Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1913-01-23
CURRENCY REFORM NEEDED.

CURRENCY REFORM NEEDED.
Call money went to IL per cent in
Wall Street two or three days last
week. AS the usual rate in 2 to ~
per cent 1t will be seen that IL per
cent represents something perilous-
" near panic conditions. The rea-
sons given by the New York papers
for the furry are, first, the with
drawal of large sums Of money from
the clearing house to the sub-treas-
ury, and second, the shipment OF
considerable sums of cash to the
west where it is needed to move
crops. And the usual statement Is
made that 'the treasury department
will be appealed to for assistance. :"
And SO again the utter inadequacy
of our financial system is demon
strated. In time of boundless pros
perity, with the demand for labor ex-
ceeding the supply, with all our IN
dustries flourishing and with not a
cloud in the commercial sky, sud
denly there is a scarcity of ready
money in the country's financial
center, and the government must be
called upon for relief. And we let
that sort of thing happen year after
year without any intelligent or ef-
fectual effort to remedy the situa-
ton. It is a reflection on our In
telligence and good sense. And the
pity of 1t is that there seems to be
no early prospect of change In the
cumbersome system. The Republic
can party responded promptly and
intelIigently to the demand OF the
country for some sort of Legislation
following the panic of 1907 In the
passage of the so-called emergency
currency bill. But that act expires
by limitation in 1914. The Repub-
lican party also provided for none
tary commission, which after three
years of study and investigation pre-
sented a plan which in the judg-
ment of practically all the financiers
of the country would give the United
States a currency system which, in
addition to being as safe as the one
we now have, would supply the ele-
ment of elasticity in the currency
supply which our present system ut
terly lacks. If the Republican party
had been kept in power 1t is entirely
likely that something along this line
would have been worked out during
the next four years.
But the Democratic party never
has had any financial sense, in the
first place, and in the second place
1t will come into power next March
obsessed with the idea that the one
mandate 1t has received from the
country is to chop the tariff. The
truth OF the matter is that some
thing like a million more than one
half the voters in the country cast
their ballots for the candidates of
parties pledged to protection. while
It is morally certain that a million
or more of those who did vote for
the Democratic candidate did It in
spite Of his tariff attitude and not
because Of It. But that Will make
no difference. A special session. OF
the new congress win be called and
the life will be cut out Of the tariff,
and nothing win be done to relieve
the currency situati0n, The emer-
gency law WIN expire IN little more
than q year. and then there VIII be
nothing whatever to prevent i re-
currence OF the conditions that pre-
vailed in 1907. Fortunate indeed
WIN the country be II there is NOT
q recurrence Of the conditions that
existed ii 1884. g and 's.-Iols
REGISTER.