El Paso herald. (El Paso, Tex.) 1901-1931, 1911-02-04
Final Report of Monetary
Commission May Be Long
Delayed.
CANNOT BE MADE
AT THIS SESSION
Permanent Panic Cure Is
Sought by the Financiers
of Congress.

Washington, D. c., Feb. The na-
tional monetary commission promises to
be in the limelight for many months
to come. Recently, senator Nelson w.
Aldrich. chairman OF the commission.
submitted TO it a plan for the forma-
ton of what is called the Reserve as
ISOLATION Of America This is intended
ii be tentative and TO constitute a
foundation for action The commits
sion will take its time In scrutinizinz
the plan and sounding public senti-
ment. 1t is certain that a final report
from the national monetary commits
sion need not be expected at this ses-
sion Of congress
In the meantime. the submission OF
senator Aldrich's plan has served to
bring about widespread discussion.
There are many signs OF an acute pub
lie interest in the question OF reform
OF the cOuntry's banking and currency
laws. Numerous trade bodies and COM
merciaI organizations have appointed
committees to study the subject
Schools and colleges are devoting at
tention to the country's fiscal system,
and students are debating whether
changes are needed Bankers every
where are discussing the needs CT the
banking and currency laws and seeking
enlightenment.
Congress Must Finally Act.
Sooner or later congress may be ex>
pected to be moved by al1 this agita-
ton and discussion Of monetary prob
lens among the people, and to seek to
pass a comprehensive monetary law.
How soon this viii be done is specula-
tive, and no doubt depends much on
conditions. Congress moves slowly
when it comes to making any impor-
tant alteration in the national banking
laws. One reason for this is the feel
ing that the country has prospered IN
der those laws and that il may be IN
wise to change them materially. Be-
sides. few members Of the house or
senate have time to make a deep and
careful study Of fiscal legislation and
the needs Of the country with respect
thereto.
Since the civil war there have been
few changes in the banking and cur
rency laws. It was then the national
banking system was created The
financial act OF 1900 put on the statute
books what the Republican majority in
congress held to be the verdict of the
people. and established the gold stand
ard. Divers plans for sweeping cur
rency reforms were brought +. forward
from time to time. but they were given
little attention. 1t was not until after
the panic of 1907 that there was a
widespread demand for some provision
CT law that would afford more elias
ITCHY to the currency system and would
tend to insure safety in a great finan-
ciaI emergency. The result of this was
the enactment of the sOcalled Aldrich-
Vreeland measure to amend the ma
tional banking laws, by providing for
a system of emergency currency.
Would Prevent Panics.
The panic Of 1898 was attributed to
the silver purchasing act and TO tariff
apprehension. but when the panic OF
1907 occurred in the midst OF what
seemed to be period Of great pros
perity. It led 20 much criticism of the
banking and currency system Since
that time there has been a pronounced
feeling that comprehensive currency re-
form must be brought about The
emergency currency measure OF May
20-19OS. Is a temporary law. 1t ex-
CONTINUED on nexr pagel