Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-01-11
The AIdrich Bill.

endorsing the bill in question before
"it had even been formulated All
this is not surprising as the progressed
business Of the Sentinel is criticism.
Its columns reek with crouch and
growl from issue to issue. The in
teliigent people of Maine fully UNDER
stand this fact, and hence the con-
stantly lessening influence exerted ts
the Sentinel To read it is TO laugh.
It is needless to say that the Sentinel
would not have approved any Dill re-
ported by the Aldrich committee, for
the simple reason that it never per-
nits itself to approve anything that
emanates from Republican sources. 1t
was only waiting for the appearance
of the measure whatever it might. be
IN make use of it's editorial sand bag
II must be admitted that financial
measure is peculiarly easy to criticise,
for the reason that three is no phase
Of government concerning which there
is wider range of individual opinion.
The present Congress was fairly buried
in financial bills at the opening Of the
session. and it was evident from the
first that any measure calculated TO
afford needed elasticity to the currency
in crop moving periods, and other
times Of special stress, must, in the
nature of things, be more or less OF
COMPROMISE. The Sentinel certainly
strains very hard in its effort to FIND
basis of criticism for the Journal,
and for Congressman Burleigh, when
i; finds itself obliged to aim its at
tacks not at anything they have sad
but for what it processes to think that
they thought, Hence it asserts thdt
the Journal endorsed the Aldrich bill
before il was formulated. The mirth-
full spirit of the Sentinel will persist
in playing high jinks with the truth.
The Journal has from the first recog-
nized the difficulty of securing imam
varying opinions. in different sections
of the country: differences that exist
in both political parties, and which
are reflected in both branches OF
Congress. 1t has said from the flrst
that il would welcome any financial
measure which would afford practicai
elasticity to the currency. IAe
Sentinel insists that the Aldrich Dill
does rot do this, that it will. in fact
serve to contract the currency On
the other hand the Senate finance
committee-which has had the benefit
of expert advice from all sections OF
the country-assert that the bill as
drawn will render Immediately avail
able in periods Of crop moving ana
other times Of financial stress a re-
serve currency amounting to S2oo,ooo'-
ooo Possibly if the editor of the
Sentinel had been there to enlghleh
them with his wisdom. they might
h,vc viewed the matter differently
but. acting with the light that they
had they reported bill which they are
fully persuaded will accomplish the
very desirable result above noted.
Heretofore. National banks could issue
currency only upon the basis Oh
national bonds deposited with the
government. Under the Aldrich Dill
currency up to $350.00o.0o0 may De
issued on state, county. municipal
and railroad bonds. approved bE 'h''
secretary of the treasury. anordihs
n vastly wider range of security 1of
currency than has ever before peen
provided Under the national govern
mrrt. The Journal would have been
glad to nave seen this measure go 1ur-
Their. II has never seen any oo]ectioh
to a properly guarded asset currency
and il believes that any measure de-
signed to bring about elasticity in the
CURRENCY might safely provide for an
emergency currency to the amount or
| ' >
$500. 900, 900. There are however many
good citizens in both political parties
! who believe that it is best IL move
/ cautiously in legislation of this char
acter and TO err. If at all. upon the
| side of conservatism. If the Aldrlch
bill will provide for an emergency cur
re:!cy o: $3.50 GOO, GEO as its promoters
claim that it will. il certainl" affords
a substantial safeguard to the cur
rency in future crop moving periods.
and other times of special stress. That
| amount of relief last october would
1 probably have avertad the money
stringercy. and rendered unnecessary
! the issue of Clearing House certificates
which were used to meet and tide over
| the situation.
| We should be very glad to see the
Aldrich bill given a considerably
broader scope. a result which may yet
! be brought about by amendment to its
present provisions. If, however. this
fair-n1in1p1