The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1911-12-21
CREDIT OF U. s.
BEST in WORLD

Continued From Page One.
reduction OF all treasury positions to
the number OF 1901. Meantime the ef-
fciency OF the work of the department
has increased.
Monetary Reform.
A matter OF first Importance that
will come before Congress for action
at this session is monetary reform.
The Congress has itself arranged an
early introduction of this great ques-
ton through the report OF it's None
tary Commission. This commission
was appointed TO recommend solution
OF the banking and currency problems
SO long confronting the nation and TO
furnish 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 deplorable
panic of 1907. The Congress decided
that while IL could not give immedi
ately the relief required, 1t would pro-
vide a commission TO furnish the
means for prompt action at a later
date.
In order TO do its work with thor
oughness and precision this commits
! sion has taken some time to make its
report. The country is undoubtedly
hoping for as prompt action on the
report as the convenience of the Con-
gress can permit. The recognition of
the gross imperfections and marked in
adequacy of our banking and currency
system even in our most quiet financial
periods is of long standing; and later
there has matured a recognition of the
fact that our system Is responsible for
the extraordinary devastation, waste,
and business paralysis of our recurring
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 proceeded, so that the report
of the commission promises to repre-
sent a national movement, the details
OF the report are still being considered.
can not. therefore, do much more at
this time than commend the immense
Importance of monetary reform, urge
prompt consideration and action when
the commissions report is received,
and express my satisfaction that the
plan to be proposed promises to en-
brace main features that, having met
the approval of a great preponderance
of the practical and professional opin-
ion of the country. are likely to meet
equal approval in Congress.
1t is exceedingly fortunate that the
wise and undisputed policy of main
tanning unchanged the main features
of our banking system rendered it at
once impossible to introduce a central
bank; for q central bank would GER
tainly have been resisted, and a plan
into which it could have been intro
Iduced would probably have been de-
feated. But as IA central bank could
not be part Of the only plan dis
cussed or considered. that troublesome
question is eliminated. And ingeni-
Gus and novel as the proposed National
Reserve Association appears. it simply
is logical outgrowth of what is bes
in our present system, and is in fact.
the fulfillment Of that system.
Exactly now the management Of that
association should be organized is a
question still open. 1t seems to be de-
sirable that the banks which would
own the association should in the main
manage it. 1t will be an agency of
the banks to act for them, and they
can be trusted better than anybody |
else chiefly to conduct it, 1t is main |
ly bankers work But there must be
some form of government supervision |
and ultimate control, and favor rea- |
sonable representation of the govern |
ment in the management. / entertain |
no fear of the Introduction of politics |
or Of any undesirable influences from !
a properly measured government rep |
resentation.
/ trust that all banks of the country |
possessing the requisite standards will |
be placed upon n footing of perfect |
equality of opportunity. Both the Ma
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 can not develop impair |
tally If the banks of one system are |