The morning journal-courier., 1908-04-20
Monday, April 20. to0s.
WHAT COMES NExTs

IL is frequently said that it is the un- expected that happens, but in the de- feat of the Aldrich bin 1t was the ex- pected that came to pass. The repre- sentatives of the people at Washington knew that the people generally had no confidence in the measure as a useful one, and furthermore were directly in opposition to it The fate of the Aldrich bill carries out the forecast of Con gressman Hill of this state who sug- gested facetiously. when the bill was still in the senate. that with it's yarl- ous features eliminated 1t had fair chance of passing.
 Some are expressing confidence in the Vreeland substitute as likely meas ure. But against this Is the statement of one of the committee on banking and currency. You may set 1t down as a fact" said this member that at no time will there be a majority of the banking and currency committee favor able to the Vreeland." This remark seems to indicate the fate of this sub stitute measure, for 1t has many of the defects of the Aldrich bill
 It Is clear that the republican mem bers of the house are all at sea about currency legislation, but are going to make brave effort tomorrow evening to have a meeting to devise some bil based on the Aldrich -Vreeland meas. ure. Some members are quite frank lr their admission that they have a posei on their hands, and one committeeman has expressed his feeling that the com mlttee lis the laughing stock of tht house" There can be no doubt that there is both the humorous and serious side of this question.
 But that member of the house com mittee who declares that the Vreelant substitute cannot secure a majority O the committee also asserts that "th, friends of asset currency realize tha the inclusion of commercial paper as basis for banknote circulation is forward step" Doubtless 1t Is for ward step as q great departure iron the accustomed plan of governmen bonds as basis for bank issue Blu sometimes forward steps are slppin steps and therefore dangerous. If th proposal Is to make use of securities o selected corporations for bank clrcula tion 1t is fair question to ask wheth CT such an experiment will not aggra vate the very evils that are to be rem edied. Any kind of commercial pape used for this purpose will be open to a the objections raised against the us of railroad bonds In the Aldrich bll Such securities are sure to be those c established corporations especial those having the character of monor oly. This would confer certain speclf privileges denied to industrias that ar not enjoying the fruits of monopoly, I principle this idea of asset currency far from the democratic position an practice which Is supposed to be funds mental in government and an mailer able right. It may be well to look twic and even more times before taking tn Forward step in asset currency legi' lation.
 Therefore, why may not tho antelpt ton of Representative Watson of II diana be realized? "T anticipate" sal Mir Watson, that some sort of i cu rency commission will be provided for If such shall prove to be the fact,
 would be a mistake to appoint Il members of the commission from f. vored interests They should be selcc sd from the country at large and men who can approach the questic with unbiased minds, having no a, to grind, but qualified to bring econon c scholarship and ripe Judgment
 bear on the situation and to recon mend legislation on the broad basis
 the need of the whole people directl The assumption has usually been her tofore that legislation for special inte ests, as intermediates between t government and the people was t same as legislation for the people. I'll assumption was the basis of tariff le islation and is not one to be repeated currency legislation A properly qua fled commission could make an inves gation of the economic and industri condition of the country and of the a tual physical value, exclusive of wat, of such securities as are thought ava able for a currency basis, But how