The Washington times., 1912-07-14

Three representative fnen Of WASH
ington were asked last week to give The
Times their Views upon currency reform.
One was a banker. one was a CORES
pondent and writer of financial topics,
and one was a merchant well known for
his wide interest In public affairs.
Stated briefly, the banker said: I'VE
have not much need Of currency or
banking reform. OF all things, the
banks. the currency, and the country
needs to be let alone. II we could once
get rid of all this foolish political and
public agitation for Governmental con-
troll of corporations and this meddling
through lack Of knowledge Of the facts
and the application of theories that
would not and could not work out all
concerned would be vastly the better
for IT,"
The banker agreed that there was
need of some revision of the banking
and currency laws, and he inclined to
the belief that the Aldrich bill came
the nearest to what the country requires
than anything else yet suggested. The
banker argued that we have gone along
pretty well in the development of the
resources of the nation under the pres
that Il would be hazardous to make
radical changes or make any changes
without the most careful and minute
consideration. lest worse conditions
/ should follow.
The correspondent, who is known az
a Republican in politics and a man OF
accurate knowledge of public affairs ex-
! tending over a long period Of service in
Washington, declared that currency and
banking reform were urgently needed
but he thought 1t doubtful whether such
changes In the currency and banking
laws could be effected as would give the
relief needed. To his mind the Aldrich
bill was a measure to aggravate rather
than improve banking conditions.
The correspondent said II was necessa-
| ry only to read over the party declara-
tions upon the subject promulgated al
| the recent political conventions to get
at the idea of the ordinary legislator on
| the question.
OF the two platform declarations he
thought that Of the Democratic party
to be far the better. It proposes sever
al specific things that must be done, and
| in a few we'll chosen words puts the
currency difficulties of the present upon
the shoulders of the so-called money
trust.
The Republican platform declaration
| the correspondent said, set forth few
| generalities that mean nothing and land
nowhere. The party leaders contenteC
| themselves with stating that there wa;
| need of currency reform to which the
party Is pledged but the declaration
does not enlighten the voter either al
to the difficulty or it's cure.
| The correspondent declared that our
| currency, with traditions leading back
| to ths pioneer days OF the republic
ought to be overhauled from the foun-
! dation. He said the Issue Of currency
in this country. Its many kinds-silver
gold. bank bills gold and silver certih-
| Gates, and other forms of paper money
is unworthy of the nation. and ought
| to be changed.
As to the banking laws, he thought
stand as II is, with some safeguards
thrown about the use of money BY
bank officers. and the breaking up OF
the system whereby the same men hold
directorships in a dozen or more finan'
cial institutions and use them all tc
further their personal ends.
The correspondent does not believe
in a big central bank. but in extending
the authority and discretion of the
Comptroller Of the Currency and the
Secretary OF the Treasury to a poin,
tantamount to the use OF the banks
that exist for the increase Of currency
when needed, and its automatic contrac.
ton when not needed