Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1913-10-17

the Goth ult., amounted to $525.000.
ton on the currency bill may come
sooner than the present situation indi-
Gates.
The Oregonian wants members of
all parties to get behind the measure
and pass it, 'They can do so without
running counter to the dominant party
on those points where 1t is pledged to
definite policy" it said in a recent
editorial, and without doing violence
to their own opinions on vital points"
Continuing, it said:
In their opposition to the proposed
constitution of the board, bankers ig
more a condition of public opinion
which can be changed only by slow de-
grees. This is a fixed conviction that
the banks are now under the control
of small coterie of very rich men
who use their power in a manner in
imical to the public interest. The peo-
pie are determined to wrest control
from these men and the Democratic
party is pledged to vest it in the gov
eminent. AS Senator Root has said,
rightly or wrongly, the best financial
brains of the country are under sus-
pcion. AS to some few bankers in
New York, this suspicion is justified
as to the great body of bankers
throughout the country it is cruelty
unjust. But we cannot shut our eyes
to the fact that it exists and that it's
existence renders impossible the pas
sage of law which does not impose
close government control on the banks.
If the opponents of government con-
troll succeed in preventing the passage
of the bill at the present session of
Congress, they will prevent passage of
any banking and currency bill until
the regular session and perhaps delay
the reform indefinitely. They will
doom us to continuation of the pres
ent no-system, with its periodical pan
les. They may cause the financial ques-
ton to become party issue. The re-
sultant controversy would then inspire
such doubt as to the business future
and would stir to activity such crop
of financial quacks with absurd nos
panic
1t is the part of patriotism and
sound business sense for all forward
looking men, regardless of politics and
regardless of their objection to non
essential details, to accept President
Wilson's invitation and get behind him
on this measure. The fears bankers
express as to the effects of federal
control may and, we believe, will prove
unfounded. If they should prove to
have any basis, this detail can be
changed later and bankers may be
given larger part in the administra-
ton OF the reserve system when they
have lived down the suspicion which
now envelops them. In the meantime
we should have enjoyed the beneficial
results of the system, which is, in the
main, the same as the Aldrich scheme.
Shall we sacrifice the vast gain be-
cause of some details which are not to
our liking? BY backing up the presi.
dent we can get currency reform, and
get it now, thereby removing a con.
slant menace to business stability.
There is the situation as far as the
currency bill is concerned. The Ore
gonian's concluding sentence is signifi
cant. If the Republicans oppose the
bill from partisan motives, they prop
ably will not accomplish its defeat, the
Oregonian says, and adds: Then the
Democrats will be entitled to and viii
gel all the credit and the Republicans
will be in the position of having op
posed measure which is generally
recognized as highly beneficial by the
people as whole"
: We trust the senate will heed the
nations call. The reform is as neces
sary as was the tariff; the sooner il
can be brought about the sooner will
the country be able TO take advantage
81 the greater expansion of credit, the
greater freedom of legitimate CONNER
= cial operation, it will afford. The sen
ate should hasten.