The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-11-15
CURRENCY REFORM NEEDS

CURRENCY REFORM NEEDS.
We note in the last number Of 'fTbe
f1nancicr' an editorial plea for cur
rency reform. which is declared to be
urgent. Nevertheless, 1.-THE Finau-
cier' admits that there is no hope that
Congress will seriously take up this
matter during its coming short session.
so that more than year must elapse-
unless there is a special session called,
and even then. probably the special
session would not take up the currency
queStlon-before any currency relief
proposition is likely to be taken up.
The argument is that the United
States cannot longer ignore with safety
the currency issue. 1t must be settled
in some manner, and should be settled
on proper lines. The Aldrich- -Vreeland
emergency bill viii expire by Limitation
in 1914. IT was used ''as stopgap
when everything else failed. - 1t is
expected that Congress will extend the
life Of the Nrecland bill, but it cannot
be argued that that bin is satisfactory
or that it will answer the demands for
currency reform,
The Financier' urges that so far
as the AIdrich bill or the National
| Monetary Commission bill enters into
the situation, these are dead for all
time TO come-at least, they are dead
sons which need not be enlarged
upon here The Aldrich bill did not
disclose any new principle Of banking
law, except in the sense that it
adopted principles i'll vogue in Europe,
but which have never been applied In
this country. and as to this ''Thc
Finaucier' says: "If here and there
a working idea can be picked from the
numerous sections, either of this
measure or Of any other that may have
been before Congress, it would be the
height of absurdity to reject such
propositions because they had been
previously set forth in other shape. -
''Thc Financicr' says that the
bankers Of the United States acted too
hastily in indorsing at their New
|
without consideration or discussion,
when that measure first became promi-
nent, but cit is notable that such
Endorsement has since been modified,
lminimized, or actually rejected The
bankers are not behind any particular
measure, but, =" as was aptly expressed
in the commonsense resolution adopted
in September at Detroit by the Ameri-
can Bankers Association, that body
and all bodies Of bankers stand ready
10 receive suggestions from any and all
sources and viii assist in promoting
Legislation which aims 10 cover the
best in principle. the adoption of which
viii prove practical In operation.
This amounts to a reconsideration and
tabling of the Endorsement given to the
Aldrich currency bill by the New Or.
leans convention last year. The atti-
tudc Of the bankers. az thus expressed
is both wise and practical. There is,
OF course. no other way of advancing
bank legislation in this country than in
thoroughly discussing IL and settling
upon the best practical provisions to
adopt. In the meantime the discussion
is going forward Oh broader lines thau
ever before, and the result will un-
questionably be valuable enough to
compensate for the delay
The Bankers Convention ~ Detroit
considered the matter OF agricultural
banking a. presented so strongly by
President Taft in a message TO the
special session Of Congress. The propo
, sition Is for the development of agri
cultural credit facilities on compre
: hensive scale, upon plans Of organiza
, ton suggested by the experience ol
p European countries. Mr. Charles 4
> ConaDt. one Of the most distinguished
practical experts iD banking anc
finance that we have. read a paper Al
the Bankers Convention Mt Detroit. ex
I plaining fully what this agriculture
: credit proposition iS. Briefly stated
;. ii is that the farmers organize co
C operative credit associations anon!
Q themselves. each association bcin;
u pledged 10 the credit Of every iudi
{ viduah therein; and on this assurance
a loans are made at low rates for lon;