Evening journal., 1908-03-20
OPPOSE THE
ALDRICH BILL
Board Of Trade DiSprOVes
Of the Passage Of the
Currency Measure
CROZIER SAYS IT'S
A WALL STREET GAME

Acting for the Wilmington Board Of
Trade. the finance and banking COM
mittees Of that body last night heard
the Aldrich emergency currency bill
condemned and then adopted a resolu-
ton disproving Of the passage of the
measure by Congress, and ordered the
resolution transmitted 10 Senators Du-
pont and Richardson and Congressman
Burton Immediately, that they may
know the sentiment Of the commercial
interests Of Wilmington on the subject
before a vote is taken on the bill on
Monday. Although the meeting of the
joint committees was not largely at
tended it was enthusiastic The
principal speakers were Finley Acker,
the well-known Philadelphia business
man, and Alfred o. Crozier. of this
city, who have done much toward
creating national sentiment against the
passage of the act. Each denounced
the bill as being a menace to the busi-
ness interests OF the country.
Mr.. Ackers address was more Of a
defense of the Fowler currency bill
than a condemnation of the Aldrich
bill. He agreed with Andrew Carnegie
that the present currency system Of
the country is the worst system that
any other congregation ofmep could pos
sihly devise He said the question is ma
tional rather than personal or local,
and that If the business men of che
country would continue to oppose tho
present currency system a safe system
would soon be established.
Mr.. AcRer' said the people Of the
country at first, though the Aldrich
bill would present a repetition of the
recent financial panic, the like Of
which could not have occurred in any
civilized nation. but have since chang
ed their minds. Mr. Acker said he did
not contend that a scarcity of capital
created the panic, for at the time up
wards of %,0OOOO0,OOO had just been
spent In national development. Rather,
it was The shrinkage of value that
caused the crash.
AS solution for the trouble. Mr..
AclSer suggested a credit secured cur
rency rather than a bond secured cur.
rency, as the Aldrich bill provides He
condemned the present bond secured
currency system, because II often fails
TO expand with the demands of COM
merce. The speaker said he had never
heard q financier admit that a bond
secured currency system would expand
as desired. On the other hand the
system facilitates under speculation
which, Of course. should not be. AS
proof OF his argument that the present
system does not expand, Mr.. Acker re-
ferred to the civil war period. whor
currency of the present system depreci.
ated 40 per cent. He compared thil
/ condition of finance with that in vogue
/ In France-which maintains a credi
secured currency system-where none.
has never deprecated more than 3 PEI
cent.
Favors Credit System.
Mercantile paper has always proved
to be the best security" Mr.. Aclel
declared. "That may seem strange. e
the most Of you. but France has proved
that It is after 100 years experience
Scotland has also found It true after
140 years experience" It was Mr.
Acker's idea. as IL is the idea of Mr.
Fowler, that in times of financial
stress. business men should be able &c
borrow from any bank upon proper
security. any amount OF bank notes
Such a system, he declared. would
make such securities a liquid asset
provided. Of course. the proper Sc.
ourity had been given. Railroad bonds
as well as municipal bonds. Mr.. Acl5el
said, could never ne liquid assets foi
the reason that their value is never
positively fixed.
The Aldrich bill is based on the ideg
Of a bond secured currency. Mr. Ackei
said. and had il become a law he sal,
IL would have created a false valul
on every railroad security in tho coun
try Mr.. AcSer said he don't objec
so much 20 the desire of bond owner
to keep up the value of their securi
ties. but he did object 10 a system
which injured every other business en-
terprise
In summing up his objections to IN,
Aldrich bill. Mr.. Acker said his funda
mental objection to the measure wal
the fact that II perpetuates the presen
financial system. "If II passes Con
| gress I doubt whether any change vii