Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1911-12-20
M'vEAGH SEES END
OF MONEY PANICS
Secretary Likes Monetary Com
mission Bank Reform Plan.
SAYS MOVE is NONPARTISAN
Express Belief in Annual Report That
Congress Will Quickly Pass Legs-
Iation Changing Currency
System.

w DSC. lot N1dC-
Veagh, secretary of the treasury, in
his annual report made public today,
devotes considerable space to the pros
poets for reform of the banking and
currency system, and cOngratulates
the country on the probability that
that congress will promptly adopt leg
islation based on the report of the
monetary commission. OF this report
he says:
"The tentative plan of the commits
sion, in it's main features, has satisfied
very much the larger part of the ex-
pert opinion Of the nation; and 1t has
generally the support of our 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 it's work everybody it
was able to reach who had experience
or knowledge that could be useful to
it. While this report is due to the
monetary commission, 1t is also pro-
duct of the judgment Of the people, 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 1t has now largely
and mainly agreed. And congress is
meeting situation immensely simpli-
fed. 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
smoothed out and withs its provisions
so generally approved that the final
work of the congress can now go for
ward without delay.
Issue Is Nonpartisan.
1.-THE common Endorsement of the
reform and of its urgency marks in
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 partisanship
from this great business and social
question.
$50 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.
Will Avoid Panics.
1.-The principal requirements of
new banking and currency measure
are that it shall provide a practical
immunity from serious panics-such
an immunity as is enjoyed by the 9TH
er leading financial nations; that it
shall abolish the habitually recurrent
ordinary stringencies in the money
market, which keep relations between
the bankers and the business men of
the country almost continuously at
SKIES and sevens; that it shall remove
the defects of our domestic exchanges;
that it shall enlarge and develop the
facilities of our foreign exchange sys-
tenn; that it shall properly develop the
discount market; that it shall whole
SOuSly ASSIST III regulating the inter
est rates and making them uniform
throughout the country; that it shall
put an end to the tendency which
forces our bank balances into specu-
lative channels, and save them for
regular trade and commerce. To meet
the case it is necessary to have an
elastic currency, available reserves
and every necessary provision and
power both to permit and to check
the expansion Of loans.
"We must provide, too, and without
reservation, for a perfect equality of
privilege and opportunity between ma
tional and state banks. And it is in
dispensable that the new law shall
deny with great precision to any bank
included within it's 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"