The Bridgeport evening farmer., 1911-12-21


 equacy of our banking and currency system even in our most quiet financial periods is of long standing. and later there has matured 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 commis- sion have for considerable time been working in the open and while large numbers of the people have been open ly 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 '---"b at this t.rna than rnmuend the immense importance of monetary reform. urge prompt consideration and action when the commissions report is that the plan to be proposed promises to embrace main features that. having met the approval of a great prepOn- derance of the practica! and pr0fes- sionai opinion of the country. are like ly to meet equal approval in congress.
 It is exceedingly fortunate that the wise and undisputed policy of main taining unchanged the main features Of our banking system rendered 1t at once impossible to introduce centrai bank. for a central bank would cer- tainly have been resisted. and plan into which 1t could have been intro duced would probably have been de feated But as . centraf bank could not be part of the only plaa discuss ed or considered that troublesome question is eliminated. And. ingenious and novel as the proposed national re- serve association appears. 1t simply is logical outgrowth of what is best in our present system and Is. in fact, the ful6Ilment of that system.
 Exactly how the management of that association should be organized is a question still open. It seems to be de- sirabie that the banks which would own the association should in the main manage 1t. It will be an agency of the banks to act for them. and they can be trusted better than anybody else chiefly to conduct it. It is mainly bankers work. But there must be some form of government supervision and ultimate coptrol. and ! favor q reasonable representation of the gov ernment in the management. enter tain no fear of the introduction of politics or of any undesirable infiu- epces from a properly measured gov erhment representation.
 l trust that all banks of the country possessing the requisite standards vii! be placed upon footing of perfect equality of opportunity. Both the na tional 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 impar tially if the banks of one system are given or permitted any advantages ot opportunity over those of the othei system. And 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 my tendency there may ever be toward consoliia ton of the money or banking power of the nation shall be defeated.
 It will always be possible. of course. to correct any features of the new law which may in practice prove to be unwise. so that. while this law is sure to be enacted under conditions of un- usual knowledge and authority. 1t also will include. 1t Is we'll to remember. the possibility of future amendment.
 With the present prospects, of this long awaited reform encouraging us. 1t would be singularly unfortunate if this monetary question should by any chance become party issue. And l sincerely hope it will not. The ex- ceeding amount of consideration 1t has received from the people of the nation has been wholly nonpartisan. and the congress set it's nonpartisan seal upon 1t when the monetary com mission was appointed. In commend ing the question to the favorable con- sideratiou of congress 1 speak for and in the spirit of the great number of tSAo" SAkA@Cho Wuo WktuOuI dIy thought of party or partisanship feel with remarkable earnestness that this reform is necessary to the interests of all the people.
 The War Department.
 There Is now before congress a bill the purpose of which is to increase the efficiency and decrease the ex- pense of the army. 1t contains four principal features-irst. a consolida- ton of the general stan with the ad, jutant generals and the inspector gen. erals departments; second. a consoli- dation of the quartermaster's depart ment with the subsis.e9ce and the pay departments. third. the creation oe an army service corps. and. fourth an extension of the enlistment period from three to five years.
 With the establishment of an army service corps. as proposed in the bill am thoroughly in accord and am con. svinced that the establishment of suci. a corps will result in a material econ, omy and very great increase of effl ciency in the army It has repeatedly been recommended by me and my predecessors. l also believe that con solidarion of the staff corps can be made with resulting increase m em- ctency and economy. but not along the