Morris tribune., 1903-09-12
INDIANA SENATOR TALKS TO
BANKERS ON COMING FlNAN.
cIAL LEGISLATION.
FORECASTS ACTION OF CONGRESS-
PREDICTS THAT NO MEASURE OF
RADICAL NATURE WILL PASS
AT NEXT SESSION.


enth annual convention of Indiana
Bankers was addressed during the
day by United States Senator BeVer-
idge. The report of the secretary
showed 663 banking institutions in the
state. Senator Beveridge has but re-
Gently returned from visit with the
president at Oyster Bay and his posi-
tive assertions with regard to the &C
tion of the coming session of congress
were given all the more weight. He
said:
"The coming session of congress
will not enact any radical or sweep
ing financial legislation. Except in
great emergencies, moderation is the
word in all financial legislation. The
stability of financial legislation, even
though imperfect, is more desirable
than sudden and comprehensive
changes, even though those changes
are toward greater perfection.
"Some moderate financial legisla-
tion which will relieve the periodi-
.cally recurring money stringency in
the money center Is probably desired
and may be enacted. But such legis-
lation, if enacted, will be simple in it's
nature and will not disturb or alarm the
Business Interests of the Country.
No legislation is possible at the COM
ing session of congress which will
radically affect our entire currency sys-
tenn and cause the business world to
pause in our present prosperity until
1t is seen how such legislation is go
ing to work.
"The maintenance of credit is the
only great financial question and al
ways must be. And credit is only an
other name for confidence. Conf
dence is preserved by reasonably per-
manent adjustment of business to any
given lines of financial and CONNER
cial policy more than by all other
things put together.
"I do not mean that there should
not be gradual changes in all OF our
laws, as those laws here and there be-
come out of date. But do mean that
1T Is better for business to steadily
adhere to some settled line of policy
than to suddenly and radically change
it. Our whole financial and industrial
legislation should be steady and not
;spasmodic.
within banking circles them
selves all contention should cease.
There is no natural antagonism be-
tween Eastern and Western bankers.
Naturally their interests are the same.
Tide of Prosperity High.
"'There should be mutual consid-
eeration, each section taking care of
the financial necessities of it's own peo-
pie as long as it has the money to do
so, and relieving the necessities of an
Nother section only wherever they are
not able to take care of themselves.
There never was period when the
tide of prosperity has risen SO high as
now; and it's highest point is not
yet reached
"But upon the shoulders of the
bankers Of the country more than up
son any one set of business men de-
!pends the continuance of this fortu-
nate condition. If without reason the
bankers indulge in vague apprehen-
sions they will themselves bring
about the very thing which they fear.
If the bankers begin to exercise cow
;ardice, instead of prudence; If with
out any reason except timidity they
begin to contract their loans and re-
duce their credits that confidence up
on which all business rests and of
which the bankers themselves are the
benefciaries will be impaired But
this will not occur The bankers of
the republic are too intelligent, too
brave, too patriotic"
Congressman Charles N Fowler of
New Jersey spoke, explaining the pro-
visions Of his currency bill