The morning journal-courier., 1908-02-11
Old Yale 0arsman Addresses a Large Audience at Hendrie Hall on Financial
 Situation.
PROPOSES PLAN FOR BANKS
Lauds Grover Cleveland and J. Pier pOnt Morgan as Saviours of the Country, and Tells Need of
 Change of System.

Congressman Charles N. Fowler of New Jersey, the old Yale oarsman who rowed with Bob Cooks crew, last night delivered an address before the New Haven Chamber of Commerce and the students of Yale law school in Hendrie hall taking as his subject The Currency Question"
 The speaker declined to discuss the Aldrich bill which yesterday came up In the senate. but during his address he spoke on various points which are In the bill showing that he is strongly opposed to it. He said that modesty forbade his discussing the bill as a bill
 The line of argument used by Con gressman Fowler was that employed In his previous speeches throughout the country. He said that the curren- cy question is the most important in . ticed in the United States is probably , the worst in the world.
 He said that because of the size of { the United States and it's various inter ests he did not favor the establishment { of central bank, but favored the di- vision of the country into twenty dis |. tricts by the controller of the curren- lcy. In each of these districts board tof perhaps seven directors chosen from the banks of the district would manage the inspection of the banks lThe chairman of the boards of direc- ''tors of district would meet with the lother chairmen once in three months. lwth the comptroller of the currency as chairman of the larger body, and en- lact regulations which would put the ibanking and currency system of the lI'ni. .ates on firm basis.
 Thfs. he said he believed to be much better than a central bank. The United States, he said. is too partisan la country for the safe running of a icentral bank. In the European coun- Fries where such banks have been es- i. Eahlished economists are put at their heads. Under the political conditions bf the United States would it be the economists or the politicians who Mould be put in charge of the central bank he asked
 The reserve of the country should Ie in gold. he said. Not in paper as lhey are for the most part at present Ne urged the calling in and reclaim Ing of the greenbacks and said that in he last forty years there has not een the intelligence and courage in ongress to do this. This. he called. lolitical cowardlce
 February s, 1895" said Congress han Fowler. Grover Cleveland made
 compact with J. Pierpont Morgan to elp the country. We were saved at hat time through the great banker. Ihe danger still turks about and will pme stealthily up at the slightest Revocation. I am 8 republican. but I ; bank God that Grover Cleveland was Resident in 1895 I know what he Id for the country and I doubt if
 lany men of either party would have pd the courage to do the same thing
 the time. It was the time for an
 telligent. patriotic man and Cleve- 2, Ind filled the bill.
 l"The conditions are ripe for a dis . ter, and all we need is the circum-
 ance. The country is fortunate in
 living man like Morgan with the
 sire and power to meet such an
 nergency. The time is opportune
 F 8 reform before the people get
 Ter the memory of the late panic. l
 lpe the remembrance will last long
 than that of an ordinary revival.
 Seated on the platform with Con
 sssman Fowler was Prof Wetzel
 hose guest he was: Governor Rollin Woodruff. Herbert Fl. Warren. pres
 Int of the Chamber of Commerce
 6 several other prominent citizens
 ter the address an informal recep-
 h was held at the law school. fol-
 Fed by a similar one at the Qunni- tck club