What Congress Should Do

Dr.H. C. Adama of the University in :ent number of the Review of ïavews gives a valuable opinión on Stowork io be done by the present sesaÉBtt-eï Gongress. It is as follows: 2tk much easierto say what the rtrasession of Congress ought not to dfcafoout. eurrency than to suggest a gtet whick wlD meet the demands of te-jaresent exigency and at the same flSwe lead to a sound monetary policy. IIüï Gongiess ought not to repeal I0 per cent tax on fche note issues ÖTsiate banks. I appreciate f ully the tenges which have taken place since iSffiand the argument in favor of f ree Bstaiing based upon those changes, but 24are no confldence in state banks of üwne, nor can I avoid the conclusión that should they again be established state legislaturas will again endeavor to build up local industries by providing lavishly for "local capital." Commerce is national and the instrument of commerce should be national also. Again Congress ought not at present to assume the burden of tho world's silver. Whatever the ultímate results of such a policy, its immediate effect would be widespread commercial disaster. Nor, on the otlfer hand, should the extra session of Congress formally recognize the universal dominion of the gold standard. The immediate effect of this might be advantageous to all but the silver mining interest; but the universal abandonment of silver either as standard money or as the basis of issues would inaugúrate a period of gradual and persistent contraction. This, of course, means ruin. What, then, ought Congress to do? Answering the question categorically I would say: First, in view of the present exigency, Congress ought to repeal the silver purchase clause. Second, holding in mind the future, Congress ought to créate a commission which should take into consideration the establishment of a general banking system under the control of federal law. Third, having done this, Congress ought to adjourn.