The daily morning journal and courier., 1907-12-06

many spDrehensions will pc cieat- ed away and that the interdepe naence of all sections of the country wih pc more fully understood. II is said tnst many of our people have 4hoaraed
 money. This is undoubtedly true; put s9 have many of the banlrs. we near
 lttle. however, of the untold numbers of patriotic citizens who, knowing that the banking situation throughout the cOuztry was essentially sound, ais not allow themselves ts be iAauenftS ny the excitement of the neHeRt nst es- operated with national bcnks, 'aNines banks, trust companies, and other lA- stitutions to support credit sha restore confidence.
 The Secretary of the Treasury l9 3iven wide discretion in aeas matters wherein he Is rsysly called upor to ex- srcise it, sNG little, f any, in others yhsYe it Is needed sniy, Baftleuieriy aS to certain of thoge having to de with the yltaliy important subject of oar currency. Tn times of trcrseney lis hands gre virtually tied, II in such seriods cf stress, inian ei2ort 70 avert calamity, and serve the inIerests of all the people, he is obliged to resort to unusual measures, crititis ism is urfor-
 .unately in many instanets digertad not, to the inadequacy of the system put solely to the effort to give relief,
 even though it Ee successful in ac-
 complishing that purpose. It should
 .ot be forgotten that ne has to deal
 with the practical rather than the the
 orctical side of the currency question
 The failure of the adherci1ts of the
 various suggested plans of currency
 reform to cooperate or to agree upon
 a practical necsure would hardly ap.
 pear to he sufficient reason for hold
 ing him responsible for thcir lneecisioF
 and inaction The laws under which ht
 administers kls office should be madt
 to meet the daily needs of the people
 and his duties, sufficiently onerous a
 they are, should not be made nor
 burdensome by restrictions whiei
 leave hin with the responsibiiity bu
 with no adequate means at his dis
 posal to meet if.
 What has happened not only tili years, but many times before shoult serve as an admonition to enact wis
 laws for tho prevention in the futur of disasters due in part at least to tn imperfect organisation of our none tary system, Admittedly 1t has been . great service to our people, but wit changing conditions there has becom more apparent each year the need fo improvement of q substantial and per i manent character If no action thought advisable at this time fully meet this need I deem 1t importar that something be done as speedily 9 \ may be consistent with thorough cor q sideration to provide under goverr 4 ment guaranty greater elasticity the ency---something which sha a be automatic in it's operation an l which shall tend to equalize rates { N interest not only in different sectiof a of the country, but at different periot 's of the year Provision should be mac l either for such elasticity without Il M necessity of intervention on the pa % of the Secretary of ttfelcfreasufy or l a should be granted th& authority I supply it by properly safeguardt Al measures. I believe that simplicity " plan and promptness of action a H what the people needgand will deman M What particular form this propos M legislation should take must be lt 4 to the action of the Congress. I ha % no pride of opinion as to the methc M but I have the deepest concern tn A the result shall be adequately ben 'd feial" fgg