The Washington herald., 1908-04-22
Curreney situation in Congress

That the House Committee on Banking
and Currency is unable TO agree on any
other financial legislation than the au-
thorization of a monetary commission Is
evidence of a chaotic condition Of opin-
ion respecting finance not only in the
committee itself, but in the House as
well. Moreover we believe both these
bodies reflect like differences of opinion
among bankers and financial experts gen
orally. and in the public mind. The dis
cussion Of the Aldrich bill during the
past two months developed an unexpected
amount OF dissatisfaction with the prin-
ciple and details Of that measure. a large
part Of which has been voiced by bank
ers and business interests. Congress
sional opinion, however is totally unpre-
pared fer legislation along lines that
would satisfy opponents of the Aldrich
bill. Thus We find our national legis-
lators unwilling to adopt either a cur
Tency measure that the banks dislike OF
one that they prefer, while consider
able number of them are favorable TO the
issue Of government notes. In this state
Of things, the prospect for affirmative
financial legislation is likely to remain
dark until public and Congressional SEN
timent can be united on a practicable
project of currency reform.
Under the circumstances. the appoint
ment of commission, usually the last
refuge Of discordant factions, has some
thing 10 commend IT, Yet il may be
doubted whether any commission could
add much TO the sum Of present Enowl-
edge on the financial question or that
its members would reach an agreement
any more satisfactory to Congress than
the various projects now before that
body. Unfortunately. too the two bills
providing for a commission contemplate
extensive iunkets in this country and
Europe that may prove tempting 20 the
members, but viii hardly enhance the
public estimate of the Congressional
method Of lodging financial legislation
In fact. the inability of the House ma
jority to cope with this important ques-
tion Of the currency reflects small credit
on the party which arrogates to itself a
monopoly Of the countrys constructive
political genius. Whether its practical
failure 10 grasp the opportunity afforded
Il to put our financial system on a sound
footing viii count against the Republican
party in the Presidential campaign is
problematicaL for the reason that the op-
position is committed to a revival OF
greenbackism in a new form, somewhat
less obnoxious than the old. but still op-
posed to sound financial principles; and
for the further reason, already adverted
10, that the average voter is as much al
sea as the average Congressman as Il
what should be done with the currency
Such a voter viii hardly find fault witt
Congress for having neglected TO gair
the applause of the financial centers.
While it appears probable that Con.
gTess will do nothing to provide an emer-
gency currency, the legislature of New
York has adopted a comprehensive serie.
OF banking reform measures which
taken in connection with the house-clean.
ing that has greatly improved the metro.
politan banking situation, viii operate
TO remove the possibility Of further trou-
bic in that quarter The bearing OF a
thorough banking reform in the chiei
financial center upon financial condition,
elsewhere is so obvious as to require NJ
comment particularly in view of the
events Of last October. That such a re-
form VIII be accomplished by the twenty
one bills just enacted at Albany is be
lieved by competent observers, and tht
country need fear no repetition of the
spectacular features Of recent metropolis
tan fnanciering. This danger being
averted. We can afford to wait with somt
equanimity the slow processes of Con,
gressional legislation. Taking legitimat,
comfort in what has been done at Al
bany, We see no reason for worry owe
the prospective failure OF currency re
form AT this session