The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-03-31

Investigation by Other Than
Congressman, Finds
Little Favor.

Regardless Of Senator Aldrich's assur-
ances to Senators when the currency
oil was before that body, that the FL
nance Committee would give serious
consideration to an investigation into
the need for general overhaulinz of
the banking and currency laws, there
is little reason TO expect that Congress
will take more than perfunctory action
on this matter. Plans have been pro
POSED for a monetary commission, out
side of the Senate or House, to go into
the need for further revision Of the
banking laws, 70 study the causes Of
the panic and the like But l.eIl-in-
formed members Of Congress 60 not
think much is TO be expected from any
of these plans.
Congress is expected to pass the Al
drich bill, and then to let the banking
and fiscal laws Of the country pretty
severely alone. Well-informed men,
hers Of the Senate Finance Committee
say that If anthing is done in the d.
rection Of an inquiry into the need Of
further reforms in these laws, it will
be done by the Finance Committee Of
the Senate. acting. probably. in con-
junction with the Banking and Currency
Committee Of the House.
outsiders NOT wanted.
A joint resolution may be passed call
ing for an inquiry by a joint committee
representing the Finance and the Bank
ing and Currency Committees into the
need for further legislation on banking
and financial matters. This plan would
81 more likely to meet with the favor
Of Congress than a proposition to au-
thorize monetary commission of MEM
bers other than Senators and Represen-
tatives. Any outside commission that
would make a report TO Congress would
find It's plans for legislation pretty
thoroughly Overhauled in both Houses.
The Finance Committee Of the Senate
and the Banking and Currency Com
mittee OF the House are as little amen
able to suggestions from outsiders how
10 make laws governing the fiscal policy
Of the Government as the Ways and
Means Committee Of the House is amen
able TO outside suggestions on the re-
vision Of the tariff-
Inquiry Will Be Frnitless.
If the Finance and Banking and Cur
rency committees are authorized joint
ly or separately to inquire into the mat
ter Of further changes in the monetary
laws there is a strong feeling that this
viii end any important attempt in the
near future to get an overhauling Of the
banking and currency statutes. A re-
port will be forthcoming and Congress
will pigeonhole IL.
1t is regarded as unlikely Congress
viii give serious consideration to the
money laws next session. It viii be
argued. providing the Aldrich bill has
passed. that this is adequate 10 ward
off panic and that the best thing 10 do
IS 10 wait awhile. 1t is generally &C
knOwledged the Aldrich bill is a make
shift and does not go at all TO the root
Of the country's banking law necessi-
ties This has been the tenor Of all the
discussion OF IL so FAR IN Congress. But
ii is thought It will answer for the time
being.
Many members Of Congress who have
been foremost in their consideration of
currency legislation say that the cur
rency laws have got to be given a gen.
eral Overhauling, but that il is useless
TO try to do il this session, and that II
will not be surprising to see all efforts
to get important new legislation, out
side Of the Aldrich bill. blocked until
another financial depression similar TO
that Of last fall or worse visits the
country.