Salt Lake Tribune | 1910-10-01 | Page 6 | A Fruitless Commission

A FRUITLESS COMMISSION. It. if? reasonably evident that thcro will bo no report from the monetae commission, of which Senator Aldrich is tho head. That commission was appointed ap-pointed to pilot the way out of our currency difficulties, and to provide a means whereby the currency issues of the different banking institutions of tho country could bo liberated from the effects of panics, and the banking business busi-ness 'put. on such a basis thnt the money would not bo all locked up as soon as a cyclone appeared in the financial sky. This commission hns boon in existence something over two 3'cars. It has visited Europe. It has visited various parts of tho United States, and has conic to but ono conclusion, and that is that it. cannot, agroe upon any remedy to report for tho action of Cougress. A meeting of this commission is scheduled for November, but if any report re-port at all is made, thcro will be two reports, ojio doubtless in favor' of a Central National bank and tho establishment, estab-lishment, of close and stated rolations between the National Banks throughout tho country and that central institution. Another report will bo against a central bank, and probably much along tho linG'6f what the Secrotai' of the Treasury is now trying to work an emergency currency schome, whereby soma $500,000,000 of currency will be held in the, treasury to be advanced to the banks on securities offered, whenever when-ever there is a lock up of. money. Both schemes have disadvantage.4, tho first tending to undue centralization, and tho second being perhaps too slow in its remedial work; for if tho securities are not deposited and kopt. on deposit all tho time, approved by the Secrctnry of tho Treasury, the process of deposit and approval will bo so slow us to practically shut off any immediate relief re-lief when the panic comes. Tho final session of tho present Congress will begin in December, and will end with tho 3rd of March next. It will bo what is known as Tho short session. Its time will be o'm ployed chiefly in the passage of the regular appropriation bills and in action on such urgent measures as cannot be delayed. Tho fact that two antagonistic, rfiports will bo qivon on the currency question from this expert monetary, commission will be an effectual effect-ual bar to any legislation on tho subject at this short scstdon. And so, since a number of the members of this commission will cease to bo members of Congress after the 3rd of March next, and sinco the' work of the commission has been fruitless in results, it is not likclv that the countrv will receive any benefit whatever from its appointment.