The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1908-01-10
CURRENCY LEGISLATION.

AS a result Of the money
stringency, by which euphonious
name the general upset of bust
ness and industry is designated,
there has arisen a great demand
for Currency reform Legislation
by Congress.
Tie blame for the present
panic is being laid to the insult
ficiency of money to transact the
enormous volume of business OF
a tremendously prosperous coun-
try, and therefore the reform
principally wanted is for Cong
ress to provide an elastic cur
rency, one that can stretch or
contract to meet conditions.
Accordingly the financial in
terests have put it up" to Cong
ress to do something to relieve
the situation. AS consequence
the finance committee Of the
Senate has such legislation un-
der consideration in charge OF
Senator Aldrich, whose fine
Italian hand is now shaping a
bill for submission to Congress,
which, we are told, Twill merely
authorize an emergency issue of
bank notes in times of stringency
to the amount Of $25O,OO0.O 900, Sc
cured by Federal, State or mu-
nicipal bonds and taxed at Z per
cent or less, in order to secure
it's immediate retirement when
need for it has passed. 1t is
contemplated to have the whole
issue controlled by the Secre-
tary of the Treasury with the
subtreasurers as advisers"
And it is believed the bill will
pass both nouses without diff
Guilty because of it's simplicity.
The Washington Herald, how
ever, thinks very poorly OF the
proposed measure and is rather
pessmistic over the Republican
majority, as witness its comment
as follows:
.srhe chief objection to it is that it
evades practically the whole OF our
currency question, leaving our money
supply as unresponsive to the varying
needs of business as before, and really
offering no remedy for any of our
troubles save those arising in times OF
financial stringency, when it will be
profitable to the banks to pay per
cent for the use ola little more capital.
The Republican majority owes to the
country something better than the
protfer of one more financial make
shift in addition to those we now have
to put up with. 1t is not too much to
ask that the party in power undertake
a comprehensive and permanent re-
formation of our currency system, but
it is obviously useless to make the re-
quest"
The proposition for the govern
ment to guarantee bank de-
posits will also be laid before
Congress for its favorable action.
The plan has been adopted in
Oklahoma and is said to work
satisfactorily. The Herald seems
to like the idea and is afraid
Congress is going to show some
very poor judgment by turning
the guarantee proposition down
hard. It says:
1.-THE Herald is convinced that the
Republicans in Congress will make a
very serious political mistake if they
vote down without consideration the
plan for a government guarantee of
bank deposits, as it is reported they
intend to do. Evidence is not want
ing that in the West this is the most
popular banking proposition that has
vet been offered. Oklahoma has al
ready adopted it, and at this time it
looks as though Kansas, Missouri
and Texas, if not other States would
be compelled to do SO in self-defens e."
It is practically certain that
Congress will enact some kind
Of currency legislation at this
session. It is equally certain
that numbers of people believe
that whatever measure is passed
will simply be a makeshift.
And it is also as certain that the
people as q whole will await with