Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1911-12-22
Nonetat, Is..form.


form. The Congress has itself ar
ranged an early introduction Of this
great question through the report OF
its Monetary Commission. This corr
mission was appointed TO recommend
a solution OF the banking and cur
rency problems so long confronting
the Nation and 10 furnish the facts
and data necessary TO enable Con-
gress 20 take action. The commits
sion was appointed when an impress
sive and urgent popular demand 70,
Legislative relief suddenly arose out
of the distressing situation OF the
people caused by the deplorable panic
OF 1907. The Congress decided that
while II could not give Immediately
the relief required Il would provide
a commission TO furnish the means
for prompt action at later date.
In order to do its work with thor
oushness and precision this commits
sion has taken some time TO make Its
I report The country Is undoubtedly
hoping for as prompt action on the
report rs the convenience Of the Con-
.ress can permit. The recognition
of the gross imperfectlons and mark
ed inadeuuacv OF our banking and
currency system even In our most
luiet financial periods Ii OF long
standing: and later there has matur-
ed recognition Of the fact that our
system Is responsible for the extra
ordinary devastation. waste, and
business paralysis Of our recurring
periods OF panic Though the mem
hers OF the Monetary Commission
have for considerable time becn
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 dis
cussed this work as Il has pror eded.
so that the report Of the commission
I promises TO represent national
movement. the details OF the report
are still being considered. | can not.
. AhFlfiNifs NV HlhNu niVit ~ this 'tutc
than commend the immense lmpor-
lance nj monetary reform. urge
prompt consideration and action
when the commissions report is re-
ceived and express my satisfaction
that the plan to be proposed promises
10 embrace main features that. hay
ing met the approval % n great pre-
ponderarce Of the practical ana pro-
fessional opinion Of the country. ara
likely to meet equal approval in Con-
gress.
wise and undisputed policy of main
tanning unchansed tho main features
of our banking system rendered Il a,
once impossihlc to introduce g cen
trail bank: for central bank would
certainly have been resisted. and a
plan into which II could have beer
introduced would PROBABLY have beer
defeated Iut as central bank
could not be part Of the only plan
discussed or considered. that trouble
Some question Is eliminated. And In
cenious and novel as the proposed
National Reserve \ssociation anrcars.
It simply Is a logical outgrovth OF
what Is hes, In oYr present system
ard is In fact, the fulfillment oi that
system
I trust that all banks or the coun-
trv possessing the requisite stan lard
will be placed upon footing of per
feet equality OF opportunity. Both
In the field service Of the depart
ment. too. 1859 positions have been
eliminated down to the present time.
making total net reduction Of at
Treasury positions to the number of
/ sol. Meantime the efficiency cfl
the National system and the state
system should b. fairly rccornized.
LEAVING them eventually to coalesce
II that shall prove TO be their tcndcn-
ov. But such evolution can not de-
vclcp impartially u the banks OF one
system are given or permitted ary
ADVANTAGES Of opportunity over those
OF the other system. And trust also
that the new LEGISLATION will care
fully and completely protect and as
sure the individuality and the indie
IncDdcnt az each hank. &C. the end that
any tendency there may ever he to-
waru a consolidation OF tho money
or banking power Of tho Nation shall
be defeated
II viii ALWAYS be possible. OF course
20 correct any features Of the new
law which may In practice nrove 10 be
unwise. so that while this law IL sure
to he enacted under conditions OF un-
sual knowledge and authority. IL al
so will include. II Is well 90 remem-
Der. the possibility Of future amend
mcnt
With the present prospects of this
long-awaited encouraging Ms n would
be slngularly unfortunate 70 this
monetary question should by sny
oh9nce become a marty issue Ind \
sincerely hope II will not. The CT
cceding amount Of consideration A
has received from tho people of the
/ Nation has been wholly nonnartlsan
ard the Congress- set It's nonpartisan
seal upo nit whom the Monetar, Com
H....