Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-02-24
M0NEYSYSTEMT OBE
OvERHAULED BY
PRESIDENT
Urgent Recommendations to
be Made at Next Session for
Financial Legislation,
Morning journal Bureau,
6l3 Munsey Building,
Washington, ID q Teb 80.

NuSllliSlon, ~. -. feD. *.
The next hi piece Of constructive
I legislation President Taft is going K
give attention is that of overhaulinl
the monetary and banking system OF
the country. He already is givinl
a great deal of thought to this. al
though lie is not yet ready to come out
n advocate Il definite and detailed
plan.
Moreover, the president is aware
that the time is not yet ripe to GROVE
financial legislation. He has talked
the matter over with some of his call
ers lately and made II clear he is CIV
ing Il great deal of consideration to
the question of what ought to be done
to strengthen the financial system OF
the United states.
AT present congress has on its
shoulders more executive recommen-
dations than il can take care of this
session. II may dispose this session
of postal savings legislation. of rail-
road legislation, and of part of the
the conservation legislation which is
recommended. Little or no hope of
action on national Incorporation is
entertained.
But when the next session opens
the president expects to make urgent
recommendation for financial lcgis-
lation. The president is well enough
IN Will lll' UlO1ACnI0 -
congress to know that it viii probably
be impossible to get fiscal legislation
in a short session of congress-. But he
intends TO get as much of a beginning
made in the short session MS possible.
1t is expected that the report of the
monetary commission, of which Sem
|ator Aldrich is the head. will be made
to the opening of the next session OF
congress, If it is not ready before
flaf ffvan NkFl.,4 tI,,t 49, - ~ -, x,f1I
recommend is not yet certain.
Good reasons exist for the belief
that the report Of the commission will
be such hat President Taft can sup
port it. Senator Aldrich has been
comforting with the president a great
deal about monetary matters. The
president is understood to feel that the
commission is intent in framing the
groundwork for a piece of legislation
that will be of benefit to the hole
country. lie hopes to be able to work
along with the commission in getting
the banking and currency laws of the
country o~verhauled. He believes the
monetary commission will do its ut
most to bring forth a plan satisfactory
to the banks and to the people.
The president is not committed to a
central bank. Whether he Will come
to advocate one, it is too early to say.
IleSluPnt ldtt ~ SdlN TO leel t1di u
there is a central bank it will be To-
Gated in Washington. and 1t will have
to be Il bank in which all the national
banks viii have an interest, and
which viii be free from all suspicion
Of Wall street control He thinks the
monetary commission is working
along the same line as he is think
ing with respect to this.
The president is said to be Impress
ed with the earnestness of Senator
Aldrich in trying to work out Il none
tary plan. 1t is the fashion in congress
condemn any plan which Aldrich
may bring forth as savoring of Wall
street. But in other quarters it is said
to be the ambition of Aldrich 20 leave
new monetary legislation as , monu-
ment to himself.