The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1914-01-13
Many Months Will Elapse, 1t Is
believed, Before Full Effect OF
Important Legislation will Be
Definitely Realized by Country;
Root Ono OF Few Republicans
+. VINO Denounced Measure.
By Ernest q. walker.
lMail special to VIC Advertl


much good cheer in Congresslena. ~.
clcs has not been in many months. The
dear old legislative branches at last
are TO have their precious vacations.
They have been elamoring for them
ever Since last September, when the
tariff revision bill was near enactment.
Grumbling has followed upon grumhling
beeanse the vacations were not forth.
coming.
But the tariff bill has passed and
now the currency bill has passed. The
two measures are written upon the
statute books, over President Wilson =
signature. From whatever point Of
view, political OF otherwise, one ap.
proaches the matter, in achievement
pure and simple, very much has been
done in the given period than t,on.
eress Is usually able to get bv with.
In industry the Democratic brethrcn
have gone far and scored notably. As
TO the character Of their product, the
country must yet determine and pass
verdict. In due time il will appear
whether the tariff revision Is as g1od
as the Democrats say il is or as had
as the Republicans are getting
confident it will be- Likewise with
the Currency law Many months will
be necessary to ascertain how wen II
win work.
Currency Law Important.
The Currency law is likely 10 be
more important to commerce and bust
ness generally than the tariff law.
Tariff undoubtedly has some effect
L ~
facturers can not do business without
money ami without credit. The banks
have a say 80 as TO both those matters.
Now the banks are to transact their
business under closer federal super.
vision and also under greater restrie.
tions in many particulars. In some
particulars they are to do business
with greater freedom. But it all in
wolves new system which means
months Of time for adjustment viii be
required! an"a
iir Many Of the old ehanne's, through
which financial transactions have
moved, will be discarded. This will
naturally cause more or less confusion
, and uncertainty. New connections
must be established and confidence in
new agents and instrumentalities is in
dispensible before business can 90
ahead with. the same assurances as OF
old. =. b..
The currency bill was vigorously de-
nounced by Republican Senators prior
TO its. passage 1t was expected most
of them would ultimately vote for the
measure. Only seven of them did,
counting Poindexter, of Washington
state az Republican The progres.
sive Republicans. like La Toilette and
Cummins, spoke and voted against the
bill. where there were reasons for sup
posing they would 90 over with the
majority. Both Of them are men of
presidential ambitions and, of recent
days, there bas been a vigorous revival
Of craftsmanship. Only one eastern Re,
pnhlican Senator supported the meas,
ure, Mr.. Weeks Of Massachusetts, His
colleague, Senator LodPo, went on rec,
ord IN a letter against the legislation rs
framed, Mr.. Weeks is recloned Of the
stalwart faction He was many years
a successful banker and probably has
larger practical knowledge OF bank.
ing and finance than any other Senator
He was chairman Of the House Com.
mittee that drew the postal savings
bank law. He served as a member oil
he Senate banking and Currency com.
mittcc and was very active in the con.
sideration of the Currency bill. He
gave the subject careful attention long
before the Currency bill was presented
before the Senate by the House. Sep
tember LIST last. His high standing as
a banking authority has been conceded
by Congress and his declaration IN
favor Of the legislation was made after
much ANALYSIS and elaboration.
Denounced by Root.
Senator Weeks says the bill Is three
quarters good and one quarter bad
Probably his statement is rs reliable
and as trustworthy rs any that can bt
had in Congress. On the other hand
Senator Root, Of Now York, who Is an
, able STUDENT and an eminent lawyer
,fdcnOuneedlrit az bdd and refused "a
: vote for 1t. Presumably Mr.. Root was
under some pressure from his ccnst,tu
ents who include the big and powerful
tanking interests Of New York. Like
wise Mr.. Weeks must have borne III
mind tho large financial interests OF
New ENGLAND whose wishes he IS bound
TO consider in some degree. t..
Senator Root did much TO Influence
the Republican Senators against tbs
bill. He declared il would become al
instrument of imitation and was den
gerous on that account. His word.
were not UNDECIDED on the Democrat,
side, where speedily some. eaucu,
changes were made along the lines OF
Mr. Roots criticisms For instance
the amount of gold reserve was in
creased from about 81 per cent TO AZ
per cent? These changes made at the
cleyent'. hour did not alt ,gGtpor SAT