The Bridgeport evening farmer., 1912-12-07

1 tue suipIiy of currency to meet the ex- reptiunai demand.
 After the panic of 1907 congress real i ized that the present system was nor i adapted to the country's nerds and that under it panics were possible that ! might properly be avoided by ieGisla- live provision. Accordingly a mon
 ptary commission was appointed which made report in February. 1912. The system which they recommend involv- ed a National Reserve association, which was. in certain of it's faculties l and functions. a bank. and which was given through it's governing authorities the power. by issuing circulating notes for approved commercial paper. by fix ing discounts. and by other methods of transfer of currency. to expand the supply of the monetary medium where it was most needed to prevent the ex port or boarding of gold and generally
 to exercise such supervision over the
 supply of money in every part of the
 country as to prevent stringency and
 a panic.
 Certain it is. however. that the ob.
 jections which were made in. the past
 history of this country to central
 bank as furnishing q monopoly of
 uudDCfdt pON0T lO IJElEuG0 IAOlNiuuhASs
 would not apply to an association
 whose ownership and control is so
 widely distributed and is divided be-
 tween all the banks of the country, state and national. on the one. hand, and the chief executive through three department heads and his comptroller of the currency on the other.
 There is no class in the community more interested in safe and sane banking and currency system. one which will prevent panics and auto maticaIly furnish in each trade center the currency needed in the carrying on of the business at that center. than the wage e8ruer. There is no class in the community whose experience bet ter qualities them to make suggestions as to the sutfictency of a currency and banking system than the bankers and | business mer. A i
 Ought we therefore. to ignore their l recommends lions and reject their | financial judgment as to the proper | method of reforming our financial sys- i tenn merely because of the suspicion which exists against them in the minds | of many of our fellow citizens? Is it I not the duty of congress to take up | the plan suggested. examine it from all | standpoints. give impartial considera- 1 ton to the testimony of those whose l experience ought to fit them to give, the best advice on the subject. and | then to adopt some plan which will | secure the benefits desire17
 banking and currency system ! seems far away from the ewage earner and the farmer. but the fact is that they are vitaily interested in safe | system of currency which shall grad | uate it's volume to the amount needed [ and which shall prevent times. of ar tificial stringency that frighten capi- tai. stop employment. prevent the [ meeting of the payroll. destroy local markets and produce penury and want.
 The Tariff.
 I have regarded it as my duty in for [ mer messages to the congress to urge l the revision of the tariff upon princi- pies of protection. 1t was my judg- ment that the customs duties ought to be revised downward. but that the re duction ought not to be below q rate which would represent the difference in the cost of production between the article in question at home and abroad. and for this and other reasons I vetoed several bills which were presented to me in the last session of this congress Now that a new congress has been elected on platform of a tariff for revenue only rather than a protective tariff. and is to revise the tariff on that t basis. it is needless for me to occupy I the time of this congress with argu ments CT recommendations in favor of a protective tariff.
 Army Reorganization.
 Our small army now consists of s. SO9 men. excluding the 5000 Philip pine scouts. Leaving out of considera- tion the coast artillery force.s whose position is fixed in our various sea coast defenses and the present garri- r sons of our various insular posses sions. we have today within the con tinental United States a mobile army of only about 35.0OO men. This little forcA must be still further drawn upon to supply the new garrisons for the great..naval base which is being estab- lished at Pearl harbor. in the Hawaii m islands. and to protect the locks now rapidly approaching completion at Panama.
 The forces remaining in the United States are now scattered in nearly ! fifty posts. situated for a variety of l. reasons in twenty-fOur states. These posts contain only frae- tions of regiments. averaging jess than TOO men each. In time of peace it has been our historical policy to adminis- tr these units separately by geo -tap phical organization. Tn other words. our army in time of peace has never been a united organiza ton. but mere ly scattered groups of companies. bat talions and res.iments. and the first task in time of war has been to create out of these scattered units an army fit for effective team work and coop era tion.
 A comprehensive plan of army reor- gan1zatton was prepared by the war college division of the general staff.
 Under the influence Of this study