The Birmingham age-herald., 1913-06-20
Wilson Has Strong Ground
for his Desire for Early
Remedial Legislation
is ALMOST IN LINE
WITH PREDECESSORS
General Belief Is That No Measure
Can Be Passed With Which
the Name of Aldrich Is
Associated
BY HOLLAND

to Horace Greedy In lnnuence and q very
intimate political and personal friend of
William II. Seward. published an article
which embodied the results of prolonged
and thoughtful study in this country and
in Europe.
At that time agitation had begun for
tariff revision with intent to modify CT
alter the rates in the Morrill, tariff meas
ure which was enacted in the early part
of the civil war. General Webb was
persuaded that there could be no perma-
nently satisfactory: adjustment of the
tariff to reasonable American business
interests and OF such kind as to provide
adequate government revenue unless there
were simultaneously the establishment of
our banking and currency system upon
the soundest of principles. General Webb
insisted that well perfected tariff law
and perfected banking and currency sys-
tenn would each supplement the other and
both together would go hand in hand in
so far as American prosperity was con-
cerned.
1t has been for some time the opinion Of
those in this city who were presumed to
have good understanding of what the pur-
poses and views of President Woodrow
Wilson are that some weeks before he
was inaugurated as President he became
In order to accomplish the perfect work
which he planned stood in need also Of
remedial banking and currency reform. 1t
was the presumption that the President
began his term as fully persuaded that
there should be reform of our banking
and currency laws as he was that there
should be modfica ton along far reaching
lines Of our tariff law This view was not
the result of any conference which the
President had with any Of those who are
engaged In business in the financial dis
trict. Wall street. as that term is under
stood, had no part in influencing President
Wilson to take this view.
The President Will Insist
For this reason some Of President VIII
sons friends in this city have expected
that he would at the first expe.lient mo-
ment make known 10 Congress his reasons
for recommending that at the same ses-
sion in which new tariff law was en-
acted there should also be enacted a new
currency law. which, even though 1t would
not be regarded az completely satlsfac-
tory, would serve to pave the way for
perfected legislation at later date.
President Wilson is spoken of here as
acting in sympathy with the view taken
by both his predecessor. President Taft.
and also to some extent with the view
taken by President Roosevelt Neither of
these republican Presidents professed to
have any more than the most general
views respecting our banking and curren-
cy systems Yet both of L. W counsele1
legislation. which would perfect the sys-
tenn Colonel Roosevelt is quoted as hav-
ing said to his friends when a visit 10
St Louis two years ago, in reply to a
suggestion that he address the citizens of
st, Louis who were invited to hear him
speak at the auditorium upon the subject
of finance and its relation to the bankin &
and currency system, that finance was one
subject OF which he knew little or moth
ling. Finance was much mystery 10
him asfit was supposed to have been 10
President Lincoln. but he knew the tenn
per of the American people and he was
persuaded that they would not he willing
to accept any mea sure formulated for
perfecting our banking and currency svs-
tenn. If 1t We're identified with the name
of Senator Aldrich Colonel Roosevelt
meant by this statement that ii was VITAL
| If the currency system Was to be per-
fected. that political as we'll as economic
questions should be carefully con sdered.
President Taft warmly recommended
| action by Congress which would tend to
improve our banking and currencv svs-
Item President Wilson. to this extent. is
spoken OF as in complete sympathy with
his recent predecessor
The Great Question
1t seems INV to be established that no
currency reform measure Identified by
| ~, q. ', =. v,a of CaDn+or A1drich IS nnsaihIa