The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-09-15
PRESIDENT TAFT ON REFORM
OF THE CURRENCY.

IF President Taft's series of speeches
throughout his swing round the 10000
luile circle shall all be as inspiring to
thought as the one he delivered at Bos-
ton last night. he will make a record.
If ne should not make another ad-
dress between now and the opening of
the long session of Congress, he would
have given the country enough to think
about for a long time.
The big issue which Mr.. Taft pre-
scented squarely TO the country at Bos-
ton is currency reform. He declared
himself for the central bank of issue,
and proclaimed his confidence in Sen
ator Aldrich as the man to work out
such q project. Admitting that there
is strong prejudice in the public mind
against che man who has just finished
giving the country downward revision
toward the skies, Mr.. Taft protested
nevertheless his confidence in the
soundness, sincerity, and patriotic in
spiration of Senator Aldrieh's financial
views. More than this, with his in
dorsement of the recent utterances of
Mr.. Vreeland, chairman Of the House
Banking Committee, the President JUS
titled the inference that the Congress-
ional machinery has been arranged with
reference to pressing the Government
bank plan toward a place in the stat
ute books.
In the last three or four years there
has been wonderful shifting of opin-
ion on the central bank proposal. With
out doubt it is today more generally
favored than It has been since the
original Bank of the United States was
put out of existence. The vindication
of the central government bank in the
experience of other countries; the dem
onstration that the safest financial
systems. those most elastic and most
responsive 10 business needs, are those
founded on the central bank-these
things have been brought home to the
people of the United States ever since
the crash of 1898. Since the panic of
1907 the movement for such a settle
ment has gained ground with amazing
rapidity.
Prejudice, whether it be prejudice
against a system once discarded or
against a particular public man who
would return to that system, ought to
be eliminated from consideration of
this question. There is hardly dissent
from the statement that our currency
system is thoroughly bad 1t is no
system; it is a chaos. 1t must have
reform. unless the country shall weak
" confess that our Government Is not
strong and efficient enough TO give
its people the benefits that other
countries secure from their govern
ments.
The case is fairly up to the people
who, chiefly on the basis of prejudice
oppose the central bank of issue. Have
they anything so good or better 10 of
fer in its place? They can't expect to
defeat something with nothing. They
must bring forward a counter plan. OF
acknowledge that the Government bank
Is the true solution.
Without doubt, in application Of the
system TO the United States many
notifications would have to be impos-
ed upon the English, French. or Ger
man plans. The English is probably toe
rigid; it may very reasonably be urged
that the French plan permits a measure
Of elasticity which might be dangerous
if granted in this country. But be
tween these two stands the German
plan. which students believe is capable
OF safe and not difficult adaptation to
the needs OF this country.
With President Taft out for thi.
proposal, and with the Monetary Com
I mission. the Finance Committee Of tn,
Senate. and the Banking Committee Of
the House apparently committed to it
there is brighter outlook for currency
4 reform than in two generations past.