Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1911-12-28


furnish the facts and data necessary
to enable the Congress to take action.
Tho commission was appointed when
an IMPRESSIVE and urgent popular de-
mand for Legislative relief suddenly
.rose ont of the distressing situation
OF the people caused by the deplorablo
manic Of 1907. Tho Congress decided
that while It could not give imre-
d,ate,v the relief required. 1t would
provide a commission to furnish the
means for prompt action at later
date.
In order to do It's work with thor
oughness and precision this commits
sion has taken some time to make its
report as the convenience OF the Con-
Ihoping for as prompt action on the
rcport as the convenience of the Con
cress ran permit. The recognition OF
the gross imperfections and marked
in,deouacy Of our banking and cur
re,cv svstem even in our most quiet
financial periods is of long standing;
and later there has matured recog-
milton of the fact that our system Is
responsible for the extraordinary de-
vostotion. waste. and business paraly-
sis of our recurring periods OF panic.
Though the members of the monetary
( commission have for Il considerable time
been working in the open, mad while
jbe,n working in the open. and while
openly working with them and while
The press has largely noted and dis
cussed this work IT has proceeded.
SO that the report OF the commission
promises to represent a national move
ment, the details OF the report are still
being considered. I can not. therefore,
do much more at this time than com
mend the Immense Importance Of none
tary reform. urge prompt considerable
land action when the commissions re-
port is received. and express my salts
faction that the plan to be proposed
PROMISES 10 embrace main features that,
having met the approval of great pre-
pondcrance of the practical and profess
s,onal opinion of the country. are likely
to meet equal approval in Congress
It is exceedingly fortunate that the
wise and undsputed policy of maintain
ing unchanged the main features of our
banking system rendered II al once i'm
possible to introduce n central bank: for
central bank would certainly have
been resisted. and a plan into which it
could have been introduced would prob
ably have been defeated. But as a cen
trail bank could not he a part OF the
only plan discussed or considered. that
troublesome question is eliminated. And
ingenious and novel the proposed
National Reserve association appears.
II simply is logical outgrowth OF what
is hest in our present system. and Is,
in fact. the fulfllment of that system
Exactly how the management OF that
association should be organized Is n
question still omen. 1t seems to he de-
sirabe that the banks which would own
the associa ton should in the main man
age it. 1t will be an agency of the banks
to act for them. ana they can be trust
ed better than anybody else chiefly to
conduct Il 1t is mainly bankers work.
But there must be some form Of gov
eminent supervision and ultimate con-
troll. and ] favor reasonable repre-
sentation of the government in the man
accment. I entertain no fear Of the in
PRODUCTION Of politics Or of any unde
sirable influerces from a properly meas
ured government representation.
| | trust that all banks of the country
possessing the requisite standards will
be placed upon footing OF perfect
equality of opportunity. Both the nation
! al system and the State system should
be fairly recognized. leaving them even
! tually to coulesce If that shall prove to
! he their tendency. But such evolution
can not develop impartlally If the banks
( of one system are given or permitted
InnN advantages Of opportunity over
| those of The other system And | trust
also that the new Legislation will care
fully and completely protect and assure
the individuality and the independence
OF each bank, to the end that any ten
dency there may ever be toward a con-
sol.da,ion of the money or banking pow
or If the nation shall be defeated
1t will always he possible. of course,
90 correct any features Of the new law
which may in practice prove TO be un-
wise; so that while this law Is sure 10
be enacted under conditions of unusual
knowledge and authority. it also viii in
clude, il is well to remember, the posi-
bility of future amendment
with the present prospects of this long
awaited reform encouraging ne. It would
be sngularly unfortunate if this mono-
tary question should by any chance be-
come party issue. And / sincerely hope
II will not. The exceeding amount OF
consideration it has received from the
people Of the nation has been wholly
nonpartisan; and the Congress set Its
hohpartisan seal upon II when the none
tarN commission was appointed In com
monding tho question to the favorable
consider alton of Congress, ! speak for.
ana in the spirit Of. tho great number of
my fellow citizens who without any
thought of party or partisanship feel
WIN remarkable enrnestness that this