The morning journal-courier., 1908-01-27
CURRENCY LEGISLATION.

The Hon. E. J. Hill Connecticut's in the House If Pepre- sentatives from the Fourth Congress sional district. in an unassunlinS way. is doing a splendid work visiting the (, (,ifferent business mems orsanizations | in the State and instructing their | n embers in the mysteries of the pro- posed financial legislation and in par ticular with reference to the bill winch Senator Aldrich of Rhode Island has already introduced into the sen ate. MT. Hill is we'll fittc l to under take this task. He not only enjoyed a long period of service on the currency committee of the house, but he has been an active man of business for many years and has made careful study of the currency question in those countries where the weaknesses of our system are guarded against It is a characteristic of Nr. Hill to inquire and learn for himself what is best in the way of Legislation and it is this which makes him such useful and influential memker of congress.
 MT. Hill is opposed to the proposed Aldrich bill and In his consideration of 1t eliminates entirely any sense of partisan duty If he can be said to be controllea at all by the partisan as poets of the case it springs from fear that in undertaking to enact Dill of the character Of that drawn by Senator Aldrich the party ia power will be made to suffer We do not un- understand that MT. Hill finds his s,s. picion provoked by the fact that Sem ator Aldrich is the author of the pro- posed law, but he would nevertheless bezssS~stified in feeling suspicious oi the sincerity of Mir. Aldrich's purpose. As the average man looks at Mir Al. drich's interest in currency legislation 1t is necessarily something which con- cerns more closely the welfare of the moneved interests than the public generally. Nor is this to be set down to his lack of integrity. We have not the slightest reason to believe that Mir. Aldrich is deliberately playing upon the credulity and confidence of the American people. There is. on the eth
 CT hand, every reason to believe that he necessarily approaches the consid- eration of the subject from the point of view tf the banking interests. His angle of thought brings him into lively sympathy with the exclusive view of those who deal in money. They have their rights of course and they should be respected in whatever legislation is undertaken, but it is the duty of congress to see that no legislation Is enacted which fails to comprehend the interests of the community at the same time and to a like degree Leaving the settlement of the currency question to MT. ANrich and to men Tn sympathy with his ideas strikes us as the prop osition wou,d strike us to leave tn. arrangement of tariff schedules to the steel producers of Pittsburg.
 At the recent dinner of the New Haven Economic club Professor Sum ner of Yale was thought to be pessi- ,1istic because he deplored any at- tempt to improve upon the currency laws at this session of congress That did not mean that he was satisfied with the laws as they are, but that he this particular time to do what re- suires special knowledge and great business experience to be done well
 We take this from what he has said in public to be the attitude of Con gressman Hill He sees weaknesses in the law which ought to be remedied
 and he has convictions as to what shape new legislation should take, but he too fears that congress is not at the moment sufficiently educated un- on the subject to warrant 1t in acting in a hurry. The leaders of congress are not in harmony as to what steps should be taken, except so far as Mir. Aldrich's determination to shove his bill. with the help of Speaker Cannon, down the throats of the members is submitted to on the absurd theory that not to legislate at this session would be to weaken the Republican party with the people There is wide diff ference of opinion, for example. as to whether the establishment of a nation al bank of issue is advisable Those who are still under the influence of Andrew Jackscn's apprehension as to the political power of national bank oppose the suggestion. Those like Mir Hill. who believe national bank of issue to be the only way out of the will derness of financial wandering. resent the political objection and say that if such an institution could dig it's fingers