The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-27
Political Expediency.


emit notes tedency among the republican
managers in congress to advocate the al
journment Of any currency reform for an
other year, on the ground that it would be
inexpedient to introduce the subject at a
session Of congress preceding the presl-
Dental election. This was the position
taken with regard to any reciprocity
movement.
Political expediency is certainly not al
ways a trustworthy guide for political
party. Even the great republican party,
which has had, more than an other
party in this country, the devolution upon
it Of vital service for the advantage, the
splendid progress Of the country, mas
made mistakes sometimes in acting on the
spur of the doctrine of political expedi-
ency. This was notably the case with
reference to the temporary encouragement
1t gave to the dangerous dogmas OF the
silver monometallists posing under the
pretence of an impossible bimetallism,
after it's magnificent and successful fight
for the maintenance Of the public credit
during the thirteen years after the war
During the past year or two many I'M
portant commercial bodies, bankers as
sociations and a large segment OF the
press have distinctly set forth the neces-
sity for the amplification Of the currency
at certain seasons Of the year, crop-mov-
ing time for instance, in way which
would leave the central money markets
undisturbed and obviate the necessity for
any call upon the treasury to relieve the
situation. Last autumn furnished an ex-
ample Of such seasonal stringency, due to
the heavy drafts made on the cash re-
serves Of eastern banks by west and
south, at a time when the reserves needed
to be kept up.
TO meet the demand, the secretary Of
the treasury resorted to bond sales and
all the funds he could spare were de-
posted with the nationals, he taking Sc
curity for such deposits, not only in gov
eminent bonds, but in good state and
municipal securities, government bonds
being difficult to obtain. This spasmodic
hustling by the government to meet bust
ness exigencies Is altogether undesirable
and any emergency should, as In other
great commercial countries, be met by
tie banks. In his message last December,
President Roosevelt dwelt at some length
upon this subject and most intelligently
and convincingly, too, declaring that
there should be an element Of elasticity
In our monetary SYSTEM" and that upon
the banks should be placed, as far as
practicable, the burden Of furnishing and
into min ri
supply the needs of our diversified in
dnstries and Of our domestic and foreign
commerce." such issue to be regulated
$50 that the supply should always be
available for the business interests of the
country The president stated that II
would be unwise to attempt now to re-
construct our financial system, but some
additional legislation is desirable and he
distinctly suggested the announcement OF
"such instrumentalities as will automatic
ally supply every legitimate demand OF
our productive Industries and commerce.
with currency, and complete the gol6
standard act Of 1900 by making all kinds
of>money interchangeable and at the will
of-the holder, convertible into the estab-
lished gold standard.
No one in the country has set fortl
more intelligently, urgently and clearly
than the president himself, the necessity
for greater elasticity in our currency. The
gentlemen who speak humorously of rub
Der currency have only to turn to thu
presidents late message and his heart.
recent Endorsement of the consideration
by the. Aldrioh sub committee Of sucl
legislation as he has recommended to find
that he uses the term "elastiCity'' which
they ridicule. This autumn we may havt
another object lesson in seasonal none!
stringency, which will make the proposed
adjournment of the moderate currenc.
legislation advocated by the president ant
called for by the business interests of tn
country, the ground Of political expe
diency, seem a decidedly small piece O
business.
Again the football season approaches