The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-07-06


rather, neutrality-suspicious. what
many of the leading business men of
the United States regard as the most
important question of the times-name-
~, the modification and perfection Of
our national banking and currency
laws. The National Citizens league of
Chicago is composed entirely of bust
ness men. Branch organizations have
been esta blished in every state. The
directors for the states are men of ac-
knowledSed business capacity and
achievement. For example, the direc-
tor for Massachusetts is William L.
Douglas, former governor. of the state
and the creator of one of the largest
industries in the United States The
director for New York is John Claf1in,
a great business intellect and the Gre
ator of one of the largest mercantile
associations in the United States. The
director for Pennsylvania is c. Stuart
Patterson of the Western Savings Fund
society. The director for Ohio is James
Albert Green of Cincinnati, partner in
ono of the most important business
houses in that city. The director for
Minnesota is John H. Rich, a leader in
one of the great industries of Minnesota
aC Red Wing. The director for Kansas
is Charles M. Harger, manager of
great publishing company.
These men and those who are asso-
ciated with them in this work are not
actively engaged in banking, although
many of them are stockholders and
some of them are directors in banking
institutions. The president of the asso-
citation is John B. Farwen of Chicago.
Business Men Who Want the Reform.
Leaving entirely out of the considera-
ton the great banking authorities Of
the United States, it is still reasonable
to assume that if the great body of
business men of whom those whose
names have just been quoted are repre-
CGT tot hot
modify and perfect our currency and
banking system. then the platform
makers of either party would have
been justified in giving some heed TO
the urgent appeals which the National
Citizens league has made. In fact,
many of the states in their conventions
for the election of delegates to the ma
tional conventions warmly recommend
the correction of our present made
quate and archaic banking and cur
rency laws.
What the Puio Committee Was Told.
At one of the hearings in this city
by the Pujo committee which was ap-
pointed for the purpose of investigating
the so-called money trust Mr.. A. Bar
ton Hepburn, an authority upon bank
ing and currency questions WHO Is
superior, Informed the commit
tee that had there been wise and ade-
quate statutes relating to our banking
and currency SYSTEM the IIiOI1Cy PeAhAC
of 1907 would have been impossible, and
he Furthermore intimated that with a
and wise banking and
currency system in force it would be
to concentrate money Or
banking credit at any center in such |
manner as to create monopoly.
That is a position which has been |
taken by President Farwell and others |
of the National Citizens league. Yet
the Democratic platform represents the
party as opposed to the establishment
Of a central bank and apparently OPP
posed, also, to all of the features of the |
So called Aldrich bill. But the platform |
does not commit the party, apparently, |
to any other revision of our banking !
laws than one which will render tenn |
porary relief in localities in which such |
relief is needed, with protection from !
control or dominion by what is known |
as the money trust" 1t must be re- |
ported that this plank greatly disap-
points the members of the National |
Citizens league. That league is not |
advocates wise and pei -nanent regula- |
ton of our banking and currency sys-
tenn.
On the other hand, the Republican |
platform is regarded as equally unsat- |
sfactory The Republican platform |
makers practically ignored the appeals |
made by the National Citizens league.
Apparently, the belief was held by poll |
.icians of both parties that the PROPOSE
ton is not safe one yet to embody in |
party platforms or, in other words, that |
he people are not yet quite ready for a
-eform which is imperative and which
should be taken entirely out of the
ield of partisan politics. Aside from |
his criticism, however, it is already
apparent that business interests, 1T
east in New York City and presumably
n the rest of the country, are now con-
1dent that whatever may be the nature
IF the campaign or the results of the
election. business progress and pros
0erity in the United States are not TO
De endangered. Later in the summer
Dr. early fall we may see the evidences
If this confidence in the rising quota
ions for both industrial and railway
securities. HOLLAND.