Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1912-12-12

the supply Of currency to meet the e.
ceptiOnal demand.
After the panic of 1907 congress real.
lied that the present system was not
adapted 10 the country's needs and that
under n panics were possible that
might properly be avoided by legisia'
tive provision. Accordingly a mon
etary commission was appointed which
made report III February. 1912. The
system which they recommend involv-
ed National Reserve association.
which was, IN certain Of its faculties
and functions, a bank. and which was
given through its governing authorities
the power. by issuing circulating notes
for approved commercial paper. by Ak.
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
Il panic.
Certain 1t 10, however, that the OBJ
tections which were made in the past
history Of this country to central
bank as furnishing monopoly Of
financial power to private individuals.
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.
maticaly furnish in each trade center
the currency needed in the carrying on
Of the huSiNo'- Vt that center, than
the wage Garner There is no class In
,hr community whose experience bet
ter qualities them to make suggestions
as to the sufficiency Of currency and
banking system than the bankers and
business men.
Ought we therefore to ignore their
recommendations and reject their
financial Judgment as to the proper
method of reforming our financial sys.
tenn merely because Of the suspicion
which exists against them in the minds
Of many Of our fellow citizens? Is 1t
not the duty of congress to take up
the plan suggested. examine It from all
standpoints. give impartial considera
ton to the testimony Of those whose
experience ought to At them to give
the best advice on the subject, and
then to adopt some plan which will
secure the benefits desired?
A banking and currency system
seems far away from the wage Garner
and the farmer. but the fact is that
they are vitality interested In safe
system Of currency which shall grad
uate its volume to the amount needed
and which shall prevent times Of ar
tificial stringency that Brighten capt.
tai. stop employment. prevent the
meeting OF the payroll. destroy local
markets and produce perjury and want
The Tariff.
have regarded it as my duty in for
mer messages to the congress to urge
the revision Of the tariff upon princi-
| pies of protection. 1t was my judg-
ment that the customs duties ought to
he revised downward. but that the re-
duction ought not to be below 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 vetoed
several bills which were presented to
Now that n new congress has been
elected ON platform of tariff for
revenue only rather than a protective
tariff, and IA to revise the tariff OH that
basis. It is needless for me to occupy
the time Of this congress with argu.
ments or recommended tons In favor Of
a protective tariff.
Army Reorganization.
Our small army now consists OF 3d.
500 men. excluding the 5000 Philip
pine scouts. Leaving ont OF considera-
ton the const artillery force, whose
position is fixed in our various sea
coast defenses. and the present garri.
sons of our various insnlar posses
sions. we have today within the con.
tinental United States a mobile army
of only about $4,000 men. This little
force must he 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
an 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 variety OF
historical reasons In twenty-four
states. These posts contain only frac-
tons Of regiments. averaging less than
100 men each. In time of peace 1t has
been our historical policy To admins.
ter these units separately by geo
graphical organization. In other words.
our army in time OF peace has never
been a united organization. hut mere
~ scattered groups OF companies. bat
talions and regiments and the first
task in time Of war has been to creute
ont of these scattered units an army
nit for effective team work and coop
Grafton.
comprehensive plan Of army reor-
ganization was prepared by the war
college division Of the general STAFF.
Under the influence Of this study
definite aud effective steps have been
taken toward army organization so