The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-12-20
SATURDAY, DECEMBER 90, 1919.
THE CURRENCY BILL PASSES.

THE CURRENCY BILL PASSES.
The lawmakers at Washington are
likely to have Their Christmas vaca-
ton. after all, for they have speeded
up their work OH the currency bill,
and that measure passed the senate
yesterday evening, and it is likely to
receive the signature of tho president
early next week. Two weeks ago
scarcely anyone expected the bill to
pass before we'll along into the new
year, and those who predicted it's PAS
sage before Christmas were ridiculed.
Vet the bill is now through both
houses. and it is understood that the
plans are all made for it's speedy pas
sage through joint conference. after
which 1t will he signed Immediately.
The hill us it will receive the pres.
idcnt's signature will be in many re-
spects different from the measure that
was introduced i'll the house n few
n ago. Some amendments We're
made in the house, and still others
have been made in the senate. But
these amendments have been made
with the approval of the president,
who has the final act To perform that
will make the bill a law, and it is un-
derstood that tho members of the ma
tority on the conference committee
nra aOroeI nv, ,,,Iat oNn--.. .a.N1 -.
made before the bill is reported back,
and that these changes are also ac-
ceptable to the president. There is
therefore no chance that the bill will
fail to receive executive approval.
The country is to be congratulated
on the passage Of the bill at this time.
Opinions differ as to the merits Of the
hill. Opinions would differ as to the
merits Of any currency bill that could
possibly be introduced. and there
would never come a time in the prog
ress Of any bill on the subject through
congress That there would not be a
demand for more time for debate, and
for the opportunity to offer mora
amendments. Such d thing as a cur
rency bill by unanimous consent, or
anything like it, is out of the question.
1t has been admitted for a long
time that our currency and banking
SYSTEM vas sorely in need Of revision.
The present system is inelastic, and
lends itself easily to the promotion
of panics. Efforts have been made
Tor many years to devise a plan which
would meet the needs OF tho country,
and various plans have been suggest
ed, only to be abandoned under the
fierce attacks which were made upon
them. This was what happened to
the Aldrich bill. and the present bill
vas attacked just as fiercely. The
only way in which the country could
he given a new currency law was for
some set of men to agree on the
fundamentals Of a bill, get enough
backing to give it momentum, and
force the thing through against all
opposition. accepting responsibility for
1t, and being ready to stand by il.
This is what has been done.
The bill that is soon to become a
law is not perfect. We say this, not
from any expert knowledge about cur
rency bills. but because every man
OF ordinary Intelligence knows that
a new law. no matter by whom drawn,
on such a complicated thing as the
currency and banking business Of a
country Of one hundred million peo-
pie. with all their varied needs and
diverse interests. cannot in the very
nature Of things be perfect or any
thing like it. Perhaps some other
plan would have been better. Per.
haps the Aldrich plan is a superior
plan. But the Aldrich plan could not
have got through congress this side
Of the millennium. and probably not
during that delightful period. Ad-
uniting the need for legislation on the
subject-and everyone admits that
the only thing to do was to frame a
bill that would meet the situation as
well ~ possible. and that could be
passed.
There has been a great deal Of loose
talk about this bill by people who
know nothing about 1t. If it brings
about the disasters which have been
predicted as a result Of it's passage
some Of the best fnanciers that the
country has are wrong. Several such
men have commended tho general
features Of the bill, while pointing Out
what they believed to be the desira.
bility Of amendments in this " that
direction. The bill has commanded
the support of enough republicans in
congress to place it on a basis differ.
m from that of a purely party meas.
ure, and to indicate that others than
Its sponsors saw in it enough good
to. merit support. If these ~fnanciers
and these Legislators arc right in thei,
belief that the bill is not a menace
to the country, there will remain after
Its passage the need to observe its
working. and to amend it here and
there in the light of experience, until
we have, not the perfect law, for thai
liz an ideal which We are not likely
to reach, but a law which will be free
from serious defects. and which will
meet the needs of the country safely
and efficiently.
The ultimate passage of this bill, %,
II substantially like IL, has been a
foregone conclusion for a long time
This being true. 1t was wisdom to OK.
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