Show I REPUBLICAN LICAN STATESMEN ST A YES MEN OF DIFFERENT I J A I VIEWS APPEAL FOR SUPPORT IN Wi WEST CURRENCY Senator Nelson W Aldrich of i Rhode Island Delivers a I iI i Masterly Address Before the i Commercial 1 Club of Chicago FIRST OF A SERIES OF SPEECHES IN THE WEST Work of the National Monetary Commission Enlarged Upon and the People Asked to Study the Vexed Problem i NO FIXED PLAN PROPOSED Chicago Nov 6 After an elaborate elaborate elaborate rate dinner tonight in the gold room of the Congress hotel Senator Nelson W Aldrich of ci Rhode Island chairman of the monetary commission explained to the mem members members members bers of the Commercial club of Chi Chicago Chicago cago the work of the commission and Deferred referred in a generd way to its pur purposes purposes purposes poses About men were at the table Among them were former Senator Teller of Colorado who is a member of the commission and Senators Smoot of Utah and Bourne of Ore Oregon Oregon Oregon gon Business men were in attendance from rom other cities including St Louis New Orleans and Denver The ban banquet banquet banquet was of importance because it brought out the first explanation by Mr Aldrich of the plans of the mone tary I commission which has been au an authorized authorized by congress to devise a com corn comprehensive plan of monetary reform The Tiie senator part patt 0 It t is In my mr purpose tonight to call the Bet 1 jon n fl ot of the and business busino e eB B R it Chicago to some HOme of the more morece ran Cen ce features of the work of the na n nPr nPr Pr monetary commission The Theion C ion committed to it is so vast and I f so o many collateral issues that statement must necessarily necE be b frag fragle le 1 i tary ant incomplete We WP expect to be able to Give e to the put pUNIC lie within a comparatively short shortt t tn n I the fullest information with ref frt to the experience and practical of other countries and of our Cin When this has been bean submit submitted ted and nd time has been given to analyze lt It fully we shall before reaching any ion ask aek representatives of t busi busl interests throughout out the country for an opinion as to what if It any por par portion partin tin tion of lt It is pertinent and valuable in th tb of a plan for th Unit Unite c e 1 States Will Follow Precedent In other countries whenever great gre t monetary systems have been construct I led or essentially modified men whose ex cx exI ipen I mes and research had given their special value have been called upon for advice adIce and assistance Our OurI I will JU follow this wise prece precedent dent Any plan to be successful must rep r sent the consensus of intelligent opinion of our common country Th task of the commission lon is not only important but is surrounded by mans difficulties We Ve have first to con consler the wants of ninety millions of pe pc i pl pJ then the requirements of ba bank ih Os state national with ing mg interests ts some with the right cf n te le issue alt all jealous of their own n Tight light and all naturally conservative t innovations and all unwilling to toa a ei ert t changes that are not plainly alln n the line hue of acknowledged Im pr ment Tu The problem is too serious to be Continued on Page 12 CURRENCY IS THE TOPIC i Continued from Page 1 passed pass d upon lightly Too many great interests are Involved It touches at too many vital points In the tile economic life Ufo of the United States and its future de do development development Any radical changes must become operative only ordy frOm fr m time to time so R as not to disturb these condi conditions conditions and relations Controversies over oyer note issues S and banking methods are as ancient as banks To secure satisfactory results It Is evident that we must all lay aside I our prejudices our ur preconceived no notions notions to ad advocate advocate I perhaps our predisposition certain methods but with a fixed determination finally to agree upon some S me plan that will fairly represent the combined wisdom of or all aU Mr Aldrich said lId he regarded an ef of efficient efficient fl organization of the cr and banking system of the country as it much more important that the question of note issue I 1 am aware said he that In other countries In the past notably during durin the last half halt of ot the eighteenth century and arid the first half of the nineteenth the question of note Issue that is to say who should have the right to issue banknotes upon what conditions they should be Issued what kind of security to be required furnished the subject of most of the monetary discussions of or the time In these countries with a exception at the present time all thoughtful men look on the proper manner and character of note issue as asno asno asno no longer a pension or one of para paramount paramount paramount mount importance The conclusion has been reached that banknote Issue should be made under governmental control or at least subject to strict governmental restrictions and this can ean only be successfully done through one central bank of ot issue Our existing system of ot banknote Is Issue Issue issue sue is equally unsatisfactory to those who believe that all banks should have havea a right to Issue notes to circulate as money as freely as ns they open credit crediton on their books and that no evil results can follow tollow a legislative grant of ot this right and to those who are not satis satisfied satisfied satisfied fied to have havo tho the volume of note issues dependent upon the amount of gov government government government bonds available rather than upon the demands of trade It was the Intention of the framers of ot the legislation legis legislation legislation lation of 1008 1908 to furnish an emergency remedy that should continue only until some permanent policy should be agreed upon The speaker briefly referred to the disastrous results that followed the financial crisis of 1907 and the con conviction conviction conviction that with a better monetary system its widespread consequences could have hae been avoided I 1 am of ot course aware he ho con continued continued tinned that with the sanguine nature of ot the American people pe plc whose Jose nervous energy is not always confined by lim limits If m mits its of prudence we are certain to have haye recurring periods of overs peculation and of ot abnormal inflation of values But Dut I am sure that it is quite possible by confining the effects to the trans transgressors and their immediate financial supporters ers to save tho the business and Una nn the he t great financial Interests of the theof peD I Q of anks a a Of t credit I The said the tho power of ot the thel great banks of ot Europe to prevent PH plu I Ics is largely larg ly in the inherent strength of ot the institutions and in the thu unquestioning unquestioning confidence ef of all classes clas les in their ability successfully to take care of any situation Experience Abroad Mr 1 11 Aldrich continued One of the most important questions with which the commission n has had to todell dell is as to what weight should be given the tho fact that other countries have with unanimity adopted certain policies with reference to banking and monetary affairs and a d how far this uni uniformity unIformity of ot experience and action should sho ld be e Influential in th preparation of a aplan aplan plan for our country We Ve cannot af afford afford afford ford to Ignore foreign experience We are not able at this time to put Into definite form the character of a credit organization we think desirable for tor the United States but we can agree upon certain matters and provisions that must be guarded against or elim dim eliminated eliminated mated from any an possible scheme First it should be Impossible to es establish establish any credit organizations that would Interfere with or control the existing banks ban Its or whose resources or credit could be used for speculative purposes or that could possibly be dominated by the financial men mon or in tn institutions n in one section at of the coun country country country try We re have man many financial centers of varying Importance in the United States between whom natural rivalries exist and whatever form our organization organization organization might take It is necessary to guard against giving to one banking community any advantage over an another another another other Jacksons Ghost Impotent Second It Is of ot equal If It not greater Importance to t adopt some of the tho morA moro Important features of systems that have been successful in other countries I have too much confidence In the in inherent Inherent inherent herent good Judgment and intelligence of ot our o r countrymen to believe that the dead political tissues of of a century ago could be revised or that the tho ghOSt of ot Andrew Androw Jackson could be summoned to prevent a con consummation consummation consummation summation that would be advantage advantageous ous to all Third whatever may be the advantages advantages of ot a system of branch banking In other countries I do not Hot think It is possible to adapt It to existing condi conditions conditions conditions In the United States Mr Aldrich said 5 ld that as soon as the preliminary studies and conferences can be had the commission will begin preparing a plan It was evident that the commission would not be able to present a plan at the coming session of congress but he said it may ma be able to make a report at the beginning of the third session of ot the tho present con congress congress gress gross |