The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-08-05
1ai1y ~ gail E
M. M. MURDOCH, Editor.
AS TO A FLEXIBLE VOLUME OF MONEY.


There demand that the congress. the coming win
ter shall amend currency laws in the direction OF
elasticity This demand the most strongly from
the great money centers and from bankers generally
is said that the president thoroughly convinced
that some amendment which would permit provide for
an increase of currency such times the supply fails
to meet the such the moving season. or
when whatever cause panic is threatened from
money stringency. should be enacted.
Being neither banker nor fnancer, the editor OF
the Eagle does not that he comprehends all the
ms and outs of the monetary problem. But common
honesty demands and common and everyday ex-
nerence teaches that money must be good that the
rency shall be on an unquesonaby sound basis SO that
1t may be subject only to minimum fuctuaton We be-
eve that the stability United States currency had
much to do tidng the country over the late appa
ing situation brought about by unlimited speculation in
Wall Street Everything in the country all interests
enterprises values watered stocks and hypothe
Gated securities solid unfuctuating gold basis
The speculative alluded to and which is now in
course of liquidation inspired by almost unprece
dented prosperity. The question with US is, if the vol
of the so regulated that it might be
in time of squeeze Indefinitely enlarged would not the
fact of rampant speculation in warranting
Wall Street dscounting the future on the presump
ton that In the squeeze relief would be found
in flexible currency? there not therefore naturally
greater safety with money system which is unyelding
and unvaryng in it's volume and value than in sub
jet to increases and decreases and therefore possibly Of
less certain value?
The average congressman knowing no about the
cofp in
asserting that any attempted reformation of the none
tary system the at this time may prove dan
gerous work Consolidated Steel stock, but short time
ago. would have been seemingly safe security for al
most any amount currency But today that bank
would be in deplorable FIX which had materially en-
Iarged the of it's authorized issue with Conso[
idated the security While it is true that money
in sufficient volume avert panic, still the money
must be sound it not
1t has been asserted for time that President
Roosevelt would urge upon the extra session other
wise upon congress in its regular session modi
fcation of the currency law. given farther
that owing Cannon's well known opposition and
all currency tnkering president him last
week presumably for a conference proposed
amendments Lyman J. Gage late secretary of the
ury IS out IN long paper IN winch ne CONTENDS IoI INC
sufciency present currency system But yester
day mornings dispatches from Washington state that
President Roosevelt has to the conclusion that he
is facing serious problem in the money question. The
that agitation of the question might precpi
panic of the presidents most trusted friends
have advised him that press the extra session
recommendations for monetary legislation would Be
dangerous that alarm would follow from such recon-
mendation which alarm would be augmented when bills
were introduced and discussed dispatch says
that the president taken these suggestions under
serious consideration and that before determining
thing he will with number of leading fnanciers
At this particular juncure why might not the adage
Of 'let well enough alone" apply as well to the money
as to the tariff situation?