASHINGTON. June 23. The propo sal to purchase the Plsgah Forest tract, part of George Vanderbllt's famous Blltmore estate in North Carolina, by the National Forest Commission which inspected it three weeks ago with the view of acquiring it as part of ths Appalachian Forest Reservation, was de cided against to-day by the commission. The price asked, certain restrictions and contracts for cutting timber which it would have been necessary to accept. are said to have influenced the commission's action.

The commission spproved for purchase two tracts, one of 3,900 acres in the Mount Mitchell area. Western North Carolina, average price t3.1U an acre. and another of 2,106 acre In the White Mountain area. New Hampshire, average price $4.95 an acre. Thie ma.kea the total area purchased by the commission since its creation lees than three years ago more than oOO.OOO acres.

We make clear Vto the public that you can make the Mving of mcaey the most in teres tiag part of your daily program. If yoa are finding it hard to coa-' castrate atteatioo upoa a savings bank accouat try buying secoribjes oa the Partial Psymeat Plaa. Tnere ie aa inherent attraction to tbe possession of stock snd bonds whidt spurs the small owner to av crease his holdings. Send for Booklet 1 "Partial Paymaat Plan." JohnMuirS(b. Specialists lu Odd XiOts Members Xew Tern Bteek Xxehaage MAIN OmCE-H BROADWAT.

-Cptown Office till St. and Broadway, NEW TORK, i.e-" 7 TT wsi iipm ej- Other er w. rAL I 1 ft II I TrczfxrcTfhr I I I Ttrcat i Vmtf viVwtf-lan wrCl tall keep your month and' throat bytfenlcairy dean and froa from srsrmt, Ciaes we sjraLCaoiea i gae SUGAR FIGHT OPENS IH TARIFF CAUCUS SajsaasBsssBeBBBBBSaaBBsawasBesBBBSss Resumption To-day by Free Trade Foe. Will Test Party Harmony. COMMITTEE VICTORY SURE Caucus Likely to Sustain, Free Pro vision Metal Plates Through Income Tax.

Report To-dey. Special to Tike Wew Tare ristes. WASHINQTON. June 23. The rspid progress of the Democratic caucus of the Senate in considering tha Tariff bill waa continued to-day until the sugar schedule waa reached.

Thie section. with the rates on wool and woolens, will cause tha nearest approach to a break in party harmony. This afternoon's brief consideration of the eugar echednle gave no Indication" of now the Democratic Senators will align thsmselvee, and the fight will be taken up In earnest when tbe caucus reconvenes to-morrow morning. 1 On ry two Senators spoke on ths sugar schedule this afternoon Mr. Phafroth of Colorado and Mr.

"Walsh of Montana. As was expected, they both opposed the free trade provisions. Hot their action In caucus is not taken as indicating any intention to tine up with the Its publicans against the schedute when It Is reached on the floor of the Senate. Senator Walsh has already esld enough to suggest that be has made up bis mind to accept ths verdict of the party, and It is expected that Mr. Shafroth will do likewise.

That determination only makea them fight the more stubbornly In caucus, however, in order to show their sympathy with their constituents. When the sugar schedule waa reached Mr. 'Hans-dell of Louisiana, who is expected te lead the fight, both In caucus and oa the floor, for protected sugar, sent at once for Senator Newlands of Nevada. who happened to be absent Mr. New- lands came, and will add bis voice tomorrow to the protest against the House rates.

But the cauaus Is expected to decide heavily In favor of free sugar, and Mr. Mswlands will accept that verdict. Encouraged bv the general support their amendments had received, the members of the Finance Committee decided to-day to modify the course pursue on Saturday, whereby items not quite satisfactory to the caucus were sent back to the committee for revision. This afternoon, when ohlsetinns -r- raised to particular paragraphs, instead of having them recommitted, a vote was taken to approve or disapprove the committee's recommendatlone. In every case the committee was sustained.

The metal schedule was completed this afternoon, without any addition to the liat of three Items sent back to the committee on Saturday. Four divisions were reoulred before the ed the schedule on aluminium, lead, sine ore, and sine In hiocks and pigs. The committee was invariably sustained. uwuun pui nanoaawa on the free list was finsllv Hsfeats Ion red The committee had hoped to eomnlete the Income tax sectlorKotnd report it to the caucus this evening. But the President speech to Congress left the committee no time for a meeting between the resrular sessions at tha WJJ11 th.

meeting of the Democratic Congressional Committee made it impossible to take up the subject tonight. Chairman Simmons will issue a formal statement on the Income tax tomorrow morning, and the test ef the committee amendments may be made public to-morrow afternoon. Dlaaaend Rates Stand. A delegation' of New Torkers interest ed In the diamond trade called on the committee this afternoon and protested sgalnst tbe House rates on diamonds, which the committee has retained. They insisted that any Increase ia the rates of the present law imposing a duty of 10 per cent, on cut diamonds and leaving uncut diamonds on the free Hat would merely invite sruiirgUn-.

