Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-15

the attention of Congress may we'll be
directed. In the first place. there is the
monetary situation. While 1t is probable
that the Vreeland bill, passed by the last
Congress, would aid us in case of another
financial crash, 1t 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 Con-
gress to a monetary commission which
has been studying with much interest
and enthusiasm the financial and banking
systems of the great governments of Eu-
rope, and has embodied and will soon
publish in interesting and attractive form
the best accounts of the financial systems
of the world.
Approves Central Bank Idea.
at Is quite apparent from the state
ments of Mr.. Vreeland, who is now the
head of the committee on banking and
and from the conversations Of Mr. AL
drich. who is chairman of the monetary
commission and of the finance commit
tee of the Senate, that the trend Of the
minds of the members of the monetary
commission is toward some sort of ar
rangement for a central bank of issue,
ercise 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.
Mr. Aldrich states that there are two
indispensable requirements in any plan
to be adopted involving central bank of
issue. The one is that the control of
the monetary system shall be kept free
from Wall street influences. and the other
that ii snail not be manipulated for po-
litical purposes. These are two principles
to which we can all subscribe.
1T is quite possible that the report OF
the commission of a definite conclusion
may be delayed beyond the next session
of Congress. Meantime, the members Of
the commission intend to institute d
campaign of education in order TO arouse
public opinion to the necessity of a
change in our monetary and banking sys-
TENS, and to the advantages that Will
arise from placing some form of control
over the money market and the reserve
In the hands of an intelligent body of
financiers responsible to the government.
l am told that Mr. 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. l cannot too
strongly approve of this proposal.
Lauds Senator Aldrich.
Mr.. 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 sus-
picion by many people. especially in the
| west. If, with his clear-cut ideas and
simple but effective style of speaking he
| makes apparent to the western people
| what l believe to be his earnest desire TO
aid the people and to crown his political
| career by the preparation and passage of
| a bill which shall give us sound and
safe monetary and banking system II
would be a long step toward removing
| the political obstacles to a proper solu-
| ton of the question.
II am not going to discuss the merits
| and dement's of the new tariff bill with
! you. | shall have often to refer to that
| before my journey Is ended, and l must
| save something for other audiences
/ Suffice II to say that the passage of the
| bill has removed disturbing element in
| business.
| Nor shall | dwell at length on the
| necessity for amendments to the inter
state commerce law. to the antitrust Law
| and the organization of the department!
| in Washington with view to promoting
| greater efficiency and expedition in tn,
| settlement of controversies arising unde
| them During Mr.. Roosevelt's admins
tration we were all struck with the neces
sty for reform in business methods. TO
more scrupulous attention to the conduc
| of business in accordance with law. ant
for the necessity of simplifying the Law
| In such "A way as TO make. il clear t
corporate managers what they can d.
and what they cannot do.
On the Eve Of Prosperity.
1--WE are. believe. unless all signs fai