The Barnwell people. (Barnwell, S.C.) 1884-1925, June 26, 1913, Image 7
LM
FALLS TO OHIO
NATAL OFFICER KILLED MEN HI
PLANE FELL
HIS COMRADE ESCAPES
RDHlgn IlillingNley and IJeut Tow
ers, United States Naval Officers,
Meet With Accident in An Aero-'
©plane. When the Former is Kill-
and the letter Has Narrow Escape.
The naval Academy added its first
victim to the death roll of the air
Friday when Ensign William D. Bil
lingsley was hurled from a disabled
biplane 1,600 feet in the air and fell,
straight as a plummet, into the depth
of Chesapeake Bay. Lieut. John A.
Towers, chief of the navy aviators,
clung to the hurling wreck that fol
lowed his comrade’s course from sk>
to water and eecaped death, almost
miraculously.
Ensign Billingsley, in a biplane
had been converted into a hydro
aeroplane by the addition of pon
toons, with Lieut. Towers as a pas
senger left the aviation ground# at
the Naval academy at Auapolis Fri
day morning to fly to Claiborne,
some eigtiteen miles across the bay.
About ten miles down the bay a gust
of wind struck them. Ensign Billing
sley was thrown forward across the
steering gear, which was disabled.
The craft dropped like a dead bird
towards the water. As it fell the
pilot was catapulted out, and turning
over and over his body outsped the
disabled machine toward the water
Deep in the bay the body sank and
late Friday night all the available
boats In the neighborhood were out
seeking It.
When the aeroplane started on Its
dive for the bay, Lieut Towers clung
desperately to one of the uprights be
tween the planes
After falling about 500 feet, the
biplane turned a complete aomersault
and for a moment the force of the
fall wa* broken Striking the bay.
It carried Lieut Towers beneath the
water but rose to the surface almost
immediately The aviator, suffering
eirruatlng pain, feared that he
would lose consclousneas before h«
could be rea. :*-<l and tearing looec
t tie lashings of one of the planes
bound hlUiseif fast to a pontoon
With n a few minutes however he
was taken off by H L Hronaon and
S Kellar who had watched the aero
plane « movements from a motor boat
kept on the bay for us** In Juat such
emergencies
At the \a>al academy hospital.
Id* ut Towers almost in a state of
lie - mujs collapse bis head wagging
, i'e* usly told the tragic story of hU
fad from the sky
Just '^fore the accident," he said.
' I look*-'! at the altitude dial and It
showed w were running at a height
< ' jC*- j* ’ *‘ _'*w*t Just then a
gust <*f wind *e**med to come up from
THAT CURRENCY BILL
♦-
MEANl ILK DIOhK.NKI) TO HFIJ’
HISINES8 MEN.
LETTERS ARE READ
SHOVING BOV LOBBY DID ITS
V9RK
It Will Take the Control of the Mon
ey Market Out of the ILandH of
UaH Street.
Congress turned from the tariff
Friday and scrutinized the adminis
tration’s currency bill, to be intro
duced In both houses next week.
The tentative draft of the bill, an
nounced Friday night, brought Infor
mal dsuicssion which the president
and Democratic leaders hope will
develop complete harmony. Inter
est centered in the supervisory pow
ers to be exercised by the federal re
serve board of nine members over
the reserve banks.
Originally it was planned to give
the banks representation on the fed
eral reserve board, but It was argued
that the banks practically have the
management of the reserve banks,
and by placing the board entirely
under government control, a check
on the reserve banks’ operation will
be assured.
The framers of the bill desired an
*asy, unembarrassing change from
the present banking system by using
existing machinery. The bill is ex
pected to be liberally amended. A
problem was presented in the provis
ion to retire two per cent, bonds,
now securing seven hundred million
national bank notes, so as to pre
vent depreciation. The administra
tion hopes the note Issue provision
will be unchanged.
Under the plan state and national
banks may obtain currency from re
serve banks by depositing adequate
security. Reserve banks must hold
30 per cent in gold of the amount
of notes advanced The Interest
charge will be levied on the note is
sue, regional reserve banks rrkay dis
count notes and banks may discount
note* and bills of exchange arising
from commercial transactions It is
believed this will alevlate the money
stringency in times of stress. The
Gian bill proposes that the new
new currency law become effective
ninety days after paasage. but that
thirty-eight months be allow.-J for
shifting pr*-*ent r«e«-r>**e to new fed
eral r**«rve banks
WORKED THE SENATORS
PAY OUT COTTON TAX
SKNATOH SMITH HAS A BILL Ft>K
TH AT PI RPl>KK.
kll.I.S NKIJ- AT HOME.
