Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1913-10-02
CURRENCY REFORM PROBE
Why the People Are Anxious for Ac-
ton.
CFrom the Indianapolis News1

From the indianapolis NewS)
In his letter to the Cincinnati Enquire,
"Holland' quotes former Representative
Frank of St. Louis in support of the pend
ing currency bill Mr.. Frank is repub-
l!can, and so must be acquitted of parti-
san bias, His idea is that the bill is a
fair compromise, and that in such legs-
lation as this there must be compromise
We cannot escape from the limitations
Of politics For here questions of govern
ment and political philosophy are involv-
cd During the whole course Of our his
tory we have had the money questions.
We agree that these are really scien-
tihc in their nature. BUT it has been found
impossible. as a practical matter, TO con-
slider them wholly from that point Of
view
| But what we suppose us chiefly in this
letter is what We suppose To he the vio."
of Holland" himself. II It is not the
certainly sympathizes with II to som a..
| tent. We quote
| one Of the reasons why the people ara
now not only ready. but anxious. for
perfected national banking and currency
law is TO be found in their belief that tho
! United States is about to enter upon an
era of prosperity the magnitude of which
dms the imagination As soon az
normal conditions return and friction he
| tween legislation and business is ended
| there are to be great Investments OF
capital in the exploitation Of our natural
resources or in the expansion of those
which are already under development We
are to continue also as nation pre-
eminent among the nations of the world
! for invention. Invention and utilization
| Of the discoveries of science are thu
! handmadcns of prosperity in new
country. such as the United States real
| ~ Is.
| Naturally therefore, there is feeling
| that our fundamental Legislative problems
! should be got out Of the way at the
earliest moment possible. The people are.
we believe, very deeply interested In
currency reform. They are also firm IN
| their belief that now is the time to get
It Nor can there be any doubt that they
! are convinced that the present system is
! tad. "Holland' is right when he says
! The people feel that there Is something
wrong about a banking system which
enables one of the great banks OF thu
! country to hold millions of money in
time Of stringency in excess of tho
amount required to maintain its legal
reserve, They hone that the bill now be-
! fore Congress will establish conditions
| which will make it impossible to ac-
! Cumulate excessive reserves, especially Mt
/ times when money is tight
The problem Is to make the resources
available for commercial and industrial
use, and to do this in a way that shall he
as far as possible fair and Just in all
Those who are disposed to criticize the
present bill as unscientifc should remem-
| Der that nothing could he more unscien-
| tihc than our present system Criticism
Is welcome, and it has been needed But
still the fact remains that the ideally sci
entihc in currency legislation has never
been attained in this country. We wish It
| something to approach to the ideal, and
| the proposed system, with all its defects,
| is in our opinion. considerable in-
| proNemeut over that which is now in op-
| Grafton,