The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1911-12-21
REFORM FOX Banks
MAC .vEAGH .coMMENDs THE
COMMISSIONS PLAN.
Secretary Of the Treasury in His Re-
port Discusses Tentative New
Banking and Currency
System.

MacVeagh. secretary of the treasury,
in his annual report made public to-
day, devotes considerable space to the
prospects for a reform of the banking
and currency system, II congratu-
lates the country on the probability
that congress will promptly adopt leg
i~slation based on the report of the
monetary commission. or this report
he says, -
"The tentative plan of the commits
sion, in its main features. has satisfied
very much the larger part of the ex-
pert opinion of the nation: and it has
generally the support of orr business
men,. This has been made possible by
the early and continuous action of the
monetary commission in giving the
widest scope to it's Investigations. and
by calling into its work everybody it
was able to reach who had experience
or knowledge that would be useful to
it. While this report is due to the.
monetary commission, it is also a
product of the judgment of the peoples.
so far, at least, as it's fundamental fea-
lures are concerned. The fact con.
fronts us, that whereas our country.
has not before in many years even ap-
preached a consensus of opinion on
monetary matters it has now largely,
and mainly agreed. And congress is.
meeting a situation immensely simpli1:
fled. The persistent difficulties of,
monetary reform have almost entirely,
disappeared; and legislation tradition
ally complex and laborious presents
itself with its chief problems so clear
ly solved, with its completely so
smoothcd out and with it's provisions
so generally approved that the final
work of the congress can now go for
ward without delay.
The common Endorsement of the
reform and of its urgency marks in a
peculiar manner the %nonpartisan char.
acter of the present movement. There,
is no bit of party color left in the.
monetary question. The instinct of
the nation has eradicated p"artisanship
from this great business and social
question.
so far as the administration is con.
cerned, it has heartily taken it's cue
from congress; and has done, and will
continue to do, it's part in keeping this
great issue wholly %nonpartisan. The
administration wants this legislation
to come from the whole of congress
and from both parties; and to be for
the whole of the people.
"Thc principal requirements of a
new banking and currency measure
are that it shall provide a practical
immunity from serious panics-such
an immunity as is enjoyed by the
other leading financial nations; that
1t shall abolish the hapitually recur-
rent ordinary stringencjes in the
money market. which keeps relations
between the bankers and the business
men OF the country almost continu-
ous)y at SKIES aud sevens; that it shall
remove the defects of our domestic
exchanges; that it shall enlarge and
develop the facilities of our foreign
exchange system; that it shall prop
crly develop the discount market; that
1t shall wholesomely assist in regulat-
ing the interest rates and making
tllcm uniform throughout the country;
that 1t shall put an end to the tend
ency which forces IL bank balances
into speculative channels, and save
them for regular trade and commerce.
10 meet the cast it is necessary to
nave an elastic currency, available re-
serves and every necessary provision
and power both to permit and to
check the expansion Of loans.
I'VE must provide. too, and without
reservation, Tor a perfect equality of
privilege aud opportunity between ma
tional ana state banks. And it is in
dispensable that the now law shall
deny with great precision to any bank
included within its provisions, wheth.
er national or state, the right to own
stock in any other independent bank.
The law should not fail to conclusive
ly forbid such ownership"