The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1912-03-08
M'CABE AUTHORITY
ON MONEY PROBLEM
Expert Will Speak to the
Commercial Club Mon
day Evening.

Robert l.. McCabe. OF Columbus. O.
who II making speeches advocating
banking and currency reform. under
the auspices Of the National Citizens
league. and who speaks before the
Commercial club next Monday night.
has been urging the adoption OF
sound banking system In this country
for twenty years. Mr.. McCabe went
on the stump In the Sound Money
fight, and gained q reputation as
clear. forcible speaker.
Mr.. McCabe Is q lawyer by profess
sion: but for some years his atten-
ton has been confined to business in.
terests In the Southern States and
South America. In the Sound Money
campaign Mr.. McCabe saw that the
monetary evils OF the country were
largely due to the lack of system OF
cooperation between the banks. Ever
since then he has been advocating the
adoption Of a central reserve system
as the real remedy for our banking
and currency troubles.
hs Clearly ExpIains.
WVSS0UO WY SiCoAhy SApA~AAAO
the report of the National Monetary
Commission. which was presented to
Congress in January. This report is
unique in our political history. be-
cause 1t is the first report on such a
broad question ever made by a b.
partisan congressional commission.
signed by all members from both
houses Of congress, from both politi-
cal parties. have made, after three
years study In this country and Eu-
rope, q unanimous report on q ques-
ton which has frequently been. in
the history Of American politics, the
subject Of bitter partisan debate in
national campaigns, is an indication
that business questions affecting the
interests Of all the people can be set
tied without appeal to partisan poll
tics.
The National Citizens league was
and wage-payers of the country to the
necessity Of a reform OF our archaic,
panic. breeding banking and currency
system. The league stands for Ger.
tain fundamental principles Of sound
banking that receive the almost unani-
nous Endorsement Of leading practical
bankers, men Of affairs, and econo-
mists in the leading banking countries
of the world. The league does not in
dorse the report Of the National None
tary commission, nor the reform bill
which accompanies this report; but
1t recognizes in this report and bill,
the greatest step that has yet been
taken In this country to give us the
kind Of banking system that coun-
try Of the first rank deserves to have.
Z Have Worst system.
John v. Farwell. the Chicago mer-
chant. president of the National Citi-
xens' league, asserted in an address
before q convention of bankers that,
while this country had the best banks
in the world. 1t had the worst banking
system OF any civilized country. The
same criticism has been made by
many other leading men Of affirs. 1t
10 because of this humiliating condi.
ton that the business men of the coun.
try have united In a demand that con-
gress reform our banking laws.
Mr.. McCabe tells wherein our bank.
ing and currency system is inadequate.
defective and antiQuated. He tells
how the bill prepared by the commits
sion aims to correct the evils of our
system, to prevent money panics: to
provide for cooperation between the
twenty-five thousand banks, to pro-
mote the legitimate business of the
country by . marked improvement in
the credit machinery. and to place us
on . par with our commercial rivals
in Europe in international finance.