The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-06-27
The Presidents Address.


Banking and currency reformers,
who, for years past, have vainly
worked to secure legislation, ought
at least to be grateful to the presi-
dent for having forced the issue into
practical politics His address to
Congress yesterday has done that. 1t
is today a question for the serious
consideration of the two houses and
the whole influence of a united ad-
ministration is thrown into the
scale in favor of early action.
The presidents address was an
appeal to his own party, first of all,
to support him in the enterprise,
and there was political shrewdness
in the character of the appeal, view
ed from the democratic standpoint.
II the president is to unite his party
on the subject Of banking and cur
rency legislation, II must be on some
such lines as he indicates and for
The president has already made
progress in one of the most difficult
ventures any president could under
take, for Mr.. Bryan, the archfiend of
financial anarchy these many years,
in the opinion of most bankers the
country over has cordially Endorsed
a measure which the New York
Times, its most virulent assailant,
admits contains some good things"
and "is better than the democratic
platforms of the last several cam
paigns." Surely, if Bryan and the
Bryaanites are advancing toward fin
ancial sanity, it is a most happy cir
cumstance and the president who
scores this achievement in our ma
tional development deserves no lit
tie credit.
The question of control has thus
far overshadowed all others in the
discussion of the administration bill.
In our judgment, there is no reason
for fanaticism on either side; the
point is susceptible of adjustment
satisfactory to all, provided selfish
private interests are not seeking
undue power. Both the bank
OF Germany and the bank of
France are absolutely dominated by
the respective governments of those
countries. President Wilson's strong
utterance on this point, in his adj
dres to Congress, may be regarded
as statement of a fundamental
proposition:
The control of the system of bank
ing and of issue which our new
laws are to set up must be public,
not private, must be vested in the
government itself, so that the banks
may be the instruments, not the
masters, of business and of indivi-
dual enterprise and initiative.
On no other basis are the flnan-
cial and business interests of the
United States likely to obtain a new
banking and currency system. No
political party in our time would
dare to go before the people with a
record of having made the banks
themselves, which are in banking
for the profits of the business, the
ultimate master of the reformed
system.
1t is question of getting out of
the democratic administration and
Congress the best attainable law or
OF abandoning all hope of changes
for an indefinite period. II the fin
anciers, bankers and business men
of the country who are reasonable
in their views and conciliatory in
their intentions, will endeavor to
cooperate with President Wilson in
perfecting the administration meas.
ure. they may help in a most i'm.
portant achievement-one which
would serve as a solid foundation
for more scientific legislation in fu-
ture years.-Springfeld Republican.