Devils Lake inter-ocean and Devils Lake free press. (Devils Lake, Ramsey County, N.D.) 1905-1909, 1908-06-19

and currency system, the 3consiQerar
lion OF which becanle, and continues
10 be subject of pressing and cona-
,randing Importance. In tho midst
of unusual prosperity, with 6,69e ma
.lional banks under, direct supervision
and control of the national govern
ment. with paid up capital Of over
BOO millions, surplus and undivided
profits of 75O millions and an ont-
standing circulation of $50 millions,
secured by United States bonds, .ev-
cry dollar of which was worth its face
in gold, with an unprecedented hold,
ing Of coin in the treasury OF the
United States, yet sudden paralysis
seized the banks, nationalsand state,
and they were either reluctant or un-
able to respond to the ordinary and
legitimate demands of trade. +,4
CONSERVATION prevailed, confidence
shaken, and nothing but the prompt
and heroic action of the secretary OF ]
the treasury averted widespread and
serious catastrophe. President Roose-
welt we'll said in commencing the Sec
rotary of the treasury:
Il congratulate you upon the ad-
mirable' way in which YOU have hand
led the present crisis. I congratulate
also those conservative and substan-
tial business men who in this crisis
have acted with such wisdom and
public spirit By their action they did
invaluable service in checking the
panic which, beginning as matter
of speculation, was threatening to de-
stroy the confidence and credit nee
essary to the conduct of legitimate
business.
"No one who considers calmly can
question that the underlying con-
ditions which make up our financial
and industrial well being are ~essen-
TALLY sound and honest. Dishonest
dealing and speculative enterprise are
merely the occasional incidents of our
real prosperity. The action taken by
you and by the. business men in ques-
ton has been of the utmost conse-
quence and has secured opportunity
for the calm consideration which must
inevitably produce entire confidence
In our business conditions"
That such disturbance should
have occurred under such circum-
stances furnishes the strongest EVIL
dence that there is something inher-
entity defective in the system itself,
which can only be reached by thor
ough overhauling. But this system,
hastily inaugurated by Secretary
Chase during the exigencies of war,
while confessedly defective in its in
ability to respond at all times to the
varying, and exacting demands Of
trade, yet during the forty-6ve years
of its existence has serve ed wise and
bene6cent purpose.
The recent panic called the atten-
ton of congress to the necessity of
further legislation, and measure has
been passed providing for an emer-
gency currency of $500,000,o 900 to be
issued under certain conditions and
limitations, an authorization, it is be-
lieved, which will prevent the recur-
renee of any such disaster as befell
the country last fall. The secretary
OF the treasury has already taken the
necessary steps to give effect to this
legislation, and banking associations
are already, forming to avail. them
selves of the benefits Of this act. II
is doubtful if the provisions of this
act will ever be invoked, as the ability
TO supply $500,o00,0oo additional cur
rency whenever needed will of itself
have a tendency to make its issuance
unnecessary.
= In the meantime, however, the Re-
publican party is not Indifferent to
the necessity of further and COM
:prehensive revision of our monetary
and banking system, and to that end
the congress just'elosed authorized the
%creation'sof a; monetary, commission,
composed of 10 members oof the two
houses of congress, clothed with pow
er to inquire into and report to con-
gress at the earliest date practicable
what changes are Necessary or desir2
able in the monetary system Of the
United States or in the law relating
to banking and currency, and for this
purpose they are i authorized to \sit
during, the sessions or recess of con-
!. gress, al such times and places as
! they may deem desirable, to send for
persons and papers, to administer
oaths, to summons and compel the at
tendance. of witnesses, experts and
other assistants as shall be necessary
to. carry out the purpose for which
said commission was created and to
make such Investigations and examin-
ations in this or other countries of the
subjects committed to; their charge
{ as they shall deem necessary. 5E I
This commission has already or
ganized and entered upon its labors
Z. and will diligently prosecute its du-
ties with the hope of formulating a
monetary system that will meet every
Legitimate business need and promote
." the prosperity OF all of our people. {
/. But in. the broader field of the
worlds drama, where the nations are
actors, our country; has taken con.
spicuous and commanding part. Hav.
" ing become a world power, our in.
auence is worldwide and always ex-
,srted in the interest of peace and the
sbetterrnent of mankind. When the
dispute between Germany and France
:. regarding the right of control in Mo
rocco threatened to involve all Eu.
Z rope in war, the active influence Of the
\ United States, both directly and
through its representatives at the
conference at Algeciras, was potent
+ factor in bringing about "a peaceful
solution. IA f :Sl5 y.r s,'s.s,
The participation of the United
States in the pan American conference
!. at Rio de 3aneiro in "a monet 1one =, !, j