The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1908-01-17
DANGER in DELAY
REPUBLICAN pROCRASTiNATION
is HURTING COUNTRY.
No Measures in Prospect in Congress
to Meet the Needs of the Finan.
cisl Observation-Disclosures
Would Act.

The Republican doctors are all
NAKED up on what ails the financial
patient, and are advising all kinds OF
treatment, hardly any two OF which
approach agreement. Under the rules
Of the house of representatives the
Democrats have no power to prescribe
for the disease the country is suffering
from. It may be said that the Re.
publican doctors have left the patient
In such rundown condition that 1t
VIII require careful treatment and n
long period for recuperation before 1t
will be safe to put the patient under
the knife for a radical cure. But
something should be done forthwith
or second collapse will result In a
more dangerous condition than the
present one
Congress met on December 2, and
on the following day the president
recommended the need of immedl-
ate attention" to the necessity of an
elastic currency. Over two weeks be-
fore congress met the president said
in a letter to Secretary Cortelyou that
assurances had been given him that
leaders In congress are considering
a currency bill which will permanent.
ly meet the needs of the situation.
Did the Republican leaders deceive the
president, or have they decided upon
another course? Senator Culbcrson
In lA a
recting investigation as to the causes
of the panic, but by the unanimous
vote Of the Republican members the
resolution was referred to the com.
mittee on finance instead Of acting
upon II. In speaking to that question
Senator Culbcrson said: Il want the
American people to know that there
are some men-thc Dcmocrats-in this
chamber who believe immediate action
Is necessary The Republican lead.
ers, however took no notice of the
presidents recommendations or, APP
parently, OF the paniCliy condition of
the country, with the banks refusing
to pay their depOsitOrs on demand, OK.
cept that the speaker appointed the
committee on currency and banking
On December 81 congress adjourned
for lG days, leaving the country to SUI.
fer without relief, and when it reas.
scmbled on January E 1t did not have
a bill perfected to act upon. Such de-
lay is cruel to those bankers and their
deposItors who are suffering, and
shows the hardness of heart of the Re
publican leaders. Not that any legis
lation the congress Is likely to accom-
plish will cure the disease. But II, for
instance, bill providing for a secured
elastic currency, drawing seven per
cent. interest, was enacted, II would |
relieve the tension in the larger none.
tary centers, such as New York and |
Chicago, and that would give relief to |
the country banks by allowing the |
withdrawal OF their deposits at those |
centers. It would also help to force |
boarded money from its hiding places.
and thus give confidence where but |
little, II any, now exists. Such pallia.
tive measures will not cure the finan-
'ihi uiathSS' lOl htpubIlCdH pOllCltS
have caused too deep.seated troubles
TO be cured off hand. There Is great
danger that when cash payments are
resumed there will he n quiet run on
the banks by many people, and when
cash is paid for cotton and wheat II
will be boarded instead OF finding its
way into the country banks t is Inn
possible to calculate the az ant Of
money that will thus be takea Jut OF
he usual avenues of business but It
'or the country banks unless their per.
'entage OF cash deposits far exceeds
he usual limits A further drain on
he country banks will be caused by
he storekeepers being compelled to
lay for goods bought in the fall for
urther extension of credit can hardly
70 expected from the jobbers and
Wholesale men when cash payments
~ the banks Is resumed These pay.
nents will relieve the tension In the
'ast, but may increase the panic in the
outh and west
II Is not pleasant future to face,
nj TO delay much longer will be more
angerous, for every day the present
prevail will cause more de-
ression at the manufacturing and
Wholesale centers.
Instead Of taking n holiday for near.
Y three weeks the Republican leaders
a congress should have forced the
'ork day and night until n remedial
lcasure of relief had been passed.