Several I/etters that Paaeed Between
Oxnard and Palmer Containing
Reference* to the Handling of Sen
ators to Suit the Sugar Trust Made
Public.
The Senate Lobby Committee gave
to the public Wednesday over the
protests of a lawyer representing
Henry T. Oxnard and Truman G.
Palmer, a series of letters written
by those two beet sugar representa
tives, showing a long continued ef
fort to influence legislation in W’ash-
ington ; to control Congressional
committees; and to direct national
political affairs In support of the con
tinuance of a protective sugar tariff.
The Onxard-Palmer letters, pro
duced at the close of the committee’s
morning session, were the chief fea
tures of an exciting day. They cov
ered a period from 1 906, when Phil-
lipine free trade came up, through
the balance of the Roosevelt admin
istration, the political campaign of
1908 and into the Taft administra
tion.
Assurances that certain senators
would be on the Senate Phillipine
committee; that "no stone was be
ing left unturned to get real protec
tionists'' on the House ways and
means committee; and that strong
pressure could be and was being
brought to bear upon members ot
both houses to accomplish various
ends, appeared frequently in the ser
ies of letters
Chairman Overman's first effort to
read one of the Oxnard letters, w'ben
the committee began its sesgions
brought a proteat from John T. Yor
kea. an attorney representing Ox
nard and Palmer. He declared the
committee had no right to go into
"private correspondence" dated be
fore the present seaaion of congreas
In a long executive sea* on the com
| mittee decided that the letters bore
j directly upon the attempt* of Oxnard
and Palmer to In flu “nee legislation
j and they were at once made public.
THE CURRENCY Bill
IILL BE INTRODUCED IN BOUSE
NEXT MONDAY
POSSE FIGHT BANDITS
WHO HAD HELD UP A Fi
GER EXPREM
*—
Measure Would Prorid* That Money
Be Entrusted to Banka of the Cot
ton State* for Ixmuu.
The State's Washington correapon-
deot says if a bill which Senator E.
D. Smith of South Carolina has Just
Introduced becomes law, millions now
held in the federal treasury, and
which has been there since the War
Between the Sections, being held as a
result of the cotton seizure for fed
eral taxes, will at once be distributed
throughout the cotton growing states
to be loaned by the banks.
Many bills have from time to time
been introduced in both houses of
congress looking to distriVun n of
this fund, but up to the present time
no practical method lias ever been
found for getting the money from
the treasury to pay the persons or
their heirs or those from whom the
cotton was seized.
The bill just offered by Senator
Smith, which would appear io solve
the mater in a most satisfactory man
ner, is in part as follows:
"That the secretary of the treasury
be directed to deposit in the several
banks of the cotton growing states
the amount of money now held In
the treasury accruing from the sale
of cotton seized under orders of that
department after the close of the
Civil war, for the specific purpose
of aiding the growers of cotton In
financing the crop.
“That said money be distributed
among the banks of the said States
according to the amount oc the pro
ceeds of the cotton seized within said
State, provided that such banks as
receive the deposit shall furnish such
security as may be required by the
secretary of the treassry
"That any part of said money may
be recalled at any time by the see
retary of the treasury upon proper
notice to liquidate any property ad
Judicated claim for seii*-d cotton ”
Senator Smith said Friday that
he would rnak** every jxmalble effort
IS OUTUNED BY GLASS
Tb« Bandits
Two
of
Two bandits who held up th« Dia
mond Special of the Illinola Central
In a spectacular manner Wednesday
morning, cowed the passengers,
fought off a hastily organized posse
and applied at least six chargee of
dynamite to the "through’* safe,
were ill-paid for their daring ate
tempt. The explosive failed to break
the heavy safe containing $25,000.
Soon after midnight, as the train
bound from Chicago to St. Louis
neared Olenarm, 111., a masked man
climbed over the tender and ordered
the engineer to "stop her”. He did.
As curious trainmen and passengers
peered out of the cars to see what
was the trouble, they heard bullerts
whizzing past their heads and were
ordered by one of the bandits to stay
in the cars.
