Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-09-15
PRES. TAFT BEGINS HIS
WORK AS A PEACEMAkEh
Continued from Page One.)

I'd and have 4 knowledge of what
financial system should be.
1.-THE matter has been referred by
Congress to monetary commission,
which has been studying with mucn
interest and enthusiasm, the financial
ana banking systems of the great gov
ernments of Europe. and has embodied
ard will soon publish in an interesting
and attractive form. the best accounts
of the financial systems of the world.
1t is quite apparent from the state
ments of Mr.. Nreelard, who is now
the head Of the committee OH banking
ard currency in the House Of Repre-
sentatives, and from the conversation
of Mr.. Aldrich, who IS the chairman
of the monetary commission and of
the finance committee of the Senate.
that tho trend of the minds of the
monetary commission is toward some
sort of arrangement for central bank
of issue which shall control the re-
serve ard exercise Il power to meet
and control the casual stringency
which from time to time will come in
the circulating medium of the country
ard the world.
Mr.. Aldrich states that there are
two Indispensable requirements i'll any
plan to be adopted involving central
bank of issue. Til" one is that the
control of the monetary system shall
he kept free from Wall Street influ-
rnces and the other. that it shall not
DC manipulated for politicaI purposes.
These are two principles to which we
can all subscribe. 1t is quite possible
that the report of the commission of
definite conclusion may be delayed
be yond the next session of Congress.
Meantime, the members of the COM
mission intend to institute a campaign
of education in order to arouse public
opinion 10 the necessity Of change
in our monetary and banking systems,
and to the advantages that will arise
from placing some form of control
over the money market and the re-
serve. in the hands of an intelligent
body of firanciers responsible to the
government.
II am told that Mr. Aldrich will
)'Swing around the circle" in the pres
ent fall, and WIZ lecture in many Of
the cities Of the Middle West on the
defects and needs of our monetary sys-
tSit. i 'diliiol Wv otiobSiy pPpi WV
IF this proposal. Mr.. Aldrich. who is
the leader OF the Senate and certainly
one of the ablast statesmen in finan-
.ial 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 apparent to the Western people
what l believe to be his earnest desire
to aid tie people and to crown his 10
iiticsu career by the preparation and
passage of a bill which shall give us
4 sound and safe monetary and bank
ing system. it would be a long STEP
toward removing the political 0bsta-
lies t. a proper solution of the guess
ion
II do not need to argue with this
audience that d change in our none
iry and banking system is necessary
You are too good business men not to
know il and | sincerely hope that the
Whole force of your association will
e eAertcd to insist upon the adoption
Of a satisfactory system before the
end of this administration. 1t is :.
subject that the general public has
very little conception of, and wher,
'hey suffer from the radical defects
Of the system, they are utterly unable
to tell how and why. We all need odu-
.ation on the subject. We must all
ur;te to mend our roof before the
.tcrm and rain shall show us again It's
leaky and utterly inadequate char
acrcr.
Il am not going to discuss the me~-
It's and dement's of the new tariff bill
with YOU. | shall have often to refer
70 that before my journey is ended,
and I must save something for other
audiences. SuIflce it to say that the
passage of the bill has removed Ills.
turhins element in business.
Nor shall l dwell at length on the
necessity for amendments to the in
terstate commerce law, to the anti.
trust law, and the organization of the
departments in Washington. with a
view to promoting greater efficiency
and expedition in the settlement OF
controversies arising under them. Dur
ing Mr.. Roosevelt's administration, we
were all struck with the necessity for
reform in business methods. for more
Scrupulous attention to the conduct IF
business in accordance with the law,
and for the necessity of simplifying
the law in such way as to make 1t
clear to corporate managers what they
can do and what they can't do.
I'VE are, l believe. unless all signs
fail on the eve of another great BUSH
ness expansion, and era of prosperity. !
Indeed. it is already here in many
branches of business 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 in
sist upon legislation which shall clinch
and enforce those standards by posi-
tive law. Nothing revolutionary, moth
ing disturbing to legitimate business
is needed; but we must set the marks
clear in the Statute by which the lines
can be drawn and the proper legiti-
mate paths be laid down upon which
all business shall, proceed and must
have it understood by means of promo
and punishment that thu.
law is for all and is to be enforced
even against the most powerful
Then. too, the needs in respect to