OCR Text |
Show THE PROPdsEQ PANIC COMMISSION On the face of It the Joint resolution Introduced In the House jby. CongressmaiJ Morrell calling for the" appointment of a commission to revise the financial law, seems to be much-needed legislation. The most striking feature of the resolution, the one which appeals ' most; to Western men is that the West is to have a voice in deciding upon the remedy for the faults which may be found in the present system, ! It has been and is now the custom to call only Eastern-tankers and capitalists, into, consultation consulta-tion when matters pertaining to the national financial finan-cial system require attention. The West has been persistently; ignored, the apparent supposition being be-ing that the wise men of finance come out of; the East only. Mr. Morrell says he drafted the resolution resolu-tion after experience vith the divergent opinions as to the. proper, way to relieve stringencies held by bankers and other financial men. Hedoes not have faith In a scheme td give the Secretary of the Treasury discretionary powers, ; or n ar planwhich might be of .efSciencto Eastern financiers, tut not ' WTiereas", The accumulation of moneys In the 'treasury from the revenues derived from the various sourcea and the impossibility under the existing financial -system to put the ' same into clrculati oa except through certain restricted channels; chan-nels; great distress has resulted at various times In financial v circles. ' '' . f - " r -- ' f ' -v And Whereas. This condition has demonstrated the neeea-. neeea-. . slty xt a financial system by which the treasury shall be re- lleved of surplus accumulation through deflnad channels, And Whereas, Owing to different conditions TgrevaiUng In . the various sections of the country, widely different views are hd as to the proper method to be employed to accomplish accom-plish this end: therefore, t it " v -V Resolved, That the Preidttnt of the United 8tats b and Is hereby requested and authorised to appoint a commission, - consisting of the Secretary of the Treasury, the Comptroller ' oft. the Currency and as many additional members aa he may , deem ceceoaary. whose selection shall be based upon thetr ''. fitness, from residence and knowledge cf the subject, to prop-(. prop-(. ri erly represent the views of all sections of the country upon this subject, and whose duty it shall be to make a thorough investigation an to devise a financial system which shall ' remedy what faults they may find in the present system, and ?' to report the same to the next Congress. - i -r. . , r If .we are to have a panic commission .by,' all means give the West representation on it and consider con-sider the Western financial conditions in framing the proposed legislation. : |