The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-18
ROOSEVELT AND THE CUR
RENCY.


Senator Lodge that the President favors
early action on the part Of congress
with reference to amending the natonal
banking laws, and that he hopes TINS
sion to be held in November. The Fresl-
dent does not offer any plan, but refers
to the views he has outlined In his mes
sages and addresses.
That this Is a matter in which he takes
profound interest we cannot question. He
looks to the Finance Committees of the
two houses of Congress to frame Dill
which will meet the just expectations OF
the public and prove blessing to our
financial system.
We repeat that We have no doubt OF the
sincerity of Mr.. Roosevet's position In
this matter. Next year he is to be presi-
Dental candidate and he wants to be
elected. Of course. Naturally he would
like to have his path made as plain and
smooth as possible. and he would be
Handicapped by the prevalence OF imam
cial condition such as that we are now
tussling with. For these reasons. and
because the President does not desire to
see the prosperity OF the country imperl-
ed, we may count upon him to do all he
can to help through Congress measures
Which will give elasticity to our cur
rency and greater confidence to the bust
ness world
IT, al ,orV
much in earnest and very strenuous about
this matter. And there Is important work
for hin to do forthwith. The fact that
Mr., Cannon is an open and avowed oppo-
nent to any currency legislation carries
with it no little influence IN some
quarters. This influence the Presi-
dent vii have to labor to coun-
teract. He could assign to himself no more
urgent and important duty than to bring
Mr. Cannon into line. AS we have said,
we doubt not that he is thoroughly sin
cere in his expression OF opinion In favor
OF currency reform. Yes. patriotism, per-
sonal and political reasons. all combine
to make him a firm friend Of currency
legislation.
we can get an inklinE OF the Presidents
views as to the currency reform by read
ing the following Paragraphs from the
message that he sent to Congress last
December:
Interest rates are a potent factor In
business activity, and in order that these
rates may be equalized to meet the vary
ing needs of the seasons and OF widely
separated communities and to prevent
the recurrence OF financial strlngencies
which injuriously affect legitimate bus
iness, 1t is necessary that there should be
an element OF elasticity in our monetary
system.
Bank are the natural servants OF COM
merce. and upon them should be placed
as far as practicable the burden OF fur
nishing and maintaining q circulation
adequate 10 supply the needs Of our
diversified industries, and Of our domestic
and foreign commerce; and the issue OF
this should be SO regulated that a sufti-
cient supply should be always available
for the business interests OF the coun-
Try.
1T would be both unwise and unneces.
sary at this time to attempt TO recon
struct our financial system, which has
been the growth of a century; but some
buultlCUdl Iesisldlloii -, ! tlI|llh, ucSlVdDie
The mere outline of any plan sufficient
~ comprehensive to meet these require
nents would transgress the approprat,
limits of this communication. 1t Is sug
gested. however. that all future legisla
ton on the subject should be with tn
View of encouraging the use of such in
strumentalities as will automa tlca!!y SUI
ply every legitmat e demand of product!v
industre and OF commerce, not only I
the amount but in the character of eli
culation; and of making all kinds {
money interchangeable and ut the wi
OF the holder convertible into the estat
lished gold standard,
OBSERVATION-DISCLOSURES