One of the reforms to be carried out during the incoming
administration is a change of our monetary and banking laws, so as
to secure greater elasticity in the forms of currency available
for trade and to prevent the limitations of law from operating to
increase the embarrassment of a financial panic. The monetary
commission, lately appointed, is giving full consideration to
existing conditions and to all proposed remedies, and will
doubtless suggest one that will meet the requirements of business
and of public interest.
We may hope that the report will embody neither the narrow dew of
those who believe that the sole purpose of the new system should
be to secure a large return on banking capital or of those who
would have greater expansion of currency with little regard to
provisions for its immediate redemption or ultimate security.
There is no subject of economic discussion so intricate and so
likely to evoke differing views and dogmatic statements as this
one. The commission, in studying the general influence of currency
on business and of business on currency, have wisely extended
their investigations in European banking and monetary methods. The
information that they have derived from such experts as they have
found abroad will undoubtedly be found helpful in the solution of
the difficult problem they have in hand.
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