The daily sentinel., 1914-02-02
SENATOR SEES RELIEF
IN The CURRENCY Law
In Address at La Court He Points Out Prosperity
Which Will Be Awakened by the Remov-
aIof Restriction Of Currency Bill

Senator Thomas, in opening his
splendid and intensely interesting adj
dress briefly referred TO the program
Being carried out in national legisIa-
tion and touched upon the sincerity
of the purpose OF the President and
congress He then. in response to
various requests that had been made
of him, dwelt at considerable length
upon the currency measure. Ii was
most enlightening, timely and clear
delineation and WAS eagerly followed
by the many citizens present. He
firmly believes the new monetary sys-
TEN TO be the best in the world.
1.-The currency question was one of
the reforms to which the national adj
ministration was pledged, ;" said Sem
ator Thomas. "Whatever may he said
of the bill. it was the most thorough
ly discussed measure ever passed by
congress. Opposition to the measure
was either from anxiety or fear.
Those who were the loudest to con-
denim are now the loutiest to praise.
'The old national banking bill
was born with the Civil war. All of
the great banking systems OF the
country have come out OF the strife
of battle. The present currency sys-
tenn came out of industrial unrest.
The old bill made every dollar cur
rent everywhere and of equal value.
Daniel Webster was responsible for
this, as he took the stand that the
government and not the banks should
be the Issuing power when it came to
money to be used throughout the
length and breadth of the country.
There are those who may remem-
ber the battle of 1896. There is one
weak spot in our monetary system.
and that is that we are not welded
to the gold standard Our troubles
have been that the banks have had
the money when the people wanted
1t and they would not let go of the
money when the people needed it,
The pyramiding of reserves was the
greatest fault of the old system as
the reserves were never used as in
tended in the time of financial de-
preston or panic, but were at these
times recalled by the banks and loans
were recalled and added to the re-
serve. When there was no financial
depression the big banks in which
the reserves were centered. notably
New York. used the reserves to fur
ther gambling on the stock exchange
and TO make loans at high rates of
interest on call. Through this meth
cd transportation lines, industries
and business were made a financial
football for the benefit of those who
had inside information and could get
loans from the banks which carried
the greater part of the reserve money
of the United States
Senator Thomas admitted that a
large measure of credit should be
given for the new currency law to the
monetary commission appointed by
President Taft to investigate the
banking systems of the world.
MANY of the recommendations
submitted" said the speaker. were
Incorporated into the present law.
The commission made an exhaustive
study of continental banking laws
and systems and the data gathered
by it comprised forty volumes, which
were referred TO time and again by
the members of the Owens-Glass COM
mittee. From the data thus gathered
the members of the commission form
ed their own conclusions and these
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