The other meanwhile was cutting
off the express car. After taking his
partner aboard, they ordered the en
gineer to pull tho express car down
the track. The first charge of dyna
mite aroused some farmers and after
the second charge had been fired they
telephoned to Springfield. Several
officers jumped Into automobiles and
hurried to the scene. The robbers
were at work when the posse arrived.
The robbers not only started to
fight the posse, but caiptured and dla-
armed two members of it. one a po
liceman and the other a newspaper
reporter. When the battle became
To Provide Means for Rediscounting
Specified Types of Commercial Pa
per, a Basis for Elastic Notes Pro
perly Safeguarded, and Machinery
for Doing Foreign Ranking Busi
ness.
The Administration currency bill
was made public by Representative
Glass, chairman of the House com
mittee on banking and currency. It
will be introduced in the House and
Senate after President Wilson has
delivered in person his address to
Congress on Monday.
An outline of the measure pre
pared by Mr. Glass describing it as
" a basis for legislative action”,
states that it will be gone over in de
tail for alterations, and sets out that
its purpose is to accomplish three
principal objects:
Provision of a means for redis
counting commercial paper of speci
fied types.
A basis for elastic notes properly
safeguarded.
Machinery for doing foreign bank
ing business.
The measure's essentials remain as
they have been outlined from time to
time since the President began a
study of the subject with House and
Senate leaders, Secretary McAdoo j ( O0 they boarded tha engine,
and other advisers, provided twelve had been cut off from th*
or more Federal reserve banks, which p reM rari * n d it rapidly toward
will rediscount paper deal In govern- thtt clty W hen near the city limit*
ment securities, exchange and con- thfiy jump^ from the engine and
duct government fiscal operations npd The agent of the Welle-Fargo
National banks and such State bank. A Co ^ lhat the whlch WM
and trust companies as confirm to blown open, contained about $500
standards would be stockholders ef I and that this amount would cover
the reserve banks The government t b e i oaa
*ould hold no stock.
to have tl
pa-*
.1
Member of live NCate 1 ure A letter fr
and took an
TM« threw
steering gea
plane* went
\S ith am
bine lurched violently
uncertain dive forward
Bllllngaley aero** the
’ and »he lateral rud**r
out of busln**iui
ther forward lunge the
- >ped down at exprewa
train speed It all happened In a
minute Billingsley went out of hla
seat and clear of the plane
When the ship started to fall. I
had one hand around the upright, be-
twene the planes, and I locked it
there 1 knew that was my only
ho*>«* I wa*; torn loose from my seat
Nut held on to the upright I swung
Bear of the planes, and the gearing
The *;tr'(tn on mv arm* and fingers
was awful, but Y clenched my teeth
' on I tried to kick the
steering gear back into working or
der but 1 could not make it go. I
looked down, and saw Rtlingsley
turning over and over in the air.’’
The trembling officer halted his
story to wipe the sweat from his
ashy face, but went on immediately:
"When the aeroplane had dropped
about 900 feet the front planes went
down and under, until the ship had
been turned completely over. When
it was half way over it steadied for
a minute and the force of the fall
was broken a little, but it gathered
momentum again and when it hit the
water there was a terrific crash. But
I kept clear of the engine and the
planes and managed to come to the
surface safely.”
At the hospital Friday night. Lieut
Towers was listed as “slightly injur
ed Internally,” but the surgeons
were In doubt as to the exact extent
of his injuries. He suffered terri
bly from shock.
iCJTl't. John H. Gibbons, in charge
of the naval academy, Friday nigit
appointed a naval board of Inquiry
to Investigate the accident, Comman
der W. W. Phelps, Lieut. E. J. King
and Ensign Victor L. Herbster mak
ing up the board.
The tug Standish was sent down
the bay to bring In the wreck of the
aeroplane and the torpedo boat
Stringham and all other available
craft were sent out to search for the
body of Ensign Billingsley.
Take* Ilia Own IJfr.
