New-York tribune., 1910-11-11
ELECTION POSTPONES
CURRENCY REFORM
Democratic House Means Do
Nothing Policy in Next
Congress.
A BLOW TO BUSINESS MEN
Further Tariff Revision and Ac-
tion Toward Conserving
Resources Will Also Have
to Wait.
From The Tribune Bureau. :

Washington, Nov. 1O-When the bust
ress men Of the country have an oppor-
tunity for reflection on the results of
Tuesdays election they will realize what
staggering blow was dealt them in the
| election Of a Democratic House of Rep
resentatives. The turning over Of con-
troll Of the lower branch Of Congress to A
party not IN harmony with the President
and the Senate means legislative stagna-
tion-a do-nothing policy toward the
great questions which are pressing for
solution. At this time stagnation is
peculiarly unfortunate, for there are
three or four great problems. closely in
terwoven with commercial prosperity.
which the business world hoped to see
settled by the next Congress
The election Of a Democratic House
means, among other things the post
pnnement for az least two years Of legis-
lation revising the banking and currency
laws Of the United States It means
that there will be no legislation by the
next Congress for the regulation Of
stocks and bonds Of interstate carriers,
q revision Of the separate schedules Of
The law based on accurate information
gathered by the Tariff Board will be de-
!ayed. and il probably means that no
definite programme or policy viii be
adopted by Congress with reference 20
the conservation Of the country's natural
resources. particularly in Alaska.
The futility Of attempting 10 revise the
currency laws and pass a new banking
act in a Congress where the Democratic
majority in the House is approximately
sixtv and the Republican majority in the
Senate eight or ten must be apparent
Although the National Monetary Com
mission has tried. and IS trying, 10 keep
these questions out Of politics. it is in
evftabIe that members OF Congress Will
divide in a large degree along party lines
when concrete propositions are presented
70 congress. II IS not improbable that
rhe Monetary Commission will make ma
ioritv and minority reports. and II Is
certain that there viii be more than one
report if the majority decides to recon-
mend the establishment Of some form OF
central bank.
Monetary Commissions Work Blocked.
For more than two years the Monetary
Commission has been studying Ihe
banking and currency question, and II
MANNED 10 make report in time ror the
next Congress to take up the solution
of this great problem. The mere fact
that Senator Aldrich is chairman Of the
Commission means that no report ap-
proved by him viii find favor with
Democratic House. IN the campaign
lust closed the Rhode Island Senator was
attacked a. the representative Of alleged
Republican wickednsss. Democratic
orators took the position that no Con-
gress could be trusted unless IL opposed
everything Senator AIdrich believed and
advocated It goes without saying that
2 ma iority Of the Monetary Commission
will be in accord with the views Of MI
Aldrich as to the best means Tor
strengthening the monetary system Of
the country. For political purposes in
the campaign Of 1912 Democratic orators
would want nothing better than an op-
uortunity 10 tell the voters that their
ran-ee4ntatives in Congress stood as one |
man against legislation recommended by
the Rhode Island Senator Representa- !
tive Pujo. Of Louisiana, who is a mem !
her of the Monetary Commission, prob |
.abIv viii be chairman Of the Banking |
and Currency Committee when the /
democrats take control Of the House |
b,r If he is In accord with the majority /
,.ia,,-s ~ the Monetary Commission II is |
tronrobable that he will be able 10 con- |
,,ert his Democratic colleagues.
The Aldrich -Vreeland emergency cur |
r.rc,- act expires by limitation on June |
"a 1a14 The life OF the Monetary Com |
,,tssion is Of the same duration The |
,,o,orotssion has made a special effort |
- encourage study in the South OF its
...,lapr and exhaustive reports on fl |
,aroial and banking systems. but the |
- - the Democratic House plurality |
ard tbe opportunity to play politics for
r. r,rasidential election will have the
ae.ct If making the Commissions find
-, q nolitical rather than IA business
,-.,,iut,s.d on fourth u.v.