Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1907-11-01
WASHINGTON LETTER.
prom our Regular Uorrespondent.)

/ W oohih WHY - Oss wv SOs- L Liz
serious money panic in Wall Street has
called the attention Of politicians to q
thing that should have been settled at
be last session of Congress. That Is
the reform of the currency. This is a
subject that has been brought up at
almost every session for number of
years past and that last year came
within measurable distance of being
enacted into law. Since the serious
panic of the past few days the need OF
action has been accentuated and per-
haps this session something definite
will be done.
Senator Elkins, just after long talk
with the President said that there
would be currency bill introduced
early in the next session and while he
did not say specifically that 1t would
have the backing of the President,
that Is toIerably we'll understood. The
Senator said what is quite true, and
that is that the panic was due more to
business prosperity than to business
depression. This sounds paradox cal
| but it is true. The business of the
country has been increasing during
the past few years at about the rate
| of 80 per cent per annum. The in
crease 10 the real money has been only
about 5 per cent. and this leaves a gap
| OF rs per cent. that has to be bridged
in with credit. When the credit of the
community, (Which Is only confidence)
is shaken, then there is trouble. The
President has been accused of shak-
ing the confidence of the public and
| this may be true to the extent of hav.
ing pointed out some of the financial
croOkedness that has been going on
IN the big corporations. But leaving
that out of the question. the country
needs more money or at least needs to
be able to lay hand on it when 1t is
| wanted in crisis. The proposal for
more elastic cure ncy as fire. med at
the last session of Congress war TO al
low the banks that needed it t. issue
additional note circulation up u large
percentage Of their capital stock
This note circulation was to be taxed
rather heavily 80 that when the banks
had no actual need Of it they would be
| glad to retire it and thus esca pc the
tax. But when real money was want.
ed. as it was in New York early n the
week, the banks would have en- only
too thankful to pay any reasonabl tax
on 1t If they could have gotten IL. The
principal reason that no action has
been taken no currency in the past
has been that it was so easy to put 1t
off. But the recent sharp lesson is apt
to make the legislators get busy.
There Is talk now about sending the
battleship squadron to the Pacific and
leaving it there indefinitely. Whether
1t is brought back will depend largely
on Congress and partly on the FRESH
dent. 1t is suspected that the Presi-
dent would not be displeased If the
squadron were left in the Pecifc and
new fleet built to take its place in
the Atlantic. 1t will cost about mil
lion and half to send 1t to the Pacific
and there will be no money available
to bring 1t home till Congress appro-
PIRATES some. Ii it fails to do this, the
squadron will stay where it is sent.
Of course bringing it home would not
cost so much as building one new bat
tleship, but then there would be a
great temptation to fix up fresh At.
lantic squadron once the old one were
out of the way and the need of it was
felt.
Before the squadron starts on it's
long journey the crews OF the ships will
have to be largely recruited. 1t will
take about 1000 men to bring the
squadron up to its full strength and at
the rate that naval recruiting is going
on now, there is question whether
this can be done In time. 1t seems
rather pity that the young men of
the country do not know what career
the navy offers to them if they want
to enlist and work up to the full DOS
sibillties of the service. The pay of the
enlisted man is small at the start to be
sure, but it includes board and lodg-
| ing and at the end Of the month the
enlisted man In the navy usually has
more money than the man who has
been working for day wages on shore.
Then there are various roads to extra
money as signalmen, gun pointers and
the like, all of which works pays 9
bonus over the regular salary. When
boy has been through one enlistment
of three years. he can work up rapid
ly II he desires. With an ordinary ed
ucation and application, is is quite
possible for him to be earning from
$50 to SIS a month beside bis board and
lodging at the end of ten years service
and there is always the cert ainty of q
| life job if he wants 1t and pension at
the retireme nt age.