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Show iw ii if" tiw Cliainnan of the Special Com-jH? Com-jH? mission Delivers Lengthy $1 t Address in Chicago. ml JSIdoes not insist on ,18 f central bank project $S Object Is to Secure Opinions of !sP I ' Leading Financiers of M flic World. 1 K i bro2? 5 CfilCACO, Nov. G Senator Nelson al "lsT. Aldricb ' of Rhode Island tonight -In an address before" the Chicago Com-rmcrciul Com-rmcrciul elub, delivered (ho first of a ' series of speeches which he is to make !Vt.b(nj throughout the Middle West on the subject of currency roform. Senator '" - L' Aldrich is chairman of the commission it$f appointed by congress to deliver a com-V com-V SS 'prehensivo study of a monetary system j" for the United Stales. lbt?2 s To those who expected Senator Aid-on' Aid-on' 8$ J rich to use the occasion for the promul-" promul-" 3 ligation of the central bank project:, or t'erriiiSi f?n3" other plan of national finance, his hh Ispeceh must have been in the nature of g.Utfi fa surprise. JJo declared at thr outset trj. B !,'Hhat the question of a definite plan ' 'ifor reforming conditions has not; yet 'm f "fccen token up bv thocommission." and il'tilU indded that no 'plan would be adopted il fii r,-'u,'l after an opportunity had been 'taina afforded for the most, careful and exes ex-es fhaustive slud3" of all the conditions trat fcljiji Surround the problem." c n j Asks Mutual Effort. fwi,i ? jre 6-.jiJ he had accepted the present 3aw'-? occasion as an opportunity "to make JfSL" 'Jan earnest appeal, lo you, as represen-nYwur represen-nYwur Hativc mi1!) of an important section, to to Kin: Mvi' to the commission I he advantage ivr ji v0,u" valuable counsel and co-opern-?tidii in securing the adoptiou of a sat-'Inv' sat-'Inv' :isfii"lor.v remedial plan, ono that will 'HS j'surclv conserve and promote the vital ortMin Jntrrcfts of all the people of this great 8MS nalion." 10 ::," npon Chicago's business 4D FiWiileu. and through them upon the busi-W, busi-W, raij(,S3 nit.n of (i t-ountry, to feel their Mn5!0Tm rI'onsibility. individually and col- i t "-ijlRclivcIv. for the satisfactory outcome lf of the "work. infCfsa rpn snuator said in part: r i j2 Work of Coinmission. c0,m3i if " It ,r my pinpose tomgut to call the !0B.'trat;i utUiiiKMi of i lie : bankers and biisiness c nmJsl nidi of t hicngo lo yomc of the more lurpaatif Ealienl fratures of the work of the na-oo na-oo ril 'tibiud, mnuetarv commission. The tpics-Fotk. tpics-Fotk. S 'un "oiiiniittO'.I to it is so vast and in-itinsfi in-itinsfi Vulvi's so many collateral issues, that mniton! in.v FtalenicnL must necessarily be fr?ig , sopnii Uieiilary aud incumplete. if tne p ff 'Wc espept lo be able to give to liccriW P'C public, within a comparatively timclW fltort lime, 1 ho fullest information with Lakf, f& reference lo ihe oxnerioucn and p!a -petit a lj'"l nielhods of olber countries and .;' tab rhtb fHr own ; visits "When this record has been submit-ill submit-ill roiVti .oil anil time has bocu given to aualyzu rctoteai t fully. av shall, before reaching any ,5 . Ici'lsion. ask rcpresoutalives of business iropriilft nti'ri'sts Ihroughout the counlrv for an manail! )i,'110Ir's to v. hat, if an v. portion of it neccstfJ, ?' I'crtment and valuable in the foriuu-9ttfrfii) foriuu-9ttfrfii) .iou of a plan for the United States. 