The delegation consisted John Wood of J. R. Wood a Sons, Lee Ketchman of Relchman jProthers. Arthur Lorsch of the Albert Lorsch. Company, and Fella ll.

Levy. Benator Clarke of Arkansas. President pro tempore of the Senate, has prepared for consideration bv the amendment to tbe Tariff biU which wvuki levy ui OI ontrau or 1 cent a pound on cotton sold for future de-1'very. The amendment alao provlda that when cotton thus sold was actually delivered in rood faith, the tax levied hould be refunded to the person or corporation which paid It, under t(L Prescribed by the Secretary of the Treasury. The measure Is desls-ned to prevent Stock lobhine- and timhllii.

i futures. It authorise the Secretary of jijiih sarenta 10 con duct Inapertlone necessary to collect the tax. Exehsneres, persons, or corporation who failed to pay or sttemrted Psyment would he liable to a i exiuirped trains mdud ins liver" mm Chicsca end Sr. I to Denver, Cdorstfo Spc uni and fuebIo. For boolJets, low fares and Jfs2 address K.

E. Palmer, 1233 Broadway, Mew York, cor. 3 1st Sb Pbooa. Medjeoo. 2Xa I i Prctcctica wtm hoW necesAsTT tO I because ao rnany daasrerooi VJ gerza-ioiocwa wiroau.

rMaiZM2a Inittres protection against the; astaojt of Infectious trerroe as has been prmn by scientific authorities. Pormamlnt Tableta are simply allowed to dissolve la tbe pleasant, harmless, handy. Over 10,000 physicians hava testified to their extraordK -M I- 1 r.m I s. Inn BUT BJUiblCUVJ BWUIUJ Vlt IUIIII.UVII andrellerlngRiotith and throat trouble of any kind. At all drug-gists.

fit Casus mmfU rtctipt cit, uni kp A. CO, tK Irving Pl W. If. 7otd wUh Th Boser Csewssoel soe rest. tTj ii i or unincorporated associations an additional punishment by Imprisonment for not lesa than one year nor more thaa three years might be imposed.

Senator Clarke will prens his amendment before the caucus when ths rot ton schedule is reached. It resembled genersl amendment Introduced by Senator Cummins, which would provide for a special tax on all commodities sold through Stock Exchanges or Boards ot Trade. Ask Rseelver for Baptist' Psper. BOSTON, Juns 23. An application for a receiver for The Watchman, a paper fiublished In ths Interests of ths rtp 1st denomination, was filed in ths hf fireme Court to-dsy by the Ilev.

Iv. tsorse S. Horr of the Newton Theological Institution and other creditors. Jack Johnson Oats an Appeal. CIIICAOO, Juns 23.

Judge Carpenter to-day granted aa appeal to Jack Johs-son, the negro purlllst, who, a short time ago, was sentenced to serve a year In prison for violating the Mann Whits slave act- Perfect appointments ano! refinement oi service have firmly eatab-lisherJ the reputation of the HOTEL TOU.RAINE BOSTON Every room outside. Dairy and food products from our model farms. Rooms from with, bath from $3.00 J. R. WHIPPLE CO.

BOSTON Parker Hoasa and Young's Hotel smdar same snanarement. Rooms from $10 Royal Estate Scltcrs the original and ctnume.Sclten -the eldest end most renowned Natural Mineral Water from the Royal Estate Mineral at NiedcricUera. Bottled in its pure and natural condition under Pru ian Government Supervision not boiled, filtered, recharged or manipulated in any es way. EI7errescent vylth Its' wa natural THE IDEAL TABLE BEVERAGE "A ROYAL MIX" -Aak for prices. You may paying as much or more for HaBICHT, BHATTX CO, sole larosTCss Hodsea XaWght gta.

Kew Tork Why Firebox Because in Firebox Boilers the entire fire sur face is in sight makin them the easiest to clean, and the nost efficient That is why Kewanee Boil Firebox BoS- ers are ers. -OCCVaTJUr IIY. I ii it liv Advertlala wnirh does es4 4nrf3 wir Sals uli A Mr plsoa.b oa over ao yvsrs ot ertasl. fcroed epert- enca.aohresdvsniaina snd Sales protle- I I a ta OMinao aa4 al 1 ttaZraLTastr5' Ckartee W. Ceyt.

See T. See 1 elXensn. and la the case of inilvUaaisi.