New-York tribune., 1912-01-03
DISCUSSES CURRENCY PLAN
National City Bank Makes Leg
islatiVe Predictions.

The January circular of the National
City Bank is devoted largely to discus
sion OF currency reform. amendment of the
interstate commerce law and the tariff,
which 1t refers to as three legislative sub
jects of prime Importance which will con-
front Congress when II reassembles to-day.
Speaking of the interstate commerce law,
the circular says
There is probably a greater variety OF
ideas in Congress and among public men
as to what should be done on this subject
than any other. The suggestion which
seems to have the most support, numer-
ically. Is for an amendment of the Sherman
antitrust law. But there is as yet no
capitalization of ideas as to the form or
purpose of such amendment. One man
seeks to accomplish one thing by his pro-
posed amendment and another is aiming
at different object In view Of this situa-
tiOn not even q conjecture Is safe as to
the character OF any legislation that may
be enacted. IT, indeed any enactment
proves possible,
In regard TO currency and the tariff the
circular says:
The currency problem does not offer as
much variety OF opinion in Congress as
the Sherman law Only one suggestion OF
a definite plan 10 remedy the existing out
worn and outgrown currency system has
been made and that Is the one known as
the "Aldrich PLAN" put forward by the
mission. Under instructions from Congress
this commission Will submit its final re-
port on January s. but the main features
Of the plan Il will recommend have been
known for many months and have been
the subject of wide examination and dis
cussion. President Taft has recommended
action by Congress along the general lines
of the so-called Aldrich plan. although not
standing rigidly for the adoption of that
plan in detail. No activity on the subject
has as yet manifested itself in the House,
hut i'm the Senate there are two elements
busy with il. The regular Republicans
are preparing an effort TO put through
legislation based upon the Aldrich plan.
The Progressive Republicans are opposed
10 that plan and will probably bring for
ward "A measure as substitute. II they
cannot secure the enactment Of their own
plan they will seek to impress themselves
by amendment upon any other plan pushed
for adoption.
There promises to De considerably more
activity on tariff matters during the ses-
sion than upon either the currency or In
terstate commerce legislation. All the
ground covered at the special session OF
Iast summer is TO be traVerSed again, and
ii is already apparent that additional tariff
legislation will be originated in the House.
The long expected report OF the Tarln
Board upon the wool industry has been
submitted to Congress, I'm several volumes,
and as soon as 1t comes from the press II
will be the subject OF much study Dy the
various tariff experts OF both Senate ana
House III is already apparent, however,
that there will be just as much disagree
nent among the different elements In the
two houses as there was before the report
was made.
BEFORE the wool bill is fairly out Of the
Honse bills dealing with the cotton sched-
ule and the iron and ,steel schedules may
he expected. The Tariff Board is prepar-
ing a report on the cotton schedule which
IS expected TO become the basis or the reSu,
lar Republican propositions. as its wool
report has become on Schedule h. IN
transmitting 10 Congress the Tariff Board
report on wool the President recommended
revision of Schedule X i'm conformity TO
The report. but did not commit himself TO
definite rates Of duty. There Is a genera
expectation In Washington that the Presi-
dent VIII sign any tariff bills that come 10
him AT this session which can be held TO
be I'm reasonable accord with the reports
~ the Tariff Board But i'm his Wool mes
sage he made II clear that he Intends 70
stand by the protective principle, ANA III
remains 20 be seen what measure or duty
sc considers Is iuvolved IN that princlpie'