Okolona messenger. (Okolona, Miss.) 1900-current, 1902-12-10

tsm; TO Investigate tts ability to deal With the cur.
renCy even on the theory of which it claims to be
the only exponent
Enforcement OF the Fowler bill by the fiscal officers
OF the Federal Government, especially BY OOmptrOl-
Ter Ridgely, signifies rather a radical departure
from conservative financial principles The plea
for "mOTe pliable currency" should be received
by the public in much the same spirit as it was re-
ceived by the American Bankers Association ct the
annual convention in New Orleans-with fairness
bat with considerable caution.
Another and better title for "more pliable curreh.
cyl and sssets currency" is s.immereency curren-
cy." The last title best typifes the cause for and
intention OF an elastic currency. The Fowler hill
attempts to provide resources for cricis It would
be better bill II 1t would prescribe preventatives
for emergencies and ii it did this with more regard
for conservative methods.
Advocates of ''braRch banking' and SO more plia-
BILE currency assume that the provisions of the
Fowler bill are essentially the same as cardinal pro.
visions OF the Chase act, otherwise known as the
National Banking act, which was enacted under the
administration OF President Lincoln Their cOnten.
On isor assuredy will be, that the pending measure
reOrlains the Chase act, with improvements which
will give the national banks latitude and make
the law more adaptable to changing business con-
ditions.
This contention cannot we'll be sustained, al
though the Fowler bill does recognize the Chase act
to the extent that 1t acknowledges the fundamental
features OF the national banking system. But the
gets away from the element of conservatism.
We are told that banks would be strengthened in
an emergency II they had power subject to the iurs
dictiOn OF the Treasury Department, to issue sem-
mergency currency They might have more ma
terial strength, but they would lose the moral
strength that is one Of the best assets OF stable in
stitution. In an emergency banks desire to inspire
confidence by refutng as much possible the idea
that there Is an emergency. Issuance of semergen-
ey currency" SO tieketed, would be an admission
that an emergency Is existant.
Maybe some changes in the law are necessary
At least 1t is said By advocates OF the Fowler bin
Inst the currency should be made more elastic. in
OtueE % meet conditions rttending the yearly move
ment OF crops. The advice Of conservative ranra.
sentative men would be better obtained a. to this
before maj conclusions are reached It aDDears
tna5 suen contingencies could be provided against
without placing dangerous power in the hands of
men Wno may be selfish and avaricfOus, or rash and
imprudent
The Fowler bill seems to be 3 measure that wopld
encourage speculation and interruptions taetios i
preierance to conservatism. Coming at this time
when affairs have been unsettled by oyer.sneeula.
uon ana questionable security schemes. tha hin
must necessarily be met with suspicion.
Instead Of Law that would contemplate emereen.
oies We should have Law that would counteract
md prevent them.
Instead Of offering aid TO apecnlators after An an.
Urgency has arizen, We should try to DISCOURAGE
sild speculation and adjust the currency supnvI q
ne steady and normal demands Of the people-
Inc Republican party believes less in 0sound
money. t1an lt does m0nopOlies, trusts and spee-
liaeoEs: q Deleaves IN allowing these institutions
Q 90 what they please and then save them bv anact
ng legislation favorable to their Interests Ths
'oWler Dill would be better If it would restrict IL
ense IN money matters and encourage coidenee i
egulaE enterprise.