The Plymouth tribune. (Plymouth, Ind.) 1901-1911, 1903-09-17
MODERATION URGED
Senator Beyeridge Gives Timely
Counsel to Indiana State Bank.
ers' Association.
FOR OUR COMMON PROSPERITY
Conservatism the keystone o. eusi.
ness stabilIty-steady Legislation
No Sweeping Changes-eankers Not
the Peoples Enemies: Peopi:'s
Prosperity the Bankers' Welfare
Citizenship the Only Glass.

Prosperity the Bankers' Welfare
Citizenship the Only Glass.
In his address to the Indiana State
Bankers Association that has Just
come to close at South Bend Sena.
tor Albert j Beverage urged modera-
ton as the word of wisdom in all
legislation The meeting was notable
In point Of both interest and attend
ance. Among the speakers besides
Senator Beverage were Congressman
Fowler and Captain w. H Hart. ex-
auditor of state. Particular interest
attached itself to Senator Beveridge's
otherwise magnificent address by rea-
son of his prominence and interest in
financial legislation. He said:
The coming session OF congress will
not enact any radical or sweeping
financial legislation. Except in great
emergencies moderation lie the word OF
wisdom IN all legislation OF no class
OF legislation is this more true than
at the present moment The stability
of financial legislation. even though
imperfect. is more desirable than sud-
den and comprehensive changes. even
though these changes are toward
greater perfection Of our financial sys-
tenn. II Is important in dealing with
the delicate subject Of finance that all
changes. even though they are ad-
vances in the right direction. should
be made with caution. The financial
systems of every country are growths
and not creations. In reviewing the
history of all legislation In this and
other countries 1t has not been found
that comprehensive schemes struck
OF from the brain OF even the ahlest
men. which on paper and in theory
seem perfect. were entirely successful
In practice. On the whole a financial
system gradually evolved out OF the
natural requirements OF business
works better than the most perfect
system devised in the office Of the
statesman or In the study of the phil
osopher.
Moderation, Caution, Safety"
Some moderate financial legislation
which will relieve the periodically re-
curing money stringency in the mon
ey centers is probably desirable and
may be enacted. But such legislation
If enacted will be simple in It's nature
and will not disturb or alarm the bus
mess interests of the country: be.
cause its consequences will not be far
reaching and. to all thoughtful minds
will be plainly beneficial. No legisla
ton is possible at the coming session
of congress which will radically affect
our entire currency system and cause
the business world to pause In our
present prosperity until 1t lie seen how
such legislation is going to work.
Moderation. caution and safety are
the words which will control the &C.
ton of congress. Moderation. caution
and safety are the words which are
uppermost in the minds Of the bust
ness men of the nation and OF the
whole people.
This is neither the time nor the
place for extended argument for or
against any proposed reform In our
financial affairs. But few simple
and fundamental facts will help to a
cDmmon-sense understanding of the
problem of finance as related to bust.
ness more than any amount OF ar
gument.
For example: The total volume OF
money of every kind and description
in the United States IL little more
than two and one-half billion dollars.
And yet the internal commerce OF our
country each year amounts to twenty
billions of dollars. That Is to say,
our own transactions among ourselves
and which we do not extend beyond
our boundaries exceed twenty billions
of dollars every year-a volume of bus
mess within our own borders eight
times greater than the total volume OF
our money.
Business Based on Credit.
This twenty billion dollars of inter.
nal commerce IL q very low estimate
1t Is based upon the yearly value Of
our products and exchanges IN larger
transactions. It does not include our
countless small transactions. 1t does
not include the food Of commercial
paper not available for stetistics