The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-11-23

behind them as their support the in
exorahle nature of things, the laws Of
the physical universe and the indus
trial life of mankind; and in spite of
indifference and even Of opposition
they are bound in the long run to pre-
vail.
Nevertheless, I believe a thorough
and extensive campaign Of education
will be necessary. The benefits Of re-
form inure to the public generally.
1t is not the bankers but the public
who now suffer. l.Apd. the. first lesson
to be emphasized in our campaign Of
education is this That banking and
currency reform Is THE concern, not
of bankers. not even of nnanciers. but
Of the American public in general.
when panics come and wage-earn-
ers are thrown out of employment and
farmers with good properties cannot
interest, and no n can get the cash
necessary for the transaction Of rou-
tine business and checks are not &C
cepted at face value, the public must
be made to understand that these evils
in which all alike are participating are
due TO Il cumbersome, antiquated and
unscientific system of banking and
currency and that they could be elm
mated with the reform Of that sys-
tenn.
whoever a improve the Ameri-
can system Of banking and currency
improves American business and con-
fers a benefit, not only on business
men, but on every n who is engaged
in any Of the tasks Of production or
distribution. on the farmer and the
laborcr, as we'll as on the trader and
the capitalist. If Senator Aldrich has.
after conference with bankers and
business men and economists and 9TH
er groups Of Intelligent citizens work.
ed out on sound business principles a
plan for h reformation of u cur
rency and banking system which can
be fitted into existing conditions with
out involving abrupt or revolutionary
among the foremost financial states
men of modern times. and nc will
have laid before our people a program
Of practical reform which. In ciew Of
the magnitude of the interests involv-
ed and the terrible severity Of the evils
to be remedied. should take preced-
encc of every other question Of con-
temporary public policy.
I'm comparison with @ sound bank
ing and currency system proposed
changes in our tariff and trust laws,
important and urgent as they may be
in themselves, fall into the back
ground.
"You will not misunderstand me-. I
recognize the %propriety Of bringing our
tariff laws into a closer harmony with
the conditions of modern industry and
commerce and the demands both Of
the consuming and the producing pub
lie. And though L am firmly cOnvinc-
ed that business on a large scale Is
absolutely essential to efficiency in the
! modern world and should be protected
and encouraged by all proper and
$4,000 h~H ~s ~r.
emphatically that the public have a
right to he protected from oppressive
m%ouopolies. But whatever the Losses.
Inconvenience and sufterings which
may be attributed to tart6 and
trust laws. they are far less than the
losses, Inconvenience and sufferings
which are due to tho imperfecttons OF
our banking and currency system. To
the supreme importance Of this issue.
therefore, 1t is indispensable that the
public should be aroused.
'The business of the country has
undergone consolidation, coordination
and Capitalization at a tremendous
rate. But vi banking system is par
alyzed by decentralization and lack Of
coordination. To realize how anti
quated that system 10 n has only to
imagine trade and commerce conduct
! ed today as It was fifty or one hun
drcd years ago. Yet that is the de-
centralized condition in which under
the present aystem u banks are ac-
tuaiiy left. The evils Of de%centraliza-
ton and lack Of coordination are felt
especially In times Of threatened panic.
There are bank reserves enough in the
country to protect all the banks. But
they nre widely scattered and each
jealously guards Its own. That. how
ever. In the very time when reserves
should be centralized. subject to sin
gle control and ready for application
at any point in the country where
danger especially threatened 1t is "a
though Il town were to be- protected
against fire when zach citizen possess.
ed a private reservoir Of water and
The second Fundamental evil from
which u banking system suffers IL
the lack Of elasticity in the credit II