Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-06-16

is something inherently defective in the
system itself. which can only be reached
by thorough overhauling. But this sys-
Chase during the exigencies OF war, while
confessedly defective in its inability to
respond at all times to the varying and
exacting demands Of trade. yet. during
the forty-five years of its existence. has
served a wise and beneficent purpose.
THAT 1t has its weaknesses Is freely
admitted. The defects of the system
have been recognized from the beginning
by practically every Secretary of the
Treasury. and while remedial changes
have been made as these defects have
developed, yet the one glaring fault. the
want of elasticity, has continued and re-
mains.
Currency Reform.
1.-THE recent panic called the attention
Of Congress to the necessity of further
legislation, and measure has been pass
ed providing for an emergency currency
of $500 900 600 to be issued under certain
conditions and limitations, an authorize
ton, it is believed, which will prevent
the recurrence Of any such disaster as
befell the country last fall. The Secre-
tary of the Treasury has already taken
the necessary steps to give effect to this
legislation and banking associations are
already forming to avail themselves OF
the benefits Of this act 1t is doubtful II
invoked. as the ability to supply $JOO.OOO,-
600 additional currency whenever needed
will Of itself have tendency to make its
issuance unnecessary.
I'm the meantime. however, the repub-
lican party is not Indifferent to the ne
cessity of further and comprehensive
revision of our monetary and banking
system. and to that end the Congress
just closed authorized the creation of
monetary commission, composed of eight
cen members of the two houses of Con-
gress, clothed with power to inquire into
and report to Congress at the earliest
date practicable what changes are neces-
sary or desirable in the monetary sys-
tenn of the United States or in the laws
relating to banking and currency and
for this purpose they are authorized to
sit during the sessions or recess of Con-
eress. at such times and places as they
and papers, to administer oaths. to sum-
mons and compel the attendance Of wit
nesses, experts and other assistants: a.
shall be necessary to- carry out the purc
pose for which said commission was
created, and to make such investigation
and examinations. in this or other coun-
tries, of the subjects committed to- their
charge ashley shall deem necessary.
This commission has already organ
| lied and entered upon its labors and will
diligently prosecute its duties with the
hope of formulating a monetary system
that will meet every legitimate business
| need and promote the prosperity or all
| of our people.
In the Interest Of Peace.
But in the broader field Of the world S
drama, where the nations are actors
our country has taken a conspicuous and
commanding part. Having become a
world power, our influence is worldwide
and always exerted in the interest of
peace and the betterment of mankind
| The beneficent action taken by the
| United States was referred to in the dis
pute over the control of Morocco, par
| tfcipation in the Rio Janeiro conference
| Secretary Roots trip to South America,
the restoration Of peace in Central Amer
lea. the establishment OF Central Amer
| lean court of arbitration, the establish
ment of peace in San Domingo. the rat
iffcation of twelve treaties with foreign
! powers mitigating the horrors OF war,
| treaties Of arbitration with the powers,
| the adjustment Of disputes with Canada
| the aversion Of tariff wars with. Germany
and France and the cementing of friend
lier relations with the Chinese and Jap
| anese.
But the browning act in this drama .
| said the speaker. was that In which the
President himself took the initiative. halt
| ed the armies of Russia and Japan. bring
ing about an honorable. and, 1t Is to be
hoped. enduring peace
i ..Yet. nothing has added so much to his
| lust fame as his persistent and irrevoca-
HE refusal to break the unwritten laws OF
the republic by accepting nomination
for q third term b. this act of self
abnegation he places his name and fame
in the secure keeping of history by the
side of that of the immortal Washington
REQUISITES In the Candidates.