The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-04-16

There is nothing more remarkable IN
the political history of the United
states than the way in which the peo-
pie By some process of natural selec-
ton take UP one difficulty after an
other and settle it. Several so-callel
burning questions may appeal for at.
tention at the same time, but the peo-
pie pick out the real subject of con-
Germ, the one that needs attention
most, and thresh 1t out, and generally
thresh It out right,
The question of our currency system
has been in the minds OF students Tor
many years. This paper itself. more
than ten years ago, declared that the
currency system was wrong, and THAI
rather than have the iron-hound bond
secured currency with its oppressive
restrictions it would greatly prefer the
old State bank notes modified by the
well-known Suffolk system of CO.
operative redemption. AT that time 1t
was really the voice of one crying in
the wilderness. 1t was stated that the
people had been so accustomed to the
greenback and the national bank note
that it was hopeless to expect any
change.
But change has come, and has
come with almost the rapidly of the
abolition of slavery. The hard lessons
which have been taught by the annual
,t,t nd
The disastrous effects of the panics
at greater intervals have demonstrated
the vital defects of our currency sys-
TEN. and now almost with unanimity
the banking associations of the lead
ing cities are clamoring for an asset
currency redeemable in gold coin. The
change is both amazing and delightful.
The benefits that would accrue to our
country from an intelligent currency
system arc literally beyond calculation.
The issue was precipitated by the
panic of last fall. and the effort Of Mr..
Aldrich to prepare bill for an cmer-
Eency currency based upon bonds. This
caused a debate in the Senate and much
INOuSnl III Tie Gnu VIC AhiioSS
of the nd-secured currency had been
conclusively demonstrated. Mr.. AID
rich has been beaten from pillar to
post until he has no doubt given up
all hope of passing his BILL which IS
now before the House Of Representa-
tives for consideration. There was no
earthly chance of It's passing the
House in ths. forns in which II came
from the Senate, and it appeared as
II there would be no Legislation what
ever. AS matter of fact, the major
tty OF the banks prefer no legislation
to one so full of error as was the AID
rich BILL,
Tie issue was most sharply drawn
Ter bill. or between the bond-sccurcd
currency and asset currency. The lat
est information we have on the qucs-
ton Is that Mr. Vreeeland, of New
York, has proposed bill in the House.
which, while it adopts some provisions
ofsthe Aldrich bill for currency secured
by municipal bonds, proposes in a
new section the creation of an agency
for the handling Of ordinary assets of
banks, including commercial paper.
Under this section groups of national
banks, not less than ten in number
and having an aggregate capital anu
surplus of at least sl0,O00,000, may
form associations to be known as Ma
fjona1 C'1na rinv A. y
may elect officers. etc, and any bank
belonging to such association may de-
posit and assign to the association in
trust such, securities. including com
mercial paper, as may be satisfactory
to the officers of the association ana
thereupon may receive bank notes tc
an amount not exceeding rs per cent
OF the cash value of the securities sc
deposited"
This is the main contention of tho
Whole Fowler scheme. If that is adopt
ed, even though it be associated Will
other provisions OF the Aldrich bill
the principle OF the fight for the asse
currency VIII have been substantial,
won: and in finance the day that tina
provision becomes, a law should b,
celebrated like a new Fourth OF july
II is most encouraging to learn tina
the President and Secretary Cortelyo'
both approve the provisions OF tn
,Vreeland bill, II really begins to looi
rs II the United States will at last &c
out OF the forty years' wandering /,
the wilderness of the bond secured GU.
rency.
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