Fred William* a m**mb*r of the
House of Repreev-ntatlvo* from Pick
en« county, committed sulcld* Fri
day afternoon about !> 30 o'clock at
b.a horn* t»o mile* w»#t of Eeeiey
A member of the family h**rd the
report of a pistol and. ruahlng into a
shed room edlolnlnf the front porch,
found the body on the floor with a
pietof hole in the centre of the fore
head A phreiclan was summoned
but death took place before hi* ar
rival A note «ai found on the bu
reau stating that he «as sane but
considered 'his the beat step It said
that he owed no man and had done
no Injustice to any on*
He *a» known throughout the
ounty and had accumulated a con
siderable amount of property He
• a* fifty fl*e years of sge and w sur
vived by a wife and all children
UKNT Tt> MIN OUN VN \KK
NQ;*jx>eed I^ead Man Walks in Room
Full of Mourners.
At Kearney. N J . James Kiely
•till is suffering from the shock of
witnessing what hie relatives and
friend* believed to be his own
"wake". When he returned to his
home last night after a few days’ ab
sence he found his sister, Mrs. Cath
erine O’Brien, his two brothers and
a score of neighbors sitting In the
front parlor weeping over a coffin
The mourners spied him as he stood
on the threshold and his sister faint
ed at the shock of seeing him. Dur
ing his absence the newspapers had
told of the death of James Kelley
from sunatroke In Newark When
Mrs. O'Brien read the item she fear
ed that the victim was her brother
and that the paper had misspelled
the name. She viewed the body. The
features were so singularly the dou
ble of those of her brother that she
believed it to Eve his body.
i August 1. 15(
MUST DIE FN CHAIR
Garrett is Convicted of Murdering
the Campbells
M. L. Garrett waa convicted last
week at Bishopville of murdering
two men and sentenced to die in the
electric chair on July 11. The crime
for which Garrett was convicted stir
red the State. On May 18 he shot
to death his son-in-law, Aaron Camp
bell, and John H. Campbell, his fath
er. Only three days before Aaron
Campbell had married Garrett’s
daughter. The tragedy took place at
the home of the Campbells, 13 miles
from Bishopville. After firing the fa
tal shots Garrett fled to the nearby
swamps, dragging his daughter with
him.
Senator La Follete seems to have
deserted the Progressive* with the
hope that the Republican! will nomi
nate him for President.
That cotton platform should be re
built by some meams before the cot
ton season opens the latter part of
next August
Oxnard io i’altnrr
in part sild
Rigardlng thw vacancies on th*
Pbllllppln* commlttw*-. 1'. 1* tru« that
nothing can b* don* uutil next win
ter, but I apok* to Fowle.* and Nrw
land*, (he told me he w aa O K )
and a*k*d them to apply for '.Ue vac-
ancle* made by th* Tenn****» and
Idaho Senators They tol 1 me they
would "
Another letter from Ornard to
Palmer "I *«•* no harm In having
New land* try for th* committee, too
I am committed to him already I
•aw Foeter s political manager In
Washington yesterday and Impressed
on him the Importance of Foster s
getting rarmack • place ”
An unsigned letter to Oxnard dat
ed Chicago. July 1»07, was In
part aa follow* ' Major Gove wrote |
to m* some time since in regard to
the formstlon of the Senate Phillip
pine committee in the COth Congress
and I wrote him that that matter
w*a fixed last winter Gove writ*#
that Teller will take it hlmaelf,
rather than to have it in uncertain
hand* Any friendly I>emocrata
•een during the winter will count.”
A letter August 27, 1907. from
Oxnard to Palmer "I am of the
opinion that you had better not even
try to get any resolution through
regarding Cuba, as that might start
our enemies going Of course, we
want & strong Anti-Phllllpplne re*
olution put through."
July 18. 1907. Oxnard wrote from
New York to Palmer: "I prefer that
you leave the Cuban question alone
for the present. If we begin talking
It will start them raising money and
talking back. Regarding the trusts
I would neither attack nor defend
them. We don’t want a fight with
them if we can help It.”
Oxnard wrote to Palmer on July
1, 1 908: “After going over the sit
uation with our friends here most
carefully It was deemed best that I
should not put in an appearance at
the Denver Convention and I feel
that It might be better If you also
stayed away. It Is alright for Morey
and Gove to be there.”
“Another written from Chicago on
October 7, 1907, to Oxnard said:
“Wakeman wa* with Uncle Joe for
four hours and feels that he accom
plished something, though he did not
feet at liberty to tell me much In
detail. From here he went to
cinnatl at Foraker’s request to meet
him.
“He la leaving no stone unturned
In his efforts to get real protection
ists put on the committee on ways
and means to fill the five vacancies.”
