Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1911-12-28

1 7il1yglT ~ ~. & III f,
| ana sirty-seven statutory positions
were eliminated during the last year
| in the once Of the treasury In WISH
ington, and III positions In the year
1910, making an elimination Of w
statutory positions since March :.
1909: and this has been done without
the discharge Of anybody, because the
normal designations and deaths have
been equal to the elimination OF the
places, a system Of transfers having
taken care Of the persons whose posi-
tons were dropped out. In the neld
service Of the department, too. 1883
positions have been eliminated down
to the present time. making q total
net reduction Of all treasury positions
to the number Of 1901. Meantime the
efficiency Of the work Of the depart
ment has increased.
Monetary Reform.
A matter Of first importance tnat
will come before congress for action
at this session is monetary reform.
The congress has itself arranged an
early introduction Of this great CUES
ton through the report Of its monetary
commission. This commission was ap-
pointed to recommend q solution Of the
banking and currency problems 20
long confronting the nation and to fur
nish the facts and data necessary to
enable the congress to take action.
The commission was appointed when
an impressive and urgent popular de-
mand for legislative relief suddenly
arose out of the distressing situation
of the people caused by the deploraDle
panic Of 1907. The congress decided
that while 1t could not give Immediate
IL the relief required, It would provide
a commission to furnish the means for
prompt action at later date.
In order to do It's work with thor
oughness and precision this commits
sion has AIKEN some timC to make ifH
report. The country Is undoubtedly
hoping for as prompt action on the re-
port as the convenience OF the con-
gress can permit. The recognition OF
the gross imperfectlons and marked
inadeQuacy Of our banking and cur
rency system even In our most quiet
financial periods is Of long standing;
and later there has matured a recog-
milton of the fact that our system is
responsible for the extraordinary dew
astation, waste and business paralysis
of our recurring periods Of panic.
Though the members Of the monetary
commission have for a considerable
time been working In the open, and
while large numbers Of the people have
been openly working with them, and
while the press has largely noted and
discussed this work as It has proceed
ed, 90 that the report Of the commits
sion promises to represent a national
movement, the details Of the report are
still being considered. can not, there
fore, do much more at this time than
commend the immense Importance OF
monetary reform, urge prompt consid-
Grafton and action when the commits
sion's report 10 received, and express
my satisfaction that the plan to be
proposed promises to embrace main
features that, having met the approval
Of a great preponderance OF the prac-
teal and professional opinion Of the
country. are likely to meet equal ap-
proval In congress.
1t Is exceedingly fortunate that the
wise and undisputed policy OF main
tanning unchanged the main features
Of our banking system renders 1t at
once impossible to introduce q CEN
trail bank; for a central bank would
certainly have been resisted, and a
plan into which 1t could have been in
troduced would probably have been de-
feated. But as 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, II simply Is
logical outgrowth Of what IL best
in our present system, and is, In fact
the fulfllment Of that system
Question still Open.
Exactly how the management OF that
association should be organized is q
question still open. 1t seems to be de-
sirable that the banks which would
own the association should in the main
manage 1t. Il will be an agency Of the
banks to act for them, and they can
be trusted better than anybody else
chiefly to conduct II, 1t Is mainly
bankers work. But there must be some
form Of government supervision and ul-
innate control. and favor a reason
able reli'easntati6h Or the government
In the management. entertain no
fear Of the introduction Of politics or
Of any undesirable influences from a
properly measured government repre-
sentation.
trust that all banks Of the country
possessing the requisite standards will
be placed upon footing Of perfect
equality Of opportunity. Both the ma
tional system and the state system
should be fairly recognized, leaving
them eventually to coalesce II that
should prove to be their tendency. But
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