Omaha daily bee., 1909-11-11

nave been as inconcluslve in their char
,cter as they have been numerous. Prac-
teal men Of affairs, even, have not always
,greed as to the true theory and best
practice in banking.
AT all times when monetary questions
are agitated or discussed a familiar class
II cranks and -demagogues, hanging about
the outskirts Of every public discussion.
appear, witt to parade their views and
wares in the public gaze for self-exploita-
ton. To secure satisfactory results In the
end II is evident that we must all lay aside
our prejudices. our preconceived notions,
perhaps our p~redisposition to advocate GER
tain methods, but with a fixed determine
ton to finally agree upon some plan
probably not one that any Of us deem the
best In all Of its details, but one which
will fairly represent the combined wisdom
Of all.
Il appeal earnestly 70 all those who
believe that reform legislation is neces-
sary. and who seek O reasonable solution
Of these great questions for the general
good, and who have no personal schemes to
promotes, to withhold their final judgment
until the whole case In. all OF its phases
can be presented to them.
Credit system important.
A the beginning Of our inquiry l had
the opinion, Which l think is quite com
mon, that the question of note issue was
the more important OF the two; but, fur
Their examination has led me to change
my mind in this respect, and 1 now regard
an efficient organization Of the credit and
banking system OF the country as much
more important. l I'm aware that in other
countries in the past. notably during the
last half Of the eighteenth century and the
first half Of the nineteenth, the question
of note issues-that Is TO say, who should
have the right to issue banknotes, upon
what conditions they should be issued and
the kind of security to be required-fur
nished the subject Of most of the monetary
discussions OF the time.
In these countries, with a single excep-
ton. at the present time all thoughtful
men, economists, bankers. students of the
subject from every standpoint, look upor
the proper manner and character Of note
issue as no longer an open question or one
Of paramount Importance. The conclusion
has been reached with unanimity thai
banknote Issues should always be mad
under governmental control. or. at, leas
subject. to strict governmental restriction
and lluitalionss and that this can only bt
successfully done through one central ant
exclusive bank OF issue.
I'm this country we rave had trouble.
and dontentiops over the character ant
volume Of our circulation medium extend
ing substantially over our entire nationa
existence. The adoption. Of the gold stand
ard act Of 1900, fortunately, settled man!
OF the Vexed questions upon which publ,
opinion has divided. This act marked
new era in our financial policy, but 1t still
left unsettled the question of the name
OF note Issues.
"The desirability OF a change in our leg
islative provisions with reference to not
Issues. and the necessity for improved
banking methods. was brought to the at
tention of the country and congress In al
emphatic manner by the disastrous result
which followed the financial crisis OF 1901
The extent Of the losses resulting from
that disaster car never be measured. TIL
principal sufferers were the business mel