To Palmer, October 15, 1907, Ox
nard wrote from Upperville, Va: “I
had been trying to find out what
chances we bad on the ways and
means, and am glad to get the infor
mation yott give on that line. Will
bring all pressure I can on Cannon.”
A letter to Oxnard, dated October
1, 1907, and apparently from Pal
mer, said In part: “In Denver I
saw both Senator! Teller and Patter-
TM1RTY Ml \l< \NS KYF:< l TED.
Mexican In-urgrtit* T n«l«'r F'ran« iwro
\ ilia 'w-v-k Revenue
Thirty Federal soldier* were ex-
uted by the inaurgetjta under Gen
Francisco Villa, according to Ameri
can refugee* arriving at El Paaao.
Texas Thursday by hand car fr*m
the interior of Chihuahua Stale
They related that thla waa done aa
revenge of a ruse of the Federal* at
Buatilloa. Chihuahua, last Friday.
The F'ederaia had asked permission
to send two trains with women sad
children through the rebel line*
Villa agreed but on seeing the train
approach laden with aoldlers he ord
ered an attack Be*ldea the capture
of 30 prisoner* many of the Govern
ment troop* were kllle«d and th# re-
mainded of the 4 00 F'ederaia forced
to return toward Madera
The government would control the
F'ederal reserve banka entirely thru
a F'eieral reserve board of aeven
member* In which the banka would
have no representation Th# board
would be composed of the Secretary
of the Treasury. Secretary of Agri
culture. the comptroller of the cur
rency. a* member* ex officio, four
other members would be choaen by
the President and confirmed by the
von*: TO REFUSE GIFT
Benate
The national bank note circulation | tnist *** **
ould remain undisturbed and no
pr<n>o*al la mad* In th* bill for re
tiring approximately 1700.000.000 2,
per cent bonds, upon -bleb that note trMl 0f V * Bd#rWU - {m
gift, is a breach of trust
a*ue now rests An amendment or
separate bill to refund these bonds
nto 1 per rent, bonds may be latro-
duced later
In addition to the $700,000,000 el
ating national bank notes not more
ban 1500.000.000 in what are to be
known aa F'ederal reeerve treasury
1 won Patterson told me that Ixwlg*
I stated to him that we had those is
land* for the purpose of exploiting
them with American capital, and that
we were going to do it.
’ Teller told me that Aldrich told
him that he and hla crowd would
• tand by us. but that if the hill got
on to th# floor of the Senate they
would have to stay with their party
and vote for the passage of the bill ”
* My Idea has always been.” the
Palmer letter continued, "to starve
the thing off until general tariff re
duction oomea, when we could trade
with the other fellows ”
A letter from Oxnard to Palmer
July 1 6. 1 908. said in part: "I spent
a day with Mr Thomas recently on
his yacht and he seems to think we
had better stand in with Mr. Taft If
possible.”
A letter from Palmer to Oxnard,
July 3, 1 908, In part: “When Taft
was nominated I sent him a congrat
ulatory telegram and thla morning
received his thanks. On the 29th
I sent him a letter recalling my last
interview with him and enclose copy
herewith. I hope that be will not
convey a verbal reply through some
third party.”
Oxnard wrote from Washington,
December 26, 1907, to Palmer, then
In Chicago: /T have seen Col. Ed
wards and got him to agree with me
that it is poor policies for Taft to
push this measure this winter and
he Is going to try and bring him to
that way of thinking. I also saw
eb, who agreed with me that the
whole subejet had better be post
poned and will talk with the Pres
ident. While I have little hope o '
success I shall keep at it on those
llnee.”
Oxnard at Upperville, Va., recelv
ed another letter from Chicago, dat
ed October 29, 1907. Here Is part
of it: “I was glad to hear that you
are keeping that matter In mind for
of course, If we could hold the ways
and means committee, It would save
a lot of work and avoid a heap o: 1
danger. Gove says further,” the let
ter continues, “that Colcock further
informs him that If he succeed! he
will not need but three Republicans
Methodist Blahope Eapoae C«
Mhrewd Hr heme
At a called meeting of the Metho
dist Episcopal church. South, attend
ed by nine members of the college of
blahope. a veto message was drawa
up. setting forth the following objec
tion* to tha aotion of tbw board of
3mm t gift
from Andre-sr CamelgVe to tbe Van
derbilt Medical college
That the action of the bonrd of
It under sad by vtrtao of tfco
as of tho Memphis eoaveotioa,
eoMtltute tho fonadatlon of Vander
bilt university; that said action la
beyond tho powore of dko board and
that It oomtiteleo a dlvorstoa of a
large portion of the fund* and prop-
note* might be laeued at th# diacre- p 1 ” 1 * of lh# unlverai'.y from 'h#
Ion of the Federal rvoerve board 0 * K>a whlch “ ld * ro *«** “ k0i4 - U
•olely for the purpose of making ad- rol><r * r y 10 terms of the
vanres to the F'ederal reaerv# bank*. uni vanity, and is illegal.
