The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-12-12
two hundred and thirteen more to whom
he may turn his attention.
THE sEcRETARY ON CURRENCY

THE eEoRETARy ON CURRENCY.
The report of the Secretary of the
Treasury, released for publication on
Friday morning and carried in sum.
mary in The Tribune, is probably the
most important document Of any OF
the Cabinet reports.
considerable portion of II Is taken
up with the discussion of the currency
question. of the National banks. of
the Treasury certificates, and generally
of the financial questions that are
more or less debatabe.
Under the head Banking and
Currency" the Secretary is very en-
phatic in impressng upon Congress
the need of currency legislation. Al
though there has been prolonged dis
cussion of currency questions, and al
though the need of legislation on these
questions is urgent, and is admitted by
all the facts remain that the cur
rency legislation needed is not enacted.
and the fact appears to he. further, that
Congress is not disposed to legislate
upon this question,
The Secretary justly says that ''The
whole financial history of our country
is a long series of troubles and aglta-
tons. He is too optimistic, how
lever, when he follows that assertion
with the expression that 1--WE have
in sight the establishment of a real
system that will be most safe and
sane, and. he adds that cit makes
one impatient to see it accomplished, -
Such legislation may be in sight
from the Treasury Department, but
certainly IT is not in sight to the
country at large. We do not know
where there is any formulation of any
currency or banking system that
could in the least degree be labeled
REFORM On the contrary, Senator
Aldrich. who is the head of the Ma
tional Monetary Commission, while de
scribng the need OF reform, and
| showing the great growth of the State
banks and trust companies, as con
trasted with the small growth of the
National banking system. explicitly
refrains from offering any remedial
| legislation. 1t is possible that he may
have such legislation in charge, and
that the Secretary of the Treasury may
know of it, but the country does not
know of it; but now that the state
ment has been made that such legisla
tion is Sin sight we shall be very
impatient to sec IT,
There is no question about the fact
that such legislation is of "the frs1
consequence, as the Secretary al
doubt of both tn, forcefulness and the
| truth Of the following arraignment
made by the Secretary, of our present
system:
AS long as we continue under our pres
ent system, wn are liable TO panics; and
| the vast devastations OF panics reach
Republicans and Democrats and all parts
| of the country alike. Panics arc nc
longer necessary. and no longer respecta
BILE. They are avoidable; but not unde,
our system Our system can fairly he
called a panic breeding system whereas
| every other great national banking anc
currency System 10
| is for the Government to say whether
| IL shall have paucs in the future OF
whether IL Will not. II Is mere matter
of choice We can continue to have
panics. or we can stop having panics
| exactly as we prefer. II will not cos
penny TO prevent them. and II has cost
us untold millions and untold suffering
every time we have had one
A word picture, painted to the life
but Congress seems in no hurry T.
mend matters, and it is not in th
least to be expected that any legisla
tion on this question will be mature'
at the present session.