The San Francisco call., 1903-01-21
DEMANDS OF BUSINESS.

A
II at Washington resolutions were adopted urg
ing the enactment OF a national Incorporation
law for the advantage OF business and recommending
such reforms in currency laws will provide for
the monetary requirements OF trade and industry. In
neither anything novel in the way OF legisa
ton put forward for both a national incorporation
law and currency reform have long been under consd
Grafton there virtual agreement as to their de-
STABILITY.
The incorporation law resolution began by declaring
that and electricity have widened the OF
commercial effort and forced the organization OF in
dustry into larger units; and then to say that
Heightened craftsmanship should provide legislation
avorng the establishment of such units under proper
supervision and control so that many persons
operate stockholders in organizations large enough
and strong enough TO deal effectively with the eco
nomic problems presented in interstate and foreign
commerce
The declarations concerning the need OF currency
reform are still more important They call for dis
continuance of the coinage of silver dollars the coin
age OF silver bullion and the reconage of silver dollars
into subsidiary silver the maintenance all times OF
the outstanding silver dollars at parity with god
the deposit in national banks OF all Government
ceipts in excess OF the needed a working
balance in the National Treasury, and amendment
the national bank that banks may issue
adequately secured the national bank
der the present laws. and whose volume shall auto
matically expand with an increased demand for cur
rency and contract when that demand has ceased
The call for an elastic currency whose volume shall
automatically expand upon the demands OF trade is
one that may be ndorsed by the whole country. The
issue affects the West and the South than
the great money centers OF the country and
I the farmer vitality the banker.
I Mr. Pohnrtc Director of tl1e Mint has noinfed O,t
how the present law recently interfeed with the farm
ers OF the cattleraisng States and sad In the
ters OF population meats were scarce and high; the
farmers had the beef material going to waste; they
were anxious buy cattle for the Western ranges.
and they had ample security to offer for money but
the banks OF that region not able properly to
supply the demand They loaned what they could OF
local deposits and they borrowed in the East,
but New York has not been in condition to render
aid 1t has had troubles OF its own and no resources
TO spare on the scattered prairie farmers whose food
making material has been wasting. If the banks of
that region had been able take the notes OF good
! farmers whose responsibility known, and to give
their own notes in exchange, the community would
have been tided the stress its wasting wealth
saved and when the cattle ready for market the
normal trade equilibrium between that region and the
rest OF the country would have been restored and the
bank notes would have retired naturally. The com
munity naturally would have hoated over the rapids
trade would have been less interfered with and the
resources Of the country would have been fully util-
ized"
That is plain statement OF specific instance o
harm done by the lack OF proper currency system
Similar evils might be noted OF every community in
the country for it cattle-raisers only whose
energies are hampered from time to time by lack o.
bank accommodations. The issue rests with Con
gress but Congress is slow move, and it is there
fore gratifying that the National Board of Trade has
so strongly urged action once.