1 Need Expert Opinion. :0Di,j t "In olber countries whenever great ut'W Pu"lr.V sj stems have been construct-VflttUi construct-VflttUi or fiitially modified, meu whoso itltfd a,('r,cu,e and research had given their 'm'0"8 value have been called istiiatf Jnon for advicn and assistance, our com-i"io com-i"io 'H follow this wise precedent. itii I'lan to bo successful must. rpro- nlri'rf "lp ronsensii.s of iiitlligenl opiu-1 opiu-1 Smfi' ," of our common count rv. tVa Ui r"Thf task of the commission is not IZ- m" imnorlaiit, but is surrounded by J2. nauv (liCic.ultios. Wc have first to ,mt Tjdfc -PDhiiJer the wauts of niix'lv millions of itl,i ?co",,'i tI"11 11,0 requirement of twenlv-io twenlv-io otiiw.. iVC u10,is;an(i iKlU;a (,icbteen thonsaiid late, seven thousand national) with dif- C'ug interests: fomo with tbo right 0Uu W )A.,1,'0 iKue, all jealous of their own mflnRf) '-Wt '"id all jialurallv conservative I fUA1? 'S to ianovalious. and till unwilling lo . !''-cil changes that, are not plainly n(f fileJ lJfj" Hi" line of acknowledged improve- ; II. ', , Problem Serious; One. U'P?rt v'. ''The uroblcm is too serious In bn A w t wHseiI mn lightly. Too many great an61,! R"'rofrts are involved; it, touches at too X? iW ?any v,t:i1 "ots the economic life .f fc !!c Suited States and its future dovel- ,n OcW ipuicnt. Any radical chances must bc-'C.kiji bc-'C.kiji om l''ativo onlv from timo to lime, it Js ' - S- as not to disturb l hose conditions ' nS w ?ii .yc'yt'oitf, 7rtf "'",!0u'-rf,versies ocr note issues and Bi -",kjUL' "lotbods arc as ancient as ci'. i !? ls ,0 secure satisfactorv results trilinw t-jB evident thai we must all lay aside pcndiif i'r nreuidiies, our nrecoiiceived notions. J? Pfbans. our nrediRuonilion lo advocate -TJ .rt,n inutho.ls. but with a fixed dc-PnVll0:i!t dc-PnVll0:i!t S-rmi"fl1'011 'inallv lo afrco upon some ii Co., San that will fpirK- n-uresent the .-om-Itk wisd'uu of all." rTTTnp K Organisiatiou Vital. CHA" ,rfK- r; A,(lr5h said he reparled an ef-1 ef-1 ATAfc'T1 '""Kanizjitiort of the credit aud 1- 'F '"c s.vstoni of the counlrv as much rIilr .""PorlanL lhan. tho question of hfWilL1 am :i)var"." said he. "that in ri,,0Vu,r,,,s iu 1,10 "ohly dur- mntl1rvtbli ,,al1 f )'ltl I'ichlocutli con- 1pXi-iUtt, tl"' ih'Kl ,1I,,f f t,,c c !ilk s3!,'.,. ' Ult' 'luestiou of note issues 0 'fct,. '? li' Wl3'. who should have the -Ea' 1k.uc b:,,lk ,,otos "PO" what nrieo,il52 W M,crt shoiil.l bo issued, what rle 08tflff r,of He-urily to be required-fur-CpJSiilu.slll-lL of ' most of the 2ZSWt ' ,s.l's8ious of the lime. In Twfflllr,t,s v,'i,h. a bhll0 -vcci'- c .f Mftloh' l, . 0 l,rcJ"t all thoughtful inno,t'iJiarnM.. " tho .I'"!c,r manner and mouy 'Vfnnfn,, 1 of ,10ie lhu! " longer a S JnSSS oIh0' ,jf,l":'"''t. importance. Wg;iiE Kn-lsi1 p-,,l,tfl. r -it least sub-& sub-& t'r d M,! lr,lM' yniiiicnlal restrictions, . ;Jr0imi au 0Illy 1)u successfully done flt'lf B ono tftrl 1'anlc of issue. '1 Bd'rtpin Baai8 of Dlacoutcnt. lt,'lilflo h.ii 1U''1 y 'si1 factory to those tU-.&rffreL.v n?nX n,, tn ir.-iil.-ite money f?ftWlV ?ni Mtb.iv op';, ',r'li, oil their potter Dl: Continued on Page TliiOo. ALDRICH VI KW OF . (JUKRKNCy RKFOJiM t'oiittiuicd J-'roiu I'ajjo Our. low a locihl:ilio j;ran(. oi" litis ripjlit, ami lo ino'sc who arc not balislicri In Jiavo the vnliuno of nolo issues do-ppiidcnfc do-ppiidcnfc upon iho ainounl. of yovcrn-men yovcrn-men I. lionds available ralhor llian upon the demands of Irade. was Iho in-lontion in-lontion of I lie framors oi" tho Ji gisla-l.ion gisla-l.ion ol' U)0S lo furnihli an eincrcni:v rciuody Hint should eontiiiuo only until fionii! pernumonL jolio should be arocd upon. ' Tho spnakor