Show CURRENCY REFORM f m mm f I NEEDED TO AVERT FINANCIAL PANIC So Declares Representative Glass at Chamber of Commerce Corn Com I merce Convention WASHINGTON Jan 21 That l.-That That it is Iv not unreasonable but wholly In accordance with past experience to ex expect expect ex- ex peel a financial panic similar to tho ono one In 1901 at some time In the fu future future fu- fu ture was tho the declaration of ot Representative Garter Carter Glass of ot Virginia chairman of cr r tho the sub committee of oC the House committee on banking and currency currency cur cur- rency in an address tonight at t the e convention of or the National Chamber of ot Commerce No one could tell Mr Ir Glass said when such a a. financial disaster dis aster would come but li he declared there arc are symptoms that should not go unobserved At the outset of ot his talk Mr Glass called particular attention to the statement state state- ment mont made mado recently before his his' committee commit commit- tee teo b by a a. banker bankel of or the west that even not in tho the panic of or 1907 did ho bo experience ence enco greater difficulty In meeting meeting- tho the demands upon him than last autumn when he was obliged tole toilet his reserves resene run down to accommodate his custo cus cus- to mc rs I 1 wo would ld not commit t mys myself lr to an any definite prediction as to a a. recurrence of the tho trouble o of 1907 said said Mr Glass but I do sa say that It would bo be tho the height of ot toll folly for us to defer action until It Is forced upon us b by the Im- Im r. r U ui vi U 1 Representative t Glass ridiculed the Idea that the Aldrich Vreeland n currency curren curren- C cy act which expires June June 30 1914 Is Isa Isa isa a preventative of ot panics panic He Insisted that need of ot currency reform is urgent and the tho time for tor action Is ripe He expressed expressed expressed ex ex- ex- ex pressed the conviction th that t tho the chief points to be dealt with In an any effective measures of ot relief are arc Provision for or rediscounts or sale of ot commercial paper In a way and to an extent that will enable banks to get fluid resources whenever their customers custom custom- ers may require the issue of oC a safe and elastic clastic paper currency gradually displacing the tho secured bond ban banknotes banknotes bank bank- It- It notes regulation of or government deposit deposit de de- de- de posit of curent funds with the thc banks of the country and more stringent in inspection inspection in- in of oC banks Tariff Secretary of Commerce and Labor Nagel in addressing the convention declared that the present methods of framing flaming tariff legislation are arc disorganised disorganized antiquated and without tern tem The secretary's statement met with a vigorous answer from Representative Henry D. D Clayton of Alabama o who defended the methods now in vogue In Iii shaping tariff legislation lIe He contended that Con Congress ress is amply ablo able to frame tariff legislation without the time aid ald of ot a few men who work behind closed doors Secretary Na Nagel el appealed for a tart tariff board as absolutely necessary for the framing of ot roper legislation defended President Tafts Taft's administration told of tho the need of ot currency reform and dwelt dwell dwelton on the importance nn e of or protecting thu tho coastwise shipping in making Panama canal tolls In conclusion Secretary Nagel said paid tho the high cost of or living lI was due to tho the waste ostentation and display display dis dis- ls- ls play on oct the part of the American people S I |