Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1911-12-21

NOhEACoo Lao llCCAL oAECA d1 early
Introduction Of this great question
through the report Of its monetary
commission. This commission was ap-
pointed to recommend a 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.
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 re-
port as the convenience of the congress
can permit. The recognition of the
gross imperfections and marked mad
equacy 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 periods Of panic. Though
the members Of the monetary commits
sion have for a considerable time been
h4AB NDC OBGh anu NAAlC
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 a national movement, the
details Of the report are still being
considered. 1 can not therefore do
] NJ ho nd
the immense importance Of monetary
reform. urge prompt consideration and
1 action when the commissions report is
received and express my satisfaction
that the plan to be proposed promises
to embrace main features that, having
met the approval Of a great prepon-
derance of the practical and profess
sional opinion of the country, are like
ly 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 a central bank would GER
tainly have been resisted. and a plan
into which IT could have been intro
duced would probably have been de-
feated. But as a central bank could
not be a part of the only plan discuss
ed or considered that troublesome
question is eliminated. And, ingenious
and novel as the proposed national re-
serve association appears, it simply is
logical outgrowth OF what is best in
our present system and is. in fact. the
fulfllment of that system.
Exactly how 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 vii! be an agency of the
banks TO act for them, and they car
be trusted better than anybody else
chiefly to conduct it. 1t is mainly
bankers work. But there must be
some form Of government supervision
and ultimate control. and l favor q
reasonable representation OF the gov
eminent in the management. l enter
tain no fear OF the introduction OF
politics or OF any undesirable influ
ences from a properly measured gov
eminent representation.
trust that all banks Of the country
possessing the requisite standards vii
be placed upon a footing of perfec
equality of opportunity. Both the ma
tional system and the state system
should be fairly recognized, leayin.
them eventually to cOalesce If tina
shall prove to be their tendency. Blu
such evolution cannot develop impair
TALLY II the banks Of one system ar,
given or permitted any advantages o
opportunity over those of the othe
system. And trust also that the new
legislation will carefully and com
pletely protect and assure the individ
uality and the independence of eacl
bank TO the end that any tendenc.
there may ever be toward a consolida
ton Of the money or banking power o
the nation shall be defeated.
II will always be possible, of course
to correct any features of the new
law which may in practice prove to b
unwise, so that. while this law is sur
to be enacted under conditions Of un
usual knowledge and authority, it ais
will include, it Is well to remember
the possibility of future amendment.
With the present prospects Of thi
long awaited reform encouraging US
it would be singularly unfortunate i
this monetary question should by an
chance become a party issue. And
sincerely hope it will not The eJ
ceeding amount of consideration /
has received from the people Of tn
nation has been wholly nonpartisaI
and the congress set its nonpartisa
seal upon it when the monetary con
mission was appointed. In commend
ing the question to the favorable cor
sideration oficongress I speak for an
in the spirit of the great number Q
my fellow citizens who without an
thought OF party or partisanship fes
, with remarkable earnestness that thl
reform is necessary to the interest
Of all the people.
> The War Department.
3 There is now before congress a bi
" fha nurDosa of which fs ~ fpcrae :