The morning journal-courier., 1908-04-22
CURRENCY LEGISLATION.


 The currency measure introduced by Representative Vreeland of New York, banker by occupation. has gone the way of the Aldrich bill, drawn and introduced by the senator from Rhode Island. As Representa- tive Hill of Connecticut truly said to the committee on banking and cur rency, the Vreeand bill is the Aldrich bill with two sections eliminated and with practically all of it's vices retain ed. No wonder that tho member from Connecticut, who has been large ly instrumental in educating the bank CTS of the country up to an apprecia- ton of the viciousness of the propos- ed legislation, long ago lost patience with the supposed readiness of con- gress to do any old thing to satisfy public apprehension as to the situ' atlon.
 There is a lesson Involved in this impulsive undertaking to make impos- sible or difficult recurrence of the money panic of last october, which should be lost upon neither congress nor the people of the country. It will Se recalled that at one of the din- ners of the New Haven Economic club, Professor William G. Sumner of Yale University, unpcrturbed by the wave of fear which was sweeping over the country and taking the form of feverish demand for immediate legislation, as if all that congress had to do was to enact some measure of theoretical relief to bring money back into circulation and prosperity to the nation--it will be recalled that he calmly remarked that the better way would be to leave the matter alone for the present, for in all likelihood any legislation undertaken by congress would leave the situation worse than it was. In many quarters his advice was regarded as that of q pessimist, a man without patriotism because he dared to doubt the existing ability of the national legislature to adequately meet the situation which had grown from years of haphazard develop ment. To-day congress Is found rest. ing itself upon that same self-contain ed philosophy, though having reached the conclusion through practica realization that neither one of the re. form bills introduced contains tht seeds of improvement and may con tain the seeds of actual deterioration Perhaps 1t is q good thing that con gross has thus had the opportunity tt try out it's own lack of knowledge, bu this does not conceal the fact that II future undertakings of like charac ter the judgment of men of the train ed intelligence of Professor Sumner should be sought Manifesty thu class room has not unfitted him fo tho consideration of currency reform.
 It has been pointed out to the peo 1l,, ,t,,,r l,+,, of their admiring critics that a pass ing weakness of theirs consists m confidence in rough and ready legisa tive methods as q way out of seriou difficulties The federal statutes an the statutes of great majority of tn states of the Union are packed wit Illustrations of this utterly false no tion that all that suffering commun ity has to do to avoid the mistakes 0 the past, and to anticipate the blund CTS of the future, is to fall to legislat ing upon the ills complained of. Tha was the notion which prompte congress at short session precedin a presidential election to undcrtak the enactment of a law which Woul meet the unforeseen obstacles to con tinued prosperity. It was notio which was widespread and which be cause 1t received the approval of tn great mass of the people, gave Senate Adrlch and the men who view th currency problem as he views 1t, froi an exclusive standpoint, their oppoi tunity to further reach out for th control of the money currents. T expect any other kind of monetar reform from such men is to confess a ignorance of the influence of enviror ment If these currency refornel were qualified for the task they woul have known that the immediate cul of the currency embarrassment VIZ not to be sought in that way, bl rather in a protracted and carefl study of the conditions which hal been long in the making and Whic