The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-18
FLETCHER SAYS
''SPEED AHEAD"
Florida Senator Urges Prompt
Action in Disposing of Cur
rency Measure.
SHOULD RELIEVE STRAIN
No Occasion to Prolong Sus-
pensc, When 1t Is Admitted
Change Is Needed.
SHOULD RELIEVE STRAIN
Especial to The rimes-Dispatch.l

Washington. y. c., October IT,
THE Overwhelming weight of the most
trustworthy opinion and judgment Is
that the general principles of the pend
ing currency bill are sound and ought
to be composed and settled upon with
out such delay tend to give the
impression that there is fixed pur-
pose to defeat any legislation on the
subject"
In these words Senator Fletcher, OF
Florida. one Of the best posted men in
ConBress on currency matters, and
chairman OF the government Rural
Credit Commission. authorized by. Con-
gress last year, to-day expressed his
opinion upon the most important mat
ter now before the American people
the currency bin.
Fnvors Early Action.
y am earnestly IN favor OF prompt,
carly action" Senator Fletcher said.
II think delay is most unfortunate
from every standpoint. Tho President
was absolutely RICH. in counseling the
two measures at the very beginning of
this long drawn-out. extraordlnary
Din moro ways than one) session. lie
had good reason to anticipate much
quicker action on the tariff bill. and
that tho banking and currency bin
after the tariff bill passed. He knew
the business in the country and the
people generally needed both meas
ures and needed them now.
Should Relieve strain.
The reduction of duties and other
reforms in The tariff bin have not pro-
duced the depression predicted by op-
pouents Of tho measure. But the
banks have exercised n caution regard
ing credits, giving as a reason the
necessity for readjustincnts following
the banking currency legislation which
las affected more or less, all minority
transactions as II there were a scar
city of money ard reason for unwill
inEness 10 grant accommodations.
This situation ought TO be improved.
and tho strain relieved by passing the
pending BILL either as II came from
the fousc or with amenc,.tcnts which
II Is thought will make II better.
promptly.
1T is conceded by the bankers, the
experts. the business people and quite
universally that present reserve
system Is anteQuated and full of vices.
Why ProlonE Suspcn.e.
Why should bad system be con-
t!nued for day longer than the time
necessarily required TO remedy It?
1T Is admitted that the country
wants tho present system changc1.
and is waiting In uncertainty and hest
tation.
why prolong the suspense for an
unforgiving hour?
why play INFO the hands Of those
who would make capital out OF our
failure 70 act?
The overwhelming weight OF the
most trustworthy opinion and tudg-
mont Is that the general principles OF
the pending bill are sound and ough;
TO be written into law. Surely the
difference as to details ought TO be
composed and settled upon without
such delay as tends to give the i'm
preston that there Is fixed purpose
to defeat any legislation on tho sub
ject 7 do not mean TO criticize any
one. ] speak more from what be-
iIeve TO be the viewpoint OF the pri-
vato citizen.
Bankers Lose Sight of Some Things.
III appears the bankers object prin-
cipally to the constitution OF the Fed
cral reserve board They complain
about the proposed government con-
troll They seem to lose sight OF the
fact tina, under the present laws there
IS supervision OF the banks first
through tho directors and then through
the comptroller OF the currency and
tho secretary OF the treasury
They seem to make no objection to
tho existing restrictions and limita-
lions and supervision and control:
system under which the comptroller
practically has the power 10 place
receiver in charge of almost any one
Of them without notice
Complaint Is Absurd.
1T seems 10 me absurS to complain
Of such board being composed OF the
Secretary of the Treasury, the Comp
troller. the Secretary Of Agriculture
with four others to be named by the
President. one OF known banking ex-
pcrience," and not more than two OF
-f,o-, ut hn ne IN
faith Its powers are clearly defined
and are none too great. 1t is the
height OF absurdity to imply n posi-
bility of incompctency or worse to any
member OF such a board. but even if
one or two or three or four OF them
should be bad or inefficient men no