The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1908-01-15
Republicans Will be COnser.
vative For Sake Of Bust.
ness of Country.
Gravest Problems Legislators
Can Face Are Financial.
MANY PANACEAs ARE OFFERED
(stan Correspondence }

Washington, ID. c.. Jan. ID
Don't swap horses while crossing
stream is good advice for a politica
party In peace as well as In war. The
Republican leaders seem to think 50
for they give every indication OF max
ing no rash innovations In Legislation
in this the 10 session of congress be
fore the presidential election. They
believe that the ten months befor.
the election constitute a stream which
will require successful crossing In
order TO land safely on the other side
Hence any legislation that will pass
Will be well within conservative and
already defined lines.
Currency problems are the most
difficult that statesmen have 20 face
in their duties as legislators. The
monetary system Is the most delicate
part of all the business mechanism
and one which consequently can show
most quickly any tampering for the
worse or better. Rate legislation for
railroads. the most important act OF
last years session. was easy OF &C.
complishmeRt compared with any at
tempt now TO force congress into radi-
cal legislation on the monetary sys-
TEN. and this is true not so much
from feeling on the part OF the party
leaders that they might make an al
verse political move. as that they
might exert a disastrous influence on
business generally. which. though Il IL
now convaleseent from the recent
panic. is SIN in state highly suscep-
tibe TO a relapse.
Aldrich McAsur.
Two-fOld motives then. will Insure
that congress will not enact radical
financial legislation in this session,
namely: The majority do not want
To bring disaster on themselves by
hysterieal action. and they do not
want 10 bring disaster on the business
world from the same cause. Senator
Aldrich's bill providing for an emer-
gency currency is designed to avoid
both of those contingencies. II does
not. like the Fowler bill. embody a
readjustment OF the entire currency
system, and again unlike that bill. II
has the advantage OF being clear in
its purpose and In its probable opera
ton. The Fowler bill will not be
seriously considered by the senate be-
cause Il Is so complicated as to re-
quire a great deal of thought and no
little knowledge OF economic princl-
pies to comprehend. To hastily pass
such legislation before the business
world could absorb Its ideas would be
folly II an election were four years
on, to say nothing OF its being only
ten months distant
Most OF the criticism heard agains
the Aldrlch bill Is that IL may cure,
but will not prevent monetary panics.
Critics say that II will come in opera
ton only after the panic is on us and
will not act as the ounce OF spreven-
tlon. They seem to think that there
Is possible. some sort of legislation
that would put the financial system In
such n healthy condition that panics
would not be known. And there are
no lack OF panaceas offered In both
branches OF congress. But for clear
headed party leaders, who are deal
ing with a pressing necessity and not
an utopian institution snch legislation
will be matter of growth and ex-
perience. and no more than In the
other affairs of human existence can
be brought about by congressional
nat.
II the Aldrieh bill will work at all,
II will work to prevent a panic OF any
momentous proportions. When the
banks begin to feel <he tightening In
the currency that was plainly felt last
fall along before realssuffering came,
the Aldrich emergency currency would
automatically respond and instead OF
allowing the tension In money matters
TO grow to Its limits. the additional
currency would issue to relieve the
strain. This OF course, Is assuming
that there are no unexpected augmcn-
tations OF the stringency. such az at
tended the recent panic through the
action Of deposltors in Withdrawing
their funds Against such contingent.
'cies there is no conceivable prepare
tion. for a loss of confidence can grow
faster than any currency could ex-
paId and there is no financial system
60 perfect that II could operate nor.
mally under such human gale. A
, stringency In > the monetary system
Through an actual shortage Of cur
lncy is an entirely different thing