The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-02-07
HARMoNY rs pEsTRAnLE.


The unfortunate controversy between Presi-
dent T. NJ Darlington. Of the chamber of COM
merce, and Hon. Carter Glass chairman Of the
house subcommittee on banking and currency,
seems 10 have had origin In a misunderstood.
Ing.
The bankers to whose resolutions Mr. Glass
took. exception. apparently had not fully In
formed themselves as to conditions In Wash.
ington, had not kept close track of the testimony
before the banking subcommittee and had not
noticed the evident disposition of the committee
to give ear to all the expert advice on the sub
iect available. Moreover, they had misinterpreted
the purport of Mr.. Glass reply to a plea for the
Aidrich plan of currency reform. This misun-
derstanding and lack of adequate information
on the subject found expression In a set of reso-
lutions, most of which probably would have been
eliminated under other circumstances. Mr.. Glass,
en- the ether hand, according to Mr.. Darlington,
is mistaken In his Interpretation Of the intent of
the resolutions. The chamber president denies
that there was any Intention to criticise or ham
per the committee, and while an inference to the
contrary was jnstifiable denial is sufficient
The remarks OF Professor veditz at the meet
Ing. which were, to say the least in bad taste
and calculated to cast ridicule upon congress
men in general and the currency committee in
particular, may be disregarded as the expressions
of lecturer on finance who has more than once
given exhibition of an inflated belief in his own
Importance. Mr. Glass indignation that he
should have been credited with the absurd state
ment that 1--WE can't have currency reform be-
cause the Democratic platform says can't
have 1t" was absolutely justifable, but Mr.. Car
ington's denial that he made such statement
eliminates also this feature Of the controversy.
The question OF platform pledges still remains.
While The Virgintan is willing to acquit the
bankers who were present at the meeting here
in January of an intention to go on record as
advocating q Reputation Of platform pledges.
the fact cannot be escaped that they did 80 go
on record. The resolutions adopted plainly de-
clared that members Of congress charged with
the grave responsibility of formulating and en-
acting legislation should not accept the decla-
ratons of party platforms as greater in authority
than the facts obtained by exhaustive and I'M
biased investigation" If this means anything 1t
means that platform pledges should be disre-
garded. No representative of the people could
take this position and retain the confidence of
his constituents. Mr.. Glass was clearly correct
In his statements on this point. There has been
too much cynical disregard of party pledges; too
frequent violations Of promises made before cleo
ton; too much disposition to regard "a party
platform as something to get In on"
AS TO the main feature of the resolution, which
liz that some degree of Capitalization and coop
GRAFTON in our banking system is necessary there
is nothing to be said except that everybody
agrees So far as we have seen, there has been
shown no disposition on the part of the COM
mittee to frame currency bill not providing for
some degree of central cooperation On the con-
trary. 1t seems evident from the questions pro-
pounded those testifying that the committee will
provide large degree of central cooperation.
Inasmuch as the Democratic platform declares
against the Aldrich plan OF Capitalization, some
other scheme will have to be devised. That this
will embody the divisional reserve idea seems
evident but whether SO or not, it will not en-
body the main features OF the Aldrich scheme.
The Virgintdn was inclined to believe at the
time the resolutions were drawn up by the bank.
erS In session mere In January that the hearings
before the house subcommittee had not been fol-
lowed closely by those adopting the resolutions
and that the intent and purposes Of the commit
tee had been misunderstood. President Carving
ton Ii perfectly right In saying that represen-
tatives of commercial bodies have the right to
make known their views on subjects of national
legislation and no one can take exception to well
considered action to this end. The relations be-
tween the house subcommittee and the promi-
nent bankers who have appeared before 1t have
been most excellent or friction there has been
little, and 1t would prove exceedingly unfortu-
nate should any arise between Virginia bankers
End the committee. Harmony between those
framing the currency bill and those who must
be relied upon to great extent for the neces
sary information has distinguished these hear
ings from many others held by congressional
bodies, and 1t liz to be hoped that 1t win con-
tinue to be In evidence.
According to LesIies Weekly Postmaster
General Hitchcock is devoting large part OF his
remaining time In ONCE to fight ON the abuse
of the franking privilege. He is said not to be
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