which would do no bualneoa with the nul * and
public, deal only with their member A copy of thle action will bo dnly
banka and receive deposit* oaly from and forwarded to tho Boo
th# United State* While th# notm rata^r of th# board of trwnt of the
ould on their face, purport to be university. Tho *^ attondlng
the obligations of the United State#, the meeting weiW Blahope Ooltitta
they would be required to be secured Denny. E R. Hendrix. W.
by a gold reserve of 33 1-1 per cent., buth, E D. Mouson. J. O. Kilgore,
provided by the Federal reeerve J. H. McCoy, E E Hoea, H. C. Mor-
hank, would be a first and par- | rtson and W. A. Candler,
amount lien on all the asset* of thaae
banka and would be redeemable In Eight L
gold on demand at the treasury de- The burial of Charle# E. Moore,
partment at Washington or any Fed- 0 f Chicago, 111., One-legged
eral reaerve bank. of an artificial limb manufacturing
Stringent provision* are made concern waa attended by ten men
against counting any of these notea who had but eight legs bet
as a part of hank reserves, and the them. The four pallbearers had *
system la guarded agalnat inflation it K each. Two men attended who
by lodging power with the Federal had no legs, except of the artificial
reserve board to exact an Intereit | kind, and four other* had four 1
charge upon the treasury notes in
order to secure their prompt redemp-. Ti . ^
tion. The notes are not made legal ^ ° mr ^ R “ B *
tender, but would be receivable by Roewell, N. M., I* menaced by a
the government and every bank of hl >K e volume of water pouring d<rwn
the aystem at par without exchange. the R1 ° Hondo river from the Whit*
No change would be made In the MouQt » lM - Cloudburwtn after a
protection of other exietlng note*. week of continuous rain caused the
The Federal reaerve board would ' flood -
require one Federal reeerve bank to
rediscount not necessarily uniform I bank,” the statement says,
for all reserve banks, but made with “The presumed effect of this plan
a view to accommodating the com- will be to end the placing of reserve*
mere© of the country and promoting with central reserve city banks for
a stable price level. use in stock market operations, to
For recasting the present bank re- J ^ ee P reserves in some measure at
serve system the bill proposes to I h° me and to require speulatora to
transfer the reeerve* from national J ^ un ^s they need In their op-
banks in the present reserve and cen- J orations, either by directly borrowing
tral reserve cities to Federal reserve j Lhc m from persons who hold them
banks, carrying the process of trans- want len d the cash for that
fer over thirty-eight months to avoid purpose or else by borrowing from
shock to market conditions. The bill hanks in the places where tbs
proposes, according to Mr. Glass’s j operations are to be carried on
statement, “ultimately the establish- “In the belief that the present re-
raent of a reserve system in which | 4erve system is antiquated and unsat-
'sfactory, that to the massing of
funds in New York and other finan
cial centres, of which so much has
country banks will have 15 per cent
of reserve (namely, 15 per cent, of
total demand liabilities) such 15 per
cent, to be held 5 per cent, in the I been said In recent years, is largely
banks’ vaults,' 5 per cent, with the
National Reserve Bank and 5 per
cent, either at home or with the re
serve bank, while reserve and cen
tral reserve city banks have reserve*
of 20 per cent, of demand liabilities
of which 10 per cent, will be a*
home, 5 per cent, with the reserve
on that committee to hold any mat-1 bank of the district and 5 per cent
1ue to the present reserve require
ments of national banks, and that In
order to get the real benefit from the
system of rediscount which has been
oroposed as a remedy for many ex
iting evils, It is necessary to baa*
xuch system upon an actual control
of reserves, provision has been made
for recasting the present bank re-
ter up that may some.”
either at home or with the reaerve I serve system.