Lawrence democrat. (Lawrenceburg, Tenn.) 1884-1925, 1912-01-19

u y
Igion, aud i4l positions IN the year
alO making an elimination a 542
.gtutory positions since March 4.
800. and this has been done without
ue discharge OF anybody, because The
ormal realgnadons and deaths have
been equal 10 the elimination Of the
iacas a system Of transfers having
aiken care OF the persons whose posi-
uns were dropped out Ia the field
sryice Of the department too. 1859
.0stIons have been eliminated down
10 tine present time, making O. total
net reduction OF all treasury positions
No the number OF 1,SOl. Meantime the
dclency of the work Of the depart.
lent has increased
Monetary Reform.
A matter Of FIRST importance that
win come before congress Tor action
At this session 10 monetary reform
The congress has itself arranged an
early Introduction Of this great qdes
lion through the report Of its monetary
commission This commission was ap-
pointed 10 recommend a solution OF tie
banking and currency problems SO
louA coufronting the nation and to fur
nish The facts and data necessary 70
enable the congress to take action
The commission was appointed whel
an impressive and urgent popular de-
mand for legislative relief suddenly
arose out Of the distressing situation
Of the people caused by the deplorable
panic Of 1897 The congress decided
that while Il could not give Immediate
ly the relief required It would provide
a commission to furnish the means for
prompt action at later date
In orde, TO do its work with thor
oughness and precision this commits
sion has taken SOFA time to make its
report The country is undoubtedly
hoping for as prompt action on the re-
port as the convenience OF the con,
gress can permit The recognition of
the gross imperfections and marked
lnadequaey Of our banking and cur
rency system even In our most quiet
financial periods is Of long standing:
and later there has matured a recog-
milton Of the fact that our system is
7 responsible for the extraordinary dev.
astatiQn. waste and business paralysis
Of our recurring periods Of panic
Though the members Of the monetary
commission have Tor a considerable
time been working in the open, and
while large numbers Of the people have
| been openly working with them, and
while the press has largely noted and
! discussed this work as # has proceed.
ed, so that the report Of the commits
sion promises to represent a national
/ movement, the details of the report are
still being considered. can not, there
fore do much more at this time than
commend the immense Importance of
monetary reform, urge prompt consid.
GRAFTON and action when the commits
sion's report is received, and express
nv satisfaction that the plan TO be
! proposed promises to embrace main
features that, having met the approval
/ of great preponderance Of the prac-
teal and professional opinion OF the
country. are likely to meet equal ap-
proval in congress.
1t is exceedingly fortunate that the
wise and undisputed policy Of main.
tanning unchanged the main features
of our banking system renders 1t at
once impossible to introduce q cen.
trail bank; for central bank would
certainly have been resisted, and a
plan into which 1t could have been in,
troduced would probably have been de-
feated. But as central bank could
not be 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 fulhllment Of that system
Question still Open.
Exactly how the management of that
association should be organized is q
question still open. It seems to be de
sirable that the banks which would
own the association should in the mair
manage It. Il will be an agency of the
banks to act for them, and they car
be trusted better than anybody else
chiefly to conduct it. It Is mainly
bankers work. But there must bs somt
form OF government supervision aud I'll
innate control, and l favor a reason
able representation of the government
in the management. l entertain M
fear OF the introduction of politics Of
Of any undesirable influences from q
properly measured government repre-
sentation.
| trust that all banks Of the country
possessing the requisite standards viii
be placed upon footing OF perfec
equality OF opportunity. Both the ma
tioual system and the state system
should be fairly recognized, leaving
them eventually to coalesce If tina
should prove to be their tendency, Blu
such evolution cannot develop impair
TALLY if 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 complete
~ protect and assure the indiyidualit,
and the independence Of each bank, t
the end that any tendency there ma
ever be toward a consolidation OF til
money or banking power Of the natioi
shall be defeated.
1t will always be possible, Of course
to correct any features Of the new lay
: which NAV IN practice prove to b