New-York tribune., 1909-07-05
FOWLER AND TREELAND.

The retirement of Representative Fowler, of
New Jersey, from the craftsmanship or the
House Committee on Currency and Banking may
be Interpreted either as n punishment for past
or as q safeguard against future recusancy.
He is removed for what he has done, for what
he might do, or for both. AS chairman of the
Currency and Banking Committee Mr.. Fowler
was more useful to the public in a large way
than as part of the legislative machinery. His
position on currency questions helped to form
public opinion, but he was so out of harmony
with the prevailing sentiment in Congress that
his committee was hardly more than an obstacle
to the framing of any legislation that had
chance Of passage. year ago, when the
Aldrich-Yreeland bill was before Congress, the
House had TO ride roughshOd over its committee
in order to accomplish its purpose Perhaps if
Mr.. Fowler had not been in bis important post
the legislative machine would have put through
the AIdrich bill as a permanent measure OF
monetary reform. It is not too much TO say
that to the New Jersey Representatives, OBJ
struction of the legislative wheels the country
largely owes the naming of 4 monetary COM
mission and the turning of the Aldrich bill into
a temporary emergency measure Mr.. Fowler
further wdened the breach between himself and
his legislative associates by joining the in
surgent'' movement in the House last winter.
Probably there are reasons enough for his
IuONd4 III Tue USlSl VI liAt AiOHSS
ayers to make an object lesson of such intracta-
bility.
It would be interesting TO know, nevertheless,
whether anticipated hostility on his part toward
the permanent currency legislation which is to
be reported, probably at the next regular session
of Congress- was another motive for his retire
ment About the plans OF the National Monetary
Commission nothing has been allowed to become
known except its favorable opinion of 81 central
bank. Mr.. Fowler had always advocated the
issue of credit notes by the individual national
banks, and it may have been feared that he
was so committed TO his plan that he would have
used his power and influence as chairman of
the committee against a central institution
However, his real contention not much
concerned with the character Of the institution
that should have the right OF issue as with the
character of the notes to be issued. He was the
most earnest opponent in public life OF bond
secured currency and the Warmest advocate of
a credit currency Upon this question-What is
to be the basis of the notes to be issued by the
proposed central bank the public is in the dark.
If the plan is TO have the bank buy miscellaneous
bonds and issue notes them. another reason
besides his past recusancy exists for Mr.. Fowlers
removal from his important post.
Mr.. Nreeland, who succeeds Mr.. Fowler, Is Il
member Of the National Monetary Commission,
and will consequently work in harmony with the
Senatorial members in handling the coming
measure OF currency reform. His views on the
subject not so well known are those OF
his predecessor, and he does not inspire so much
confidence as a doughty fighter for fundament-
ally sound principles. lie was the author Of the
Vreeland end Of the ldrich-Vreeland combina-
ton law. His contribution to it has not proved
OF any practical consequence, since only one
Vreeland currency association was ever formed.
His views, like those of Senator Aldrch, have
no doubt been much clarified by the monetary
commissions studies of European systems OF
banking and currency. We hope they have both
perceived not merely the advantage which Euro
pean countries possess In their central banks.
but the superiority of their credit currency over
our own bond secured banknotes. If they have
agreed upon a sound system OF monetary reform
there may be an advantage to the public in max
ing harmonious action possible between the COM
mittees Of the House and Senate.