ITEMS OF INTEREST October 16, 1909 Issue

ITEMS OF INTEREST

The temporary legislation which was enacted to meet the conditions of the panic of 1907 will come up for reconsideration when Congress convenes in December. The monetary commission, it is now believed, will report at that time in favor of a central bank of issue. "A bank of the people and for the people" is the definition of this institution made by George H. Reynolds, president of the American Bankers' Association, in his Chicago speech. He pointed out that the people were to be the stockholders, for any one would be privileged to buy the bank stock just as he might a Government bond. A small interest on such an investment would be guaranteed by the Government; any earnings more than sufficient to pay the guaranteed interest would be shared by the Government and by the stockholders. Political control of the great bank would be made at least extremely difficult by the life appointment of the officers. Integrity of operation would be assured by the board of supervisors, appointed by the President, the Secretary of the Treasury, and the Comptroller of the Currency (subject to the approval of the Senate), for alternate terms of at least eight years, to bridge over political mutations.

That a great water-power trust is in process of formation; that legislation to protect the water-powers of the country without delay is absolutely necessary; that the present situation is dangerous to the public welfare; that an investigation is on foot by the bureau of corporations which will disclose the exact conditions in the country with respect to water-powers; that other important conservation legislation is needed; that the forest service is in better condition than ever, and that the people of the United States are awakened as never before on the subject of conservation, and that another great conservation meeting is likely to be held in Washington the coming winter, were among the assertions made last week by Gifford Pinchot, chief forester, who has just returned to Washington from a prolonged trip in the West.

Dr. Abbott Lawrence Lowell was inaugurated president of Harvard, Oct. 6, to succeed President Charles W. Eliot, who has held the position forty years. Into his care, with academic formality, were placed the seal, keys, and charter, symbols of his office as head of the oldest and largest institution of learning in America. The inauguration exercises were held in the yard and were viewed by an audience which filled the enclosure. The leading universities of England, Scotland, and the countries of Europe, and practically every university, college, and learned society on this side of the Atlantic, sent representatives, and thirty of these were awarded honorary degrees. With them were the men of the governing boards and faculties of Harvard, representatives of the state and nation, and other distinguished guests.

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