The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1909-10-01
BY Associated Press.


exact on june 80, 1914-the Aldricl-
Vrocland financial act will expire by
limitation, and unless before tnaf oa'v
1t is replaced by wlsely-framed meas
ure Of broad scope. the country will
again be in the periless situation that
is commonly believed to have resulted
in the panic of 19O7-S. There is a gem
eral realization of the necessity OF
legislation on this subject but wide
difference of opinion as to for. Speak
er Cannon believes that a mere ex-
tension of the present law; with per
maps a few amendments in details Will
suffice: President Taft looks with fav-
or upon the proposition to create a
great central hank and there are all
sorts OF intermediate schemes. Prob
ably that which commands the great
est support will be based upon the
recommendations Of the monetary
commission which has been quietly but
effectively at work for more than a
year gathering the material for the
actual construction.
A campaign of education is about to
begin, for It is fully understood by
Senator Aldrich, who heads the COM
mission and by the students of finance,
that 1t will be difficult to arouse the
interest of the mass of the people in
the details of this rather abstrus sub
iect, and that only by general agita-
ton can the national legislature be
brought to the point of action. II
it required ten years to bring about
a revision of the tariff, certainly a
period OF less than five years is none
too long to prefect and enact legis-
lation on subject 80 complex and I'M
portant as Is involved In a general re-
vision of the entire financial system
of the republic aAerefore soon after
the return to America from Europe of
Senator Aldrlch and Professor And
rews and other members of the com
mission. which ia expected 10 be
about the middle of next month, pre-
parations will be made for the publt
cation of the preliminary report of
the commission and II is hoped that
this can be ready for submission to
congress when It reassembles in De-
cember This will be only the begin
ming: for the full report is TO be so
comprehensive in scope that It can
not possibly be completed within an
other year, but 1t will serve the pur-
pose of directing public attention to
this important subject and will afford
the senators and representatives ma
terial for study to ft themselves to
grapple knowingly with such Iegisla-
tion as may be ultimately proposed
by the monetary commission
This commission has been ~ gs this
point engaged I'M a careful aa2y of
the European capitals Of the financial
systems OF Great Britain and the prin-
cipal continental powers and a mass
Of data OF the greatest Importance to
the students OF finance has been col
lected II Is realized that none of
these systems as a whole, is adapted
TO the needs OF the United States be
cause of the peculiar conditions which
exist in this country but in most Of
them are found some features that
may be of value as a foundation for
the projected new American plan At.
tention viii be directed 20 defects OF
the existing systems which has
grown up by accretion. causing 1t TO
be described as patch work and as
one no longer capable By reason Of
lack of elasticity and unnecessary re-
strictions OF meeting the business
needs OF the country
Though nominally created with the
purpose Of dealing only with the sub.
ject OF currency and the bond issues
on which the latter is based in large
part. the commission has enlarged It's
scope so as to include the national
banking system. and It is believed
that even the state banks will be
dealt with In the forthcoming report
The projected great central bank viii
be fully exploited, for there is reason
TO believe that even In banking cir
eles considerable missapprehenaion
exists as TO the functions Of this in
stitution. Based on the history Of the
operations of the old United states
bank, destroyed by Andrew Jackson
apprehension exists among the Off
cials Of national and state banks that
this central bank may trench upon
their business and be formidable