Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1911-12-22

hoping for az prompt action on the re
port as the convenience of the congress
can permit The recognition of the
gross imperfections and marked mad
equacy of our banking and currency
| system even in our most quiet financial
| periods is of long standing, and later
there has matured a recognition of
| the fact that our system is responsible
| for the extraordinary devastation,
waste and business paralysis of our
recurring periods of panic. Though
| the members of the monetary commits
i sion have for cOnSidera BILE time been
working in the open and while large
| numbers of the people have been opSn-
| " working with them and while the
press has largely noted and discussed
this work as it has proceeded so that
the report of the commission promises
to represent national movement, the
details of the report are still being
considered. L can not therefore do
much more at this time than commend
the immense Importance of monetary
reform. urge prompt consideration and
action when the commissions report is
received and express my satisfaction
that the plan to be proposed promises
met the approval of great prepon-
derance OF the practical and profess
sional opinion of the country, are like
ly to meet equal approval in congress.
Tt is exceedingly fortunate that the
wise and undisputed policy of main
tanning unchanged the main features
of our banking system rendered it at
once impossible to introduce a central
bank, for q central bank would GER
tainly have been resisted, and a plan
into which it could have been intro
duced would probably have been de-
feated. But as a central bank could
not be part of the only plan discuss
ed or considered that troublesome
question is eliminated. And, ingenious
and novel as the proposed national re-
serve association appears, it simply is
a logical outgrowth of what is best in
our present system and is, In fact, the
fulfllment of that system.
Exactly how the mana cement of that
association should be organized is
question still open. 1t seems to be de
sirabIe that the banks which would
own the association should in the main
manage it 1t win be an agency of the
banks to act for them, and they can
be trusted better than anybody else
chiefly to conduct It, 1t is mainly
bankers work. But there must be
some form of government supervision
and ultimate control, and I favor q
reasonable representation OF the gov
eminent in the management. 1 enter
tain no fear of the introduction OF
politics or of any undesirable influ-
ences from a properly measured gov
esnment representation.
1 trust that all banks of the country
possessing the requisite standards will
be placed upon a footing OF perfect
equality of opportunity. Both the ma
tonal system and the state system
should be fairly recognized, leaving
them eventually to coalesce If that
shall prove to be their tendency. But
such evolution cannot develop impair
TALLY if the banks of one system are
given or permitted any advantages of !
opportunity over those of the other
system. And 1 trust also that the new
legislation. will carefully and COM
pletely protect and assure the individ- |
,uality and the independence of each |
bank TO the end that any tendency /
there may ever be toward Il censolida- /
uon OF the money or banking power of /
the nation shall be defeated
1t will always be possible, of course. |
to correct any features of the new |
law which may in practice prove to be
unwtse. SO that, while this law is sure
to be enacted under conditions of IN
usual knowledge and authority, it also
will include. 1t is well to remember.
the possibility of future amendment
With the present prospects of this
long awaited reform encouraging rs.
1t would be singularly unfortunate il
this monetary question should by any
chance become party issue And
hope it viii not The ex-
ceedfng amount OF consideration it
mas received from the people of the
nation has been wholly nonpartisan,
and the congress set its nonpartisan
seal upon it when the monetary COM
was appointed. In commend
Ing the question to the favorable con-
or congress speak for and
In the spirit of the great number of
my fellow citizens who without any
thought of party or partisanship feel
with remarkable earnestness that this
reform is necessary to the interests
Of all the people.
Tho War Department
There is now before congress a bin
he purpose of which is to increase
he efficiency and decrease the ex-
oense of the army. 1t contains four /
features-frst, a consolida-
ion of the general staff with the adj
utant generals and the inspector gem
'raPs departments; second, consoIi-
lation of the quartermaster's depart
nent with the subsistence and the
'ay departments; third. the creation
# an army service corps, and. fourth,
N extension of the enlistment period
rom three to five years
With the establishment of an army
erFice corps, as proposed in the BILL