The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1909-09-27
BY Associated Press.

by Associated fIehS.
Washington, D. c., Sept. 26. n II
something less than five years-to be
exact on June 30. 1914-the Aldrica
Vrocland financial act will expire by
Limitation, and unless before thar da.s
| it is replaced by a wisely-framed meas
ure of broad scope, the country will
again be in the periless situation that
is commonly believed to have resulted
in the panic Of l907-8, There is a gen
eral realization of the necessity o.
legislation on this subject but a wide
difference of opinion as to for Speak
er Cannon believes that mere ex
tension of the present law; with per,
maps a few amendments in details will
suffice; President Taft looks with fav-
or upon the proposition to create a
great central bank and there are all
sorts of intermediate schemes. Prob
ably that which commands the great
est support will be based upon the
recommendations of the monetary
commission which has been quietly but
effectively at work for more than a
year gathering the material for the
actual construction.
A campaign of education is about to
begin. for it is fully understood by
Senator Aldrich, who heads the com
mission and by the students of finance,
that it will be difficult to arouse the
interest of the mass of the people in
the details Of this rather abstrus sub
ject, and that only by general agita-
tion can the national legislature be
brought to the point of action. If
it required ten years to bring about
revision Of the tariff. certainly a
period of less than five years is none
too long to prefect and enact legis-
lation on subject so complex and i'm
portant as is involved in a general re-
vision of the entire financial system
of the republic. therefore soon after
the return to America from Europe of
Senator Aldrich and Professor And
rews and other members of the com
mission, which is expected to be
about the middle of next month, pre-
parations will be made for the pubii-
cation of the preliminary report OF
the commission and it is hoped that
this can be ready for submission to
congress when it reassembles in De-
cember. This will be only the begin
ming; for the full report is to be so
comprehensive in scope that it can
not possibly be completed within an
other year; but it will serve the pur-
pose of directing public attention to
this important subject and will afford
the senators and Representatives ma
terial for study to fit themselves to
grapple knowingly with such legisIa-
tion as may be ultimately proposed
by the monetary commission
This commission has been up to this
point engaged in a careful study of
the European capitals of the financial
systems Of Great Britain and the prin-
cipal continental powers and mass
Of data Of the greatest importance to
the students of finance has been col
lected. It is realized that none Of
these systems as a whole, is adapted
to the needs of the United States be-
cause of the peculiar conditions which
exist in this country, but in most of
them are found some features that
may be of value as a foundation for
the projected new American plan. At
tention win be directed to defects Of
the existing systems which has
grown up by accretion, causing it to
be described as patch work and as
one no longer capable by reason Of
lack of elasticity and unnecessary re-
Of meeting the business
needs OF the country.
Though nominaIly created with the
purpose Of dealing only with the sub
Iect of currency and the bond issues
On which the latter is based IN large
part, the commission has enlarged its
scope so as to include the national
banking system, and it is believed
hat even the state banks will be
iealt with in the forthcoming report
The projected great central bank win