briofly referred lo Iho disastrous results thai, followed the financial crisis of 11507. and iho convic-l.ion convic-l.ion Mint with a bet I or monetary system sys-tem its widespread consequences "could have been avoided. Where Danger Lies. "1 am, of course, aware." he continued, con-tinued, "that . wilh the sanguine naluro of tlio American people, whose nervous j energy is not always confmed by limils i of prudence, we arc c.erlaiu to have recurring- periods of over speculation and I of abnormal inflation of values, liul I j am sun; that it. is quito possible bv j eonlininc 1lic plfeets to Ihe Innisrcs- sors and their immediate tinancinl sup- ! liorter.'', to save the. business and the I groat, financial interests of the country I from disastrous suspensions of banks I and :i ko,1m'"1 destruction of credit." j The senator said tho power of the I lrcat banks- of liurope lo prevent pan ics is largely in fins inherent strength ( of tho inslilulions and in the utiques- j tioning eonlidonco of all classes in their j ability .successfully (o Jako care of any situation. Might Learn Thin Lesson. .Mr, AM rieli continued: . "One of Ihe most important questions ques-tions with which the commission lias j had to ileal is af lo what weight .should be given (he fact Ihat other count lies have with uuaiiimiry adopted certain policies wilh referom-o to nanking and monetary affairs, and how far I his uniformity uni-formity of experience anil action should j be iiilluoiitial in tho preparation of a j plan for our count ry. We cannot afford j lo ignore foroign experience. I "We aro not able at this time to put inio deliuilc form the character of a f credit organization wo think desirable J for the I'nitoil States; but we can ji agree upon certain matters and provi- jj sions that must be' guarded against or t climiualed from any possible scheme. I 'M-'irsl, if would be iitiiossiblo to ob- f tablish any credit organizations that t would intorforc wilh or control the ox- isting banks, or whose resources or 3 credit, could bo used for speculative P purposes; or that could possibly bo doni- I mated by tho liniincial uieu or institu- B lions in one section of the. count ry, We S have many fiuauc.ial centers of varying h importance in (ho United Slates be- g t woe ii whom natural rivalries exist, and 8 whatever form our organization might K take, it is necessary to guard against tJ giving to ono banking community any advantage, over another. Expression of Confidence. ''.Second, it is of equal, if not greater great-er importance to adopt sumo of the more important features of svstoins that have been successful in olhof countries. coun-tries. J have loo much conlideneo iu the inherent good .judgment and intelligenco of our countrymen to believe that the dead political issues of three-quarters of a centur' ago could be revised, or that the ghost of Andrew .Jackson could be. summoned to prevent a consummation consumma-tion -that would be advantageous to all. . "Third, whatever may be tho advantages ad-vantages of a system of branch banking bank-ing in other countries, I do not think it is possible to adapt it lo existing conditions in the United Stales.' Mr. Aldrich said that as soon as the preliminary studies and conferences can be had, I lie commission will begin preparing i plan. It. was evident that the commission would not be able to present a plan at the coining session of congress, but he said it'may be able to make a report at. tho beginning of the third session of the presout congress. |