The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-08
BANKERS AND THE CURRENCY BILL

BANKERS AND THE CURRENCY BILL
It is interesting. not to say entertaining to
mote the horror expressed by few bankers and
financial leaders in New York city and else
where, at the idea Of control by representatives
of the government of our banking methods and
currency supply and distribution. Possibly
sufficient. answer to this aghast attitude may be
found in,the question. ''Who has controlled these
things heretofore?" and an honest answer to it.
We might be told that the ebb and flow of cur
rency and credit responded to the laws Of supply
and demand; but the facts to show that
the machinery has not worked quite success
fully. Every year we have had alternating money
gluts and famines, every year recurrent period
of apprehension. of dismal expectation In the
New York financial district of what might hap
pen from the strain of demand for money to
move the crops. Also have had panics and
disaster regularly that we have been taught
to look for them parts OF the usual course of
things to come. in every seven or ten
years to be expected about as regularly and
surely as the SUGGESTIONS of the Re
and general must be founded ON stability and
order. we cannot feel that the control. or lack
of control, have had heretofore has been
successful. When one plan is a manifest failure
some other must be tried. All human progress
necessarily is more or less experimental, HUI
manity moves forward like a child going down
stairs cautious foot going to the next step
before the step above is forsaken the hold
the side railing relaxed. We trying to get
out Of the dizzy garnet and the sequestered nur
series and sleeping apartments to the main floor
where people live and are active.
The truth is the direction and control OF our
financial, currency and banking affairs always
have been with the government, 1t is so in this
country and in every other. Governmental poll
ries and methods make everywhere the rising
and falling of prices and the courses of COM
merce The national banks already are under
The closest and most intimate supervision of
the Washington authorities and the State banks
are supposed to be watched and directed by State
officials. The purpose of the new currency bill,
as we understand It, Is to give the country an
established financial policy and a currency abb
solutely safe f1uctuating In value. but
flexible In quantity, to meet the varying needs
of the sections and regions OF the continent. A
central responsible body at Washington, not
changing with every change Of administration
and with its attention concentrated on the finan-
rial requirements of the country. supplemented
and advised by local bodies studying their i'm
mediate surroundings would go far toward sep
arating banking finance and currency supply
from the influence of the government 1t would
be guiding and interposng power between the
Influence Of administrative or legislative acts
and the business of the country, 1t would be a
protacijans against shocks, restraint upon In !
sanity Of speculation and enterprise running !
wild
The present administration has been careful of
the financial interests. recognizing their supreme
importance and the necessity for protecting and
considering them 1t has consulted them and
sought an1iously to avoid doing injury to them /
IL Will be -Igall the pnxers at the great
centers OF business to respond in kind, and at /
least. 10 refrain from narrow. captious. selfish
opposition 10 every suggestion of Improvement 4
reformation and progress. So far we have es- \
capped radicalism and there has been steady ad. +
herence to sound principles, an obvious purpose ,
TO regard all interests and promote the welfare \
and advancement Of the country and people at \
large Surly and unreasonng antagonism to \
reasonable and sane suggestions will incite hos 4
tility. encourage extremists and do harm The /
common sense and plain needs of the public I
demand change from the system-or lack OF I
system-we have The right plan is for every
body to help make the change as useful and I
easy as possible /