Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-12-21
MONETARY REFORM.

1nOxN = - An NIX Onm.
A matter of first importance that will
come before Congress for action at this
session IS monetary reform. The Con-
xfess has itself arranged an early in
troduction of this great question through
the report of its monetary commission.
This commission was appointed to rec
ofnmend a solution of tine banking and
currency problems so long confronting
the nation and to furnish the facts ami
data necessary to enable the Congress to
take action. The commission was ap-
pointed when an impressive and urgen.
popular demand for legislative relief
suddenly arose out of the diStIe sing
situation of the people caused by the de-
plorable panic of 1901. The Congress
decided that. while it could not give i'm
mediateiy the relief required. il would
provide commission to furn sh the
means for prompt action at a la .er date.
In order TO DO its WORK with tnoro. gn-
ness and precision, this commission mas
taken some time to make Its repvrt. The
country is undoubtedly hoping for as
prompt action on the report as he con-
venience of the Congress can .erimt.
The recognition CT the gross Imperfect
tons and marked inadeauacy ut ou'
banking and currency SYSTEM even in
our most quiet financial period is OF
long standing: and later there has. ma
tured a recognition Of the fact that 'ou.'
system Is responsible for the extraocai-
Dof NCNdStdtiOu, waste anu business
paralysis of cur recurring perious of
panic Though the members OF the mon
etary commission have for a consider
able time been working in the open, and
w.niie large numbers OF the p. ople nave
been openly working with them. AMI
while the press has largely no..d and
discussed this work as it has pro- eeied
SO tina; the report of the commits ion
promises 10 represent a national move
ment. the details of the report are still
being considered. ! can not. therefore,
do much more at this time than COM
mend the immense importance of none
tary reform. urge prompt consideration
and action when the commissions re-
port u received and express my salts. &C
ton that the plan to be proposed prom
tses to embrace main features that, nav
ing met the approval OF great prepon-
oerance of the practical and professional:
opinion or the country. are likely to
meet equal approval in Congress.
II Is exceedingly fortunate mat the wise
and undisputed policy of ma ntaining I'M
changed the main features of our bank
Ing system rendered il al once imposs .ble
10 Introduce a central bank; for a central
bank Won d certainly have been resisted,
and plan into which il could have been
introduced would proba bly, have been de-
ffated. But a central bank could not
he a part of the only plan discussed or
considered. that troublesome question is
eliminated. And ingenious and moved .as
the proposed National Reserve Associa-
growth of what is best in our present sys-
tenn, and is, in fact. tine fulfiflment Of
that system.
cit Is Mainly Bankers Work"
Exactly how the management of that
association should be organized Is a ques-
ton still open. 1t seems to be desirable
that the banks which would own the as
sociation should in the main manage IL.
IL xx-fll ~, Al.
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 SUPER
v-son and ultimate control, and l favor
a reasonable representation of the gov
eminent in the management. 1 entertain
no fear OF the Introduction of politics or
of any undesirable influences from a
properly measured government repre-
kentation-
1 trust that al banks of the country
possessing the requisite standards will be
placed upon footing of perfect
equal ~ OF opportunity. Both the
tenn should be fairly recognized. leav-
ing them eventually to coalesce IL that
shall prove to be their tendency But such
evolution can not develop impartially II
the banks of one system are given or
permitted any advantages of opportunity
over those of the other system And
trust also that the new legislation will
carefully and comp ete1y protect and as
sure the individuality and the independ-
ence Of each bank. to the end that any
tendency there may ever be toward a
consolidation 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 UNI
wise: so that while this law Is sure to be
enacted under conditions Of unusual
knowledge and authority. it also will In
.l..H4 L. ShAR
sibslity Of future amendment.
= With the present prospects Of this long