Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-12-05

tiers at indianapolis, the Iowa member
being Col l.. NJ Martin, the chair
man being II. II. Hanna. and this
committee furnished the press with a
vast amount of literature bearing on
the currency question. In fact Chair
man Hanna declared In a letter issued
at that time that he had Il positive and
direct promise of legislation to Reform
and revise the currency laws at the
next session of congress.
The National Bankers association
soon thereafter took up and considered
what was called the Baltimore plan
for emergency currency and extensive
discussion was had of the subject.
Iowa republicans also recall that IN
| the state campaign of 1903 tine repub-
lican state committee circulated widely
in pamphlet form the speech of Sena-
tor Allison at Clinton in which he dis
cussed elastic currency at considerable
length and with his accustomed bold
| ness ana precision ueCldI
1t would seem that under present
conditions there is no pressing neces-
sity for great changes as respects our
money circulation, and it also appears
that, altho there Is inconvenience at
! certain seasons of the year, arising
from the necessity of transferring our
circulation from one portion of the
country to the other, the inconvenience
is not so great as to make imperative
immediate legislation to facilitate these
transfers.
Subsequent to this Secretary Shaw
explained, in speech to the Ohio
bankers, just what had happened a
year previously, and which probably
led up to the extended discussion of
the question by the senior Iowa sena-
tor. Shaw said:
The system is not perfect, largely
because it is non-elastic. 1t fails to
respond in volume to the changing
needs Of seasons and of localities That
there will be no further currency leg
islation until we shall have eNper-
fenced a panic occasioned by the want
of elasticity am convinced. The coun-
try does not appreciate the danger,
and until the danger is fully under
stood no remedy will be applied. We
came nearer to such a panic Septem-
Der 80, 1902, than most people appre-
ciate. The fact that we then es-
capped does not raise presumption
that we will always escape it.
The financial furry of 1902 was in
deed alarming. but it was confined
strictly to Wall street, and for tipe
it seemed that the crisis in financial
affairs caused by lack of elasticity in
currency was at hand. All of the
great tinanciers of the country knew
Of it. The facts We're before congress
and especially before the finance COM
mittees of the congress. The famous
speech of Mr.. Shaw in which he said
as follows, is also recalled:
To those of you who still pray, get
down on your knees tonight and pray
God to save this country from its
prosperity.
Then the words Of Jacob Schff are
also to the point. Two years ago he
said:
l do not like to play the role of
Cassandra, but mark what | say, II
this condition of affairs is not changed
and changed soon, we will have pam
ic in this country compared with
which the three that have preceded it
would be only child's play.
It was following this that the New
resolution, which startled the country,
calling for consideration of the recon-
mendation made by President Roosa-
welt in his message of December, 1905,
to permit national banks to issue an
emergency currency.
Another pointer which shows that
troubles were plainly outlined was a
dispatche from Washington, which we
find in the Sioux City Journal as a
special telegram. at time when the
fight. was fercest upon the presidents
rate bill, as follows:
The statement is made by a senator
who, for obvious reasons, will not per-
int the use of his name, that within
the past few days the representatives
of the controlling interests in New
York have informed the president that
he can take the alternative Of con-
sentative railroad rate bill or a panic.
1t is pointed out to him that condi-
tions are ripe for the precipitation Of
a serious financial crisis and that this
will be done if he insists on radical
rate bill.
OF like character was the solemn
warming issued by LATE Young las:
year when the Iowa republicans We're
on the point Of renominating their
faithful governor:
1t will be the beginning of the end
of good times in the nation.
In view of this it cannot be claimed
with straight face that the recent
disturbance in Wall street came as
surprise to the country. AS to Wheth-
er it could have been averted that is
another question.