The Birmingham age-herald., 1909-09-15

directed In the first place there is the monetary situation. While 1t is probable that the Vrecand bill passed by the last congress would aid us in case of another financial crash, it is certain that our banking and monetary system is a patched-up affair which satisfies nobody and least of all, those who are clear headed and have a knowledge of what a financial system should be. The matter has been referred by Congress to a mon- etarv commission. which is at present in- vestigating the financial and banking sys- tens of the great governments of Europe and will soon issue a comprehensive and attractive report of their findings
 Tt is quite apparent from the state ments of MT. Vreeland, who is at the head of the committee on banking and currency in the House of Representatives, and from the conversations of MT. AL drich of the finance committee in the Sen- ate that the trend of minds of the mone- tarv committee is toward some sort of ar- rangement for a central bank of issue, which shall control the reserve and exer- else a power to meet and control the casual stringency which from time to time will come in the circulating medium of the country and the world. MT Aldrich states that there are two indispensable require ments in any plan to be adopted involv-
  that the control of the monetary system shall be kept free from Wall street infiu- ences and the other that it shall not be manipulated for political purposes. These are two purposes to which we shall sub scribe.
 Definite Conclusion.
 'It is quite possible that the report or the committee of a definite conclusion may be delayed beyond the next session of Congress. Meantime the members of the committee intend to institute cam paign of education to arouse public opin- ion to the necessity of a change in our baking systems and to the advantages that will arise from placing some form of control over the money market and 10 reserve in the hands of an intelligent body of financiers responsible to the govern ment I am told that MT Aldrich will swing around the circle in the present fall and will lecture in many of the cities of the middle west on the defects and needs of our monetary system. I cannot too strongly approve of this proposal. MT Aldrich, who Is the leader of the Senate, and certainly one of the ablest statesmen in financial matters in either house, has been regarded with deep suspicion by many people especially in the west. If. with his clear-cut ideas and simple but effective style of speaking, he makes ap- parent to the western people what l be- lieve to be his earnest desire to aid the people and to crown his political career by the preparation and passage of bill which will give us a sound and safe mon- etary and banking system, 1t would be long step toward removing the political obstacles to a proper solution of the ques- tion
 fo Q merit q and demerits of the new tariff bill with you. Suffice 1t to say that the passage of the bill has removed a disturbing element in business.
 Interstate Commerce.
 Nor shall I dwell at length on the necessity for amendments to the inter- state commerce law, to the antitrust law and the organization of the departments in Washington with a view to promoting greater efficiency and expedition In the settlement of the controversies arising un- der them. During MT. Roosevet's admin istration we were all struck with the ne- cessity for reform in business methods, for more scrupulous attention to the sim plfying of the law in such way as to make it clear to corporate managers what they can do and what they cannot do.
 we are, I believe, unless all signs fail, on tne eve or another great business eX- pansion, an era of prosperity. Indeed, it is already here in many branches of busi- ness. The hum of prosperity and the ecstacy of great profits are likely to dull our interest in these reforms, and to lead us back again to the old abuses unless we insist upon legislation which shall clinch and enforce these standards by positive law. Nothing revolutionary, nothing dis turbing to legitimate business is neces- sary, but we must set the marks clear in the statutes by which the lines can be drawn. and the proper legitimate paths be laid down upon which all business shall proceed and must have it understood by means of prompt prosecution and punish ment that the law Is for all, and is to be enforced, even against the most power full.
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