The daily silver state. [volume] (Winnemucca, Nev.) 1903-1907, 1903-09-11
NO RADICAL
LEGISLATION
ON FINANCE
Will be Enacted by the Next
Congress Says Senator
Beveridge
WATCHWORD is MODERATION
Address to Bankers Believe d to
BE an Outline of the Admin
istration's Policy


istration's Policy
SOUTH BEND, Ind, Sept. 10.-The
seventh annual convention of the In
diana bankers was addressed today by
United States Senator Beveridge.
Senator Beveridge has but recently
returned from visit to the President
at Oyster Bay and his positive asser-
items with regard to the action of the
coming session OF congress were given
ali the more weight.
MI. Beveridge 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 great perfection.
Some moderate financial legislation
which will relieve the periodically re-
curing money stringency in the money
center is probably desired and may
BE- enacted.
But such legislation, if enacted,
will be simple in its nature and will
not disturb or alarm the business in
terests of the country.
mo legislation is possible at the
coming session of congress which will
radically effect our entire currency
system and cause the business world
to pause in our present prosperity un-
til it is seen how such legislation is
going to work.
The maintenance of credit is the
only great financial question and it al
ways must be.
And credit is only another name
for confidence. Confidence is preserved
by reasonably permanent adjustment
or business to any given lines of
financial and commercial policy more
than by any other things put together
Il do not mean that there should
not be gradual changes in all of our
laws, as those laws here and there
become out OF date. But | do mean
that it is better for business to stead
idly adhere to some settled line of
policy than to suddenly and radically
change it. Our whole financial sys-
tenn and industrial legislation should
be steady and not spasmodic
Within banking circles themselves
all contention should cease. There is
no natural antagonism between east
ern and western bankers. Naturally
their interests are the same. Bankers
east and west are the financial SER
wants of a single people under a sin
gle flag. If western bankers, when
they do not need their money, make
loans to the customers of New York
bankers, for example, as is universally
done, and when they need their money
again take it away and require the
entire financial necessities of business
in the east to be cared for by eastern
bankers, whose territory they have in
vaded, western aaLkers should not OBJ
Ject to measure which will relieve
the local eastern stringency which
the western bankers themselves have
caused
"On the contrary the eastern bank
ers should not invade the territory of
the western bankers when eastern
money is plentiful and thus invite re-
prisals in their own financial districts
by the western bankers.
There should be mutual considera-
tion, each section taking care of the
financial necessities of its own people
as long as it has the money to do so
, and relieving the necessities of an
other only when whenever they are
not able to take care of themselves
There never was a period when the
tide of prosperity has risen so high as
now; and its highest point is reached
in New York.
bankers of the country more than up
on any set of business men de-
pends the continuance of this fortu-
nate condition.
IF without reason the bankers in
dulge in vague apprehensions they
will themselves bring about the very
thing which they fear. If the bankers
begin TO exercise cowardice instead
of prudence; if without any reason ex-
cept timidity they begin to contract
their loans and reduce their credit.
that confidence upon which all busi-
ness 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"