The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-09-27
MONETARY COMMISSION
WORKING ON PROBLEM
Establishment Of Federal Gen.
trail Bank Favored By
President Taft
(By Associated Press)

(By Associated Pross)
Washington. d. c., Sept 27.-
IN something less than five years,
10 be exact ON June 30. 1914 the
Aldrich Vrooland financial act will
expire by limitation, and unless be-
fole that date it is replaced by a
wisely framed measure OF broad
scope, the country viii again be in
the pcrlous situation than is com
monty believed TO have resulted in
the panic Of 1907t90S There is a
general realization of the necessity
of legislation ON this subject. but
wide difference of opinion Speaker
Cannon believes that "a mere eXten-
sion of the present law. with perhaps
a few amendments In details, will
suffice. President Taft looks with
favor upon the proposition to create
a great central bank and there are
all sorts Of Intermediate schemes
probably that which commands the
greatest support will be based upon
the recommendations of the None
lary commission which has been
quietly but effectively at work for
more than year gathering the mate
'ia for she construction Jl the actual
legislation
A campaign of education is about
o begin. for n is fully understood
by Senator Aldlich. who heads tho
commission, and by tse students of
lnance that II viii be diflicult To-
arouse the interest of the mass Of
lions viii be made for the publc3-
The people in The details Of this
rather abstruso subject, and that
only by general agitation can the Na.
iional legislature hc brought to the
point OF action n il required ten
years to bring about a revision Of
he tariff certaiHl period of loss
than five years is none too long 90
perfect and enact legislation on a
subject SO complex and important as
is involved in a general revision Of
the entire financial system Of the
Republic Therefore soon after the
return 10 America from Europe OF
Sonalor Aldrich and Prof Andrews
and other members of the commis-
sion, which is expected 10 be about
The middle of next month"; prepara-
zion OF the preliminary report OF lhe
commission, and 1T is hoped that this
aan be ready for submission 10 con-
eress when it reassembles in De
cembcr This win be only the be-
ginning for the full report is to be
so comprehensive in scope that it
3aunCt possibly be completely with
in another year; bat il will serve the
purpose of directing public attention
10 this important subject and will
afford the senator's and representa-
tiyes material for study to fit them
selves to grapple knowingly with
such legislation as may be ultimate
ly proposed by the Monetary com
mission
This commission has been up to
ts point engaged in careful study
in the European capitals of the iinan-
cial systems of Great Britain and the
principal continental powers and a
mass Of data OF the greatest impOr-
tance to the students 0f finance has
been collected. Ii is realized that
none of these systems as a whole,
Is adapted TO the needs Of the Uni
ted States because of the peculiar
conditions which exist i'm this cOun-
try but in mosi OF them are found
some features that may be of value
rs a foundation for the projected
new American plan Attention will
be directed to defects OF The existing
systems. which has grown up by ac-
creti0n causing it to be described rs
patch work and as one no longer
capable by reason of Lack of elastic
ity and unnecessary restrictions If
meeting the business needs Gf the
country
Though nOminally created with the
purpose of dealing onl3 with the sub
iect of currency aud the bond issues
on which the latter Is based in large
part. the commission has enlarged It's
scope 50 as to include the National
banking system, and it IS believed
that even the state banks will hf
dealt with i'm che forthcoming re-
port. The projected great Central
bank Will be fully exploited. for there
is reason to believe that even in
| banking circles considerable misap
prehension exists as to the functions
Of this institution Based on the his
tory OF the operations of the old Uni
ted States bank, destroyed by An
drew Jackson, apprehension exists
among the officials of National ant
state banks that this Central banl
may trench upon their business ant
be formidable competitor. so this
] phase Of the matter will be fullj