Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-09-17
Whiisky'2 .95

~ u - 49, @&1 E&&m 49, -
the hospitable reception which he had re-
ceived on the north shore Of Massachu-
sets during hts vacation and then had
this to say of his western trip:
IT am on the eve of beginning jour
ney Of 1900 miles in length, which will en-
able me to see tens ana hundreds OF
thousands of my fellow-citizens and en-
able them, I hope, to see ine. occasional
ly l hear the query. why should start
on such trip and what particular good
does 1t do to anybody? .,
1T will certainly give me a very much
more accurate impression as to the views
OF the people in the sections which L
visit. 1t will bring closely TO me the
needs of particular sections, so far as
national legislation and executive action
are concerned; and I believe it will make
me a. wiser man and a better public Of
ficer. l ought to be able to explain to
the people some of the difficulties Of
government and some of the problems
for solution from the standpoint of the
executive and the legislator as 81 distin-
guished from that of the honest, but ir-
responsible critic. The personal touch
between the people and the men 10 whom
they temporarily delegate power, OF
course conduces to a better standing be-
tween them. 1
THE MONETARY SYSTEM.
'SYour chairman has made some REFER
ence to a number of subjects, to which
the attention of congress may well be d.
rected. In the first place, there is the
monetary situation. While it is probable
that the vreeland bill passed by the last
congress would aid us in case Of another
financial crash, it is certain that oul
banking and monetary system is patch
ed up affair, which satisfies nobody, and
least of all, those who are clear-headed
and have a knowledge of what hnan-
cial system should be. The matter has
been referred by congress to a monetary
commission, which has been studying
with much interest and enthusiasm, the
financial and banking systems OF the
great governments of Europe and has
embodied and win soon publish in in
teresting and attractive form the best &C
counts of the financial systems of the
world. 1t is quite apparent from the state
ments of Mr.. Vreeland, who is now the
head of the committee on banking and
currency in the house of representatives
and from the conversations of Mr.. Aid
rich. who is the chairman of the none
r1ittee of the senate, that the trend OF
minds of the monetary committee is to-
traI bank of issue which shall contro:
the reserve and exercise a power to meet
and control the casual stringency which
from time to time will come in the cir
culating medium of the country and the
world. Mr.. Aldrich states that there are
two Indispensable requirennents in any
bank of issue. The is that the
troll of the monetary system shall be
kept free from Wall street influences,
and The other, that it shall not. be. ma
nipu ated for political purposes. These are
two principles to which we can all SUBJ
scribe. ...... IS
ALDRICH MAY LECTURE.
eft rs. quite possible that the report OF
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 in order to arouse
public opinion to the necessity of a 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 reserve in the
/ hands Of an intelligent body OF finan-
ciers responsible to the government.
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 the derects and needs OF
our monetary system. I cannot too
strongly approve of this proposal Mr..
Aldrich, who is the leader of the sem
ate, and certainly one of the ablest states
men in financial matters in either house.
has been regarded with deep suspicion
by many people, especially in the west.
II, with his clear cut ideas and simple.
but effective style of speaking, he makes
apparent to the western people what be-
lieve to be his earnest desire to aid the
people and to crown his political career
d of hill
which will give us a sound and safe
monetary and banking system. it would
be a long step" toward removing the po-
litical obstacles to a proper solution Of
the question.
81 am not going to discuss the merits
and dement's of the new tariff bill with
YOU Suffice it to say that the passage
of the bill has removed disturbing ele-
ment in business. -.
INTERSTATE COMMERCE Law.
Nor shall dwell at length on the ne
cessity for amendments to the interstate
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
under them During Mr.. Roosevelt's adj
ministration we were all struck with the
necessity for reform in business methods,
for more scrupulous attention to the con-
duct of business in accordance with the
Ian and for the necessity of simplifying
the law IN such a way as to make 1t
clear to corporate managers what they
can do and what they cannot do.
I'VE are, believe, unless all signs fail,
on the eve of another great business ex-
pansion, an era of prosperity, Indeed, 1t
is already here in many branches of bus
mess. The hum of prosperity and the &C.
stacy 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 those standards by
positive laws. Nothing revolutionary
nothing disturbing to legitimate business
Is needed; but we must set the marks
clear in the sat0tes by which the lines
can be drawn and the proper legitimate
paths be laid down upon which all bus
mess shall proceed and must have it
understood by means of prompt prosecu-
ton and punishment that the law is
for all and is to be enforced even against
the most powerful.
Then, too, the needs in respect to the
conservation of our natural resources,
the amendment to the public land sys-
tenn; the execution of the pure food law,
land all the rest Of the important mat
ters that should demand attention, make