The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-01-16
THURSDAY. JANUARY 1s. 1905.
A wise man adapts himself to cir
c,,mstapccS as water shapes itself
info the vessel thnt contains H.
Chinese.
DIRECTIONS TO THE ALDn1cn PLAN

OBJECTIONS TO THE ALDRICH Pb4NN
The more the Aldrich currency bill /
As studied. the more 1t Is opposed.
James g. Forgoer. president of the
First National Bank of Chicago, ana
chairman o. the Clearing House Com
1nittee, says that as the national pahk
act might have been entitled IAN acs
to provide for an artificial market for
government bonds" so the -4Aldrich Dill
might be entitled IAN act to provide
an artificial market for municipal ana
railroad bonds" The national bank
act was designed to create an arti-
ficial marke; for government bonds,
,aud Secretary Chase. who originated II,
made no secret of the fact. The AID
rich bill is designed to provide cur
rancy system, but its effect will be to
give fictitious value to municipal and
railroad bonds. and for that reason
alone the currency for which it pro-
ytdes is bottorned on a false basis.
We are pleased to note that the New
York Journal of Commerce takes the
same genera view of both the. Aldrich
in TIE Times-ulspatch. 1t denounces
the Aldrich bill as wrong in principle
because 'its effect would be, and is
undoubtedly intended to be, TO fasten
upon the country for an indefinite
rhine to come the life-eating incubus
of bond-secured bank currency, in a
4 more vlrulent and consuming form
than that which is now wasting our
substance with financial spasms." On
the other hand it commends the Fow-
Ter bill because 1t starts with the
sound principle, approved by theory
perience to be right, for genuine
e-oank currency based upon the credi,
and resources of the banks Issuing 1t
with every safeguard for It's security
.Hnd its provisions are designed SIM
ply to i've ! full effect and substitute
it for the existing system with The
least possible disturbance"
There are some details of the Fow,
,lsr bill which we do not like, but il
as undoubtedly founded upon the rgh
principle and should be made tho basi.
of any currency legislation that ina.
he enacted
The Norfolk Landmark, which alst
Z fayors the bowler plan, calls our at
tention to a statement recently mad
by Mr.. Fowler that since he began hi
q. agitation, for currency reform he ha
:inot owned a share of bank stock, no
Z share of railroad stock, nor a rail
road bond. We We're not aware tina
any statement TO the contrary ha
been made in the columns of the Times
Dispatch. 1t is we'll however, for tn
public to know that in presenting hi
currency plan. Mr. Fowler is free fror
sFanS 'entangling alliances"
Another objection 10 the Aldric
plan. which is of peculiar interest t
the South, is pointed out by the Ne,
York Times.
gss 1t is proposed" says the Time.
"that the supplementary notes sha
bear tax of per cent in order tina
their retirement may be compelle
when they have served their purpos
The emergency which this bill j
drawn to meet arises. not merely
times Of panic but every year at Ii
crop-movinS season. Why should tt
4 . money, that moves the wheat and cor
.iof the West and the cotton Of the Sou,
( y he taxed in addition TO the, lawful i,
.rerest rate2 That charge will be adde
10 the price of the commodities, to tn;
y extent narrowing their market"
In view of this and other objection
the Southern Democrats in Congre
may well hesitate and deliberate b