The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1911-12-22
TAFT DECLARES
CONTINUED from Firs. PaE.l.

NJ our recurring periods OF panic
Though the members 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 Il has pro
ceeded, so that the report of the com
mission promises TO represent n ma
tional movement. the details OF the
report are still being considered. I
cannot. therefore. do much more at
this time than commend the immense
Importance OF monetary Of monetary
reform. urge prompt consideration
and action when the commissions
report is received. and express my
satisfaction that the plan to be pro
posed promises 10 embrace main fea.
lures that. having met the approval
of n great preponderance OF the prac-
Teal and professional opinion OF the
country. are likely to meet equal ap
prevail in Congress.
Central Bank Idea.
II is exceedingly fortunate that the
wise and u%ndisputed policy Of main
tanning unchanged the main features
OF our banking system rendered IL at
once impossible 10 Introduce a ZEN
trail bank. for a central bank certain
~ would have been resisted. and a
plan into which IL could have been
introduced would probably have been
defeated. But as a central bank
could o be a part Of the only plan
discussed or considered. that trouble
some question is eliminated And IN.
a.ar-rsa u,A unnsaH uu tho nrnunua1 "a.
tional Reserve Association appears.
Il simply Is n logical outgrovth Of
what Is best In our present system,
and Is. I'm fact. the fulhllment Of hat
system.
Exactly how the management Of
that association should be organized
IL a question still open. II seems 70
he desirable that the banks which
would own the association should In
the main manage %. u will be an
agency Of the banks 10 act for them.
and they can be trusted better than
anybody else chiefly 10 conduct ~. u;
f. mainly bankers work. But there
must be some form ~ government
supervision and ultimate control. and
] favor a reasonable representation
Of the government in the manage
ment. ! entertain no fear Of the in.
PRODUCTION Of politics or ~ any un.
desirable influences from a properly
measured government representation
trust that all banks Of the coun-
try possessing the requisite standards
will be placed upon 20 footing OF per.
feet equality ~ opportunity Roth
the national system and tho state aFs
tenn should b. fairly recognized. leav
ing them eventually 20 coaiescn 10 that
shall prove 10 be- their tendency. Huf
such evolution cannot develop impair
TALLY if the banks of one system are
given or permitted any advantages Of
opportunity over those Of the other
system And 7 trust also that tho
new legislation V-I carefully and
completely protect and insure the in.
dividualitv and tho Independence Of
each bank. to the end That % Zen
dency there may ever Do toward a
consolidation ~ The money or bank
INK power 0f fhe nation shall be DO
feated.
The War Department.
There Del nov before congress "a bin
the purpose OF which Oh 10 Increase
the efficiency and decrease Tho u
pcnse ~ The army ~ contains four
principal features First. a r1neYiI
dalton ~ the general STAFF with fhe
a%dIufant generals and tho Inspector
generals department. second. a con.
solidati0u of tho qIartcrmas'ers de-
parfment with The Subsistence and
Che pay department. third. the crcq
ton ~ an army service c0r1s. and
fourth. 200 extension of the enlistment
period from three ~ Give years
With tho establishment Of an army
service corps. as pr0p0eed In The bIfi
, am thoroughly in accord and am con.
y.Eccd Aat The establishment o. such