Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1911-12-23

congress has itself arranged an early
Introduction Of this great question
through the report of its monetary
commission. This commission was ap
pointed to recommend solution Of the
banking and currency problems 10 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 ita
report. The country is undoubtedl
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
J there has .matured 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 considera BILE time been
| working in the open and while large
| numbers of the people have been open.
| ~ 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 national movement, the
details of the report. are still being
considered. can not therefore do
mMch more at this time than commend
the immense Importance of monetary
reform. urge prompt consideration and
action when the commissions report IL
received and express my satisfaction
that the plan to be proposed promises
to embrace main features that. having
met the approval Of great prepon.
derance of the practical and profes-
sional opinion of the country, are like
" 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 central
bank, for central bank would GER
tainly have been resisted. and plan
into which it could have been intro
duced would probably have been de-
feated. But as 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, 1t simply ts
a 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 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 mainly
bankers work. But there must be
some form of government supervision
and ultimate control, and ! favor a
reasonable representation Of the gov
eminent in the management enter.
tain no fear Of the. introduction Of
politics or Of any undesirable infu.
ences from properly measured gov.
eminent representation.
| I trust that all banks Of the country
possessing the requisite standards will
be placed upon footing Of perfect
equality of opportunity. Both the ma
tional system and the state system
should be fairly recognized. leaving
! them eventually to coalesce II that
shall prove to be their tendency. But
such evolution cannot develop impair
TALLY ii the banks Of one system are
given or permitted any advantages Of
| opportunity over those of the othel
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 tendency
there may ever be toward consolida
ton Of the money or banking power Of
the nation shall be defeated. ~
1t will always be possible, Of course
to correct any features Of the new
law which may in practice prove to De
unwise, so that, while this law is sure
to be enacted under conditions of un
usual knowledge and authority, it also
will include, it is well to remember
the possibility of future amendment.
With the present prospects of this
long awaited reform encouraging us
| it would be singularly unfortunate II
this monetary question should by any
chance become party issue. And
sincerely hope it will not The ex
ceeding amount Of consideration it
has received from the people Of the
nation has been wholly nonpartisan
and the congress set its nonpartisan
seal upon it when the monetary com
mission was appointed. In commend
ing the question to the favorable con
sideration Of congress speak for and
in the spirit Of the great number Of
my fellow citizens who without any
thought Of party or partisanship feel
with remarkable earnestness that this
reform is necessary to the interests
/ Of all the people. ".'' & -