Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1903-09-11

States Senator Beveridge. The report
| of the secretary showed 636 banking
institutions in the state Senator Bev-
eridge has but recently returned from
visit with the president at Oyster
Bay, and his positive assertions with
regard to the action of the coming ses-
sion of congress were given all the
more weight.
No Radical Legislation Coming.
Senator Beveridge spoke in part as
follows: THE coming session of con-
gress will not enact any radical or
sweeping financial legislation Except
in great emergencies, moderation is the
word in all financial legislation. The
stability of financial legislation. even
though imperfect, is more deSirabl
than sudden and comprehensive
changes, even though those changes
are toward greater perfection.
Relief for the Money StrInEeucy.
''Some moderate financial legislation
which Will relieve the periodically re-
curing money stringency in the mon
ey center is probably desired and may
be enacted. But such legislation. if
enacted will be simple I'm its nature
and will not disturb or alarm the buSi-
ness interests OF the country. No leg
iSlatiOn is possible at the coming SeS-
sion of congress which Will radically
affect our entire currency system and
cause the business world to pause in
our present prosperity until it is seen
how such legislation is going to work.
How Confidence Is Preserved.
Continuing, Beveridge discussed the
total volume of money in circulation,
as compared with the volume of In
ternal commerce, population. etc, and
then went into detail as to various
forms of credit and confidence. He de-
clared that confidence Is preserved by
reasonably permanent adjustment Of
business to any given lines of financial
and commercial policy more than by
all other things put together"
Wants Changes To Be Gradual.
He explained that he did not mean
that there should not be gradual
change in the laws as the laws be-
come out of date. but that it is better
for business to steadily adhere TO some
settled policy than to suddenly and
radically change it-that the financial
and industrial legislation should be
steady and not spasmOdic. He paid a
high compliment to the patriotism of
bankers and declared they are not
given to contracting loans and other
wise impairing confidence for no other
reason than mere timidity
Fowler Takes Flynn to Task.
During the session an address was
made by Representative Fowler in be-
half of his financial bill, and in closing
his address he took to task President
Flynn. of the National Live Stock
bank, of Chicago, for utterances con-
cerning the radical and conservative in
financiering. Flynn arose and said he
did not care to make the matter. or
his remarks, personal. He had high
esteem for Fowler. but not his bill:
that what hR said was a public neces-
sity. Fowler challenged Flynn to point
out anything he said in the past that
warranted Flynn IN making the as
sertiOns. Flynn challenged Fowler to
point out anything he had said that
could be construed personally.
Fowler Points 1t Out.
Fowler said that the portion objected
to was the statement Flynn made that
he Qowler) would not vote for some
features of his own bill. Flynn sug-
gested that Fowler go on and tell what
his plans really were. 1t would serve
the conventions purpose better, he
said. This closed the incident. There |
was much suppressed excitement
warrants for Eleven Best citizens.