The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1909-09-16
Grrmtont Mattllmalt.
TAFT AND CANNON.

he ulUerenCe DeJWeeu cltdl pIO-
gressive Repubicanism and the old
Standpatter brand of party policies is
clearly shown in two speeches made
Tuesday, one by Speaker Joseph G..
Cannon before the meeting of the
American Bankers Association at
Chicago, and the other by President
Taft at the Chamber of Commerce
banquet in Boston
Cannon announced his hostility to
any radical changes in the present
currency laws and declared that
there would be no possibility of adj
opting revision at the winter ses-
sion of Congress. The Speaker prais-
ed the present currency system as
best suited to this country's needs,
and declared the German and English
systems untitled for a nation like
ours.
President Taft said: 81 do not
need to argue with this audience that
a change in our monetary and bank
ing system is necessary. We must
all unite to mend our roof before the
storm and rain shall show us again
it's leally and utterly inadequate
character. ." This is quite different
sort of statement The President re-
ferred to the monetary commission
which has been studying the banking
and financial institutions of Europe.
After declaring that our own bank
ing and monetary system is patched
up affair that satisfies nobody, the
President said:
at 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 Rep
resentatives and from the converse
lions of Mr.. Aldrich, who is the chair
man of the monetary commission and
of the finance committee Of the Sem
the monetary commission is toward
some sort of arrangement for CEN
trail bank of issue which shall control
the casual stringency which from
time to time will come in the circul-
ating medium of the country and the
world.
Mr.. Aldrich states that there are
two indispensable requirements in
any plan to be adopted involving a
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
it shall not be manipulated for poll
teal purposes. These are two prin-
ciples to which we can all subscribe.
1t is quite possible that the report of
the commission of a definite conclu-
sion may be delayed beyond the next
session of Congress. Meantime the
members of the commission intend to
institute a campaign of education"
The type of man represented by Mr..
Cannon probably would scott at the
idea that we could learn anything
from Europe, forgetting that the peo-
pie of those countries were studying
financial problems when painted saw
ages were the only inhabitants of
North America.
The currency problem is one re-
/quiring expert knowledge, but the
need for reform is pretty generally
recognized and is not to be dismissed
with a sheer. One of the important
features presented in this difference
of opinion, however, is the passing of
Cannonism and the rise of new lead
ers and new policies in the Republi-
can party. 1t must be remembered
that William H. Taft is the leader
of the party and not Speaker Cannon
1t must be remembered, moreover
tht the Taft ideas of tariff and cur
rency reform are the orthodox Re-
publican ideas and that "Standpat
ters" are not regulars but "insur.
gents" That thought cannot be EN-
phasized too strongly.
1t is good thing for the party ant
the country that the Taft brand Of
Republicanism is superseding the
Cannon brand. 1t isn't enough wheI
evils are pointed out to give thre,
cheers for the flag and boast of the
size of our export trade. Taft be
lieves in correcting abuses, in making
Republicanism and honesty synony
nous terms. That is why he is tn,
leader of the party and why the youni
men in the ranks follow him will
loyalty and enthusiasm.
Taft represents a rising star an
Cannon setting one
A QUESTION FOR Mo NTPEIJER