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THE COCHRAN JOURNAL
Entered as second-class matter August Ist, 1912, at the post office
at Cochran, Georgia.
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T. L. BAILEY, Editor and Manager,
PUBLISHED WEEKLY by THE COCHRAN PUBLISHING CO.
OFFICIAL ORGAN FOR BLECkLEY COUNTY
SUBSCRIPTION PRICE 81.00 PER YEAR IN ADVANCE.
INVESTMENTS OF NATIONAL BANKS
The national banks in the great cities are exceeding their
charter powtrs in the character of the business they are conducting
and from which theirs principal revenues are derived. They are
acting as promoter, underwriters, and houses of issue for the secu
rities of railroad into foreign countries and to highly speculative
and undeveloped enterprises, through the thin disguise of the so
called security companies that are attached to them in the manner
above described.
Some of them maintain separate departments and selling or
ganizations for the sale of bonds as an important part of their
business, and they advertise such securities for sale by circular in
in the public press. At time these bonds are acquired and paid
for by them out of the bank’s assets before being sold. At other
times they are contracted for and underwritten, but are wholly or
partly disposed of before being paid for. They also own as above
stated large amounts of bonds for permanent investment.
Your committee can find no semblance of authority for these
operations other than for the investment of their resources in
bonds, and no express authority for the latter other than as regards
bonds of the United States Government. The terms of the bank
ing act would seem to negative the existence of such power and the
decisions tend in the same direction. — (From Report of PujoCom
mitttee.)
The currency bill has been drafted and provides for twelve
regional reserve banks to be under control of a federal board of
nine members. They will be located in districts whose areas will
not be necessarily equal geographically, but will follow the lines *of
trade and domestic commerce.
The main feature of this bill seems to be that it will place the
issuance of national currency under the supervision of the federal
government. Provisions will have to be made for the retirement
of the two per cent bonds by which $700,000,000 of the national
bank notes are now secured.
Whenever a state or national bank desires to obtain currency
it applies to tne federal reserve bank in its region, accompanying
with its application a tende of collateral security. The security
offered must be notes and bills accepted for re-discount under the
rules formulated by the federal reserve board. This board will
have the authority to issue as much as $500,()00,000 in notes. The
rate of interest on this note issue will be determined by the board
and will be based on the prevailing charge in the money market.
The board will act as a clearing house for the reserve banks and
they in turn act as a clearing house for share-holding banks. The
re-discounting feature allowing the reserve banks to discount notes
and bills of exchange arising out of commercial transactions is "re
garded as very important. The administration thinks that in
times of stress this feature will go a great ways in relieving money
stringency.
It seems to us that one of the most important parts of the
entire bill is that the federal reserve board will have the right to
determine the character of the securities acceptable for discount.
And a special provision is made debarring notes or bills drawn for
the purpose of trading in stocks and bonds or other investment se
curities, except notes and bills having a maturity of not exceeding
four months and secured by United States, state, county, or mnni
cipal bonds. If this feature of the bill is carried out, it will put a
check on those wall street bankers, who have millions of inflated
securities, that they would like very much to work off on the re
serve banks. The bill also provides for the transferring of the
national funds from the present national bank depositories to these
twelve reserve banks. It also seems to us if this feature is carried
out it will prevent national banks from lending the people’s money
to stock exchange gamblers at a high rate of interest and often on
rotten securities.
Stocks and bonds of a corporation that has been watered time
and time again, are not always good security, but call money on
the exchange is some times in such great demand at an exceedingly
high rate of interest, the banks feel like they can afford to take the
risk. We understand the goveinment intends to use the present!
machinery in the organization of its plan, but the fact that the
control of the currency will be taken, out of llie han% of the
national bankers and placed under the control* of Ttflßfedesal gov
ernment, the administration thinks will serve as a check to any
future ‘made to order panics’ inaugurated by the money power.
THE PRESIDENT’S MESSAGE
For the second time Pres. Wilson appeared before Congress
in joint session and delivered his message in person. He made a
strong plea for currency reform. It seems to us that the most im
portant paragraphs iu his address is where he said, “Our banking
laws must mobilize reserves; must not permit the concentration
anywhere in a few hands of the monetary resources of the country
or their use for speculative purposes in such volume as to hinder or j
lilt! COC'liiiAN julhSAi., CuCAJUS, GKOitUIV
impede or stand in the way of other more legitimate, more fruitful
uses. And the control of the system of banking and of issue which
our new laws are to set up must be public, not private, must be
vested in the goverment itself, so that the banks'may be the in"
, strument, not the masters, of business and individual enterprise
and initiative.’ ’
Of course Senator Mann the G. 0. P. leader criticised it.
Democratic principles don’t suit stand patters. They don t want
any reforms. The present situation suits them. They would like
to see a government of the trust, for the trusts and by the trusts.
A situatioh that was fast becoming settled upon this country.
It has been demonstrated by the Pujo investigation committee
and other reliable resources that the money trust is the biggest and
most dangerous in the country. The President readily under-»
stands that unless this country can get from under the complete !
domination of the money trusts, th>- party will not be able to ac-j
complish very much by a revision of the tariff With the money
supply in control of the money trust, they would be able to inaug j
urate made to order pa ics for the purpose of embarrassing tht j
democratic administration and leading the pea pic to lelieve that j
the real cause of the panic was because the democrats had tamper
ed with the tariff aud disorganize ! commerce, when the high tarifi
was enacted by the republicans whh the ostensible purpose of pro
tecting infant industries and American labor, but with the real pur
pose of fostering big business.
With an elastic currency controlled by the government, it
will be a hard thing for the system to get up a made to order
panic.
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Jewelry Store
Cochran, Georgia
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