New-York tribune., 1903-06-11
TH4T THE BANKS W4NT.
Il Significant Hint IN Regard to
Financial Legislation.

1,-b5,g+on June 10 (SpeciaD-With the legisla-
tive mind of the country made up to enact SUM
kind of financial legislation at the next session u
Congress and with the Republican heavy"eleh'S %
the Senate Finance Committee Jointly cogltatlhe ~
secret conclaves as to what sort OF ne" IhoiieS
sbsll he devised there has suddenly gleaIneo d Lay
of light directly from the National CITY PahA "
New-Yorb which may be taken as an ii
of what the money power really wants - -
monthly publication 'The Financial Review piiht-
a ~ +ba American Security and Trust Company
Of This CITY an institution which has recently coiie
under the control of the Riggs Nationai W.
which in has just begun to ne uoiinn, 1 -
the National City Bank Of Newt ORR .o -
Allies formerly Assistant Secretary OF 'he
having been secured by the NeW-fo orh lli'eie9 q @
a ,ce-president OF the institution, mas liS " 0"S
in its current number the desiraDie thiiis ~ o0
in financial legislation:
What the public wants above an iI tndhss that
voiced bv the press and business circles li,,' @
nur hond secured banknote crculation pe ttI lett
disturbed 1t already large enough L VI - a. ead
ed above ali things else voiced IN Ine SAM va b
is maj our W I'M xtent Of S0O 0Ocoo. some
such amount by national bank currency currency ,er,de'
80 tnxed heayi1v enough to make the reoenhpuoh
of the various issues imnedlleIIH.- .befora
81 wse no longer profitable for the banks to keep
the issues outstanding the much heeueu 0oli'''
Whateyer other features the new currency e nli
Includes it viii doubtless include the best I 5saI SEAT
ures of the Aldrich bill. as introduced IN IN & Ine he
ale last winter No currency reform bIl couiu e ,i he
coneidered ideal that did MOI proVlue TOT tiIe
prompt return idle government money INTO ',e ne
channels of trade on some ba1ks It is disappoint
ing in the that the senate 1Tnie
Of education has decided to hold no more t seS
sions for three months Neverthe!ess. & oe s I-
rency reform and Congress- in its WISDOM, ousnt I
10 fp monetary needs of this important
expa nsion period in the nations history, hIs So re
and it is almost certain to be the first mportanI @
measure come up for consideration py 'ne 40"
Congress
There is a disposition among observing nllahcldi
statesmen 10 accept the statement in 'The fe-
view as voicing the sentiment of the great Ne"
York financial institution, and the radical oel0i.o
for 4 national bank currency secured py the ponuS
Of cornorations is regarded with some surprise
The same article hints strongly that 1t Woulu not
no an ;r,nossibilty for this important Quesuoh ~
form the basis of the next Presidential campaign
on this point it concludes:
The financial history of this country attests the
fact that the autumn. with its ineVItaple dram % & o
"a sh from the Eastern banks TO SUPPLY Lne is
during the harvesting and moving "a l ie fn9nces
the most critical period OF ine 33pnarIv believed
to the perplexng handicap OF an lnei3g 5 IA IF cur
renrics the element of elasticity is almost enrelE ~
lacking There two or tleSe SeSiaN,iiS ~
nassed before the next Presidential elect9l, Coa ~,
seoientlv two Of our periodical autumhal Iloles i
crises confront But II the lleS lpf be fnnFIf
or.er III money question. were the last tvo, 70
interests than SuCn as Ire comp
selection of some Individual for the PresIqenSs @
will he involved. If. for example, the next ma, =
onai election should follow on the heels dooar OF
~ eor an entirely revolutionary financial pohcy:
such as has been threatened for number Oh
| years ,,..o, ar-ao+ o+ the
question only closely enough TO show tnat 'iIgL I,
are reasons for apprehensions OF CANCER it t n,d
| source a danger which 1t would be wise 20 ;lrotp
| n the danger is real we believe Repuott
| Iiean Congress has a most coveted opportunity o.
| removing the question from the domain OF polluCS
entirely lrv promptly passing such measure our
ing ITS extra session this fall. the country Soies
4 .tSrde in need of The country is longing for the
ressona HE boon OF national currency established
| upon scientific basis. and to give 1t such a doom
| ought not to prove an insuperabie task