The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1912-09-10
government or by government own
ed by institution always lacks the es-
sential element Of elasticity. It's

eovernment or by government own
ed by institution always lacks the es-
sential element OF elasticity. Its
amount is determined by the govern
ments needs and hxed by statutory
provisions which cannot be speedily
altered to meet changing conditions.
The government Issues money, and
may and should in the interest Of tho
public regulate the agency or agencies
which may, in accordance with Ger.
tain general principles that it estab-
fishes. issue credit redeemable in law
ful money. It u for these reasons
that the issuance Of bank note cur.
rency should be intrusted to the fed
GRAFTON Of banks, under regulations
to be prescribed by statute and strict
government supervision through its
own officers
with a cooperative federation Of
our banks established. having the
necessary powers to protect our gen.
eral credit conditions. banking panics
and money stringencies would no
longer plague. Each independent
bank would know that it could safely
extend at some price such assistance
as might be required to any solvent
business man. because. 1t would know
that II the occasion arose. it could
rediscount the commercial paper Of
It's solvent customer at a branch Of
the federation Of hanks. Thus the
benefits Of such an organization
would reach every man. no matter
in what bushes T. calling he might
be engaged.
I'VE would have /, safe custodian
for the reserves Of, the banks. They
would be mobilized aud could be put
to effective use whenever needed. The
amount OF currency would be aboo-
lutely measured and determined by
business requirements. The banks
would through cooperation be en-.
aoled to utilize our enormous banking
power and wealth.
"A plan to accomplish these pur-
poses has beerE before the country for
nearly yeara It is contained in the
unanimous rdbort made to congress
by the national monetary commission
Recommending the establishment Of
the National, Reserve association.
Some OBJECTIONS have ben urged
to the plan Of the proposed organiza-
tion and the Sm6chinery provided for
its operation.s II there are defects in
the plan. they should be specifically
pointed out and suggestions offered
for their correction. Mere denuncia-
offering some substitute is not at all
helpful. 1t is believed that the more
the plan Of the monetary commits
sion Is studied and analyzed, the
more 1t will grow in favor. But
whether it does or not the problem
OF monetary reform remains with US.
A solution for 1t must be found. Shall
we say that we are unequal to the
task? Shall 1t be said that this pow
erful nation alone OF all the nations
Of the earth is unable to devise a
banking system suited to its needs?
I'VE will be unworthy of our in
heritance II we fail in this effort. The
difficulties to be overcome are insig-
nif1cant compared to those that con-
fronted the fathers in laying the
Foundation Of our national union.
Surely the time cannot be far distant
when the intelligence and the pa
triotism Of the American people will
solve this problem. UT is to that in
telligence and patriotism that we
must appeal and upon which we can
rely with confdencI