New-York tribune., 1908-02-20
SOME FINANCIAL VIEWS.
Opinions of Representative Nc1c
Eneldnd LEGISLATORS.

The attitude of a number of the New England
Senators an1 Congressman toward financial legis-
lation is revealed in symposium published in the
current number of THE New England Magazine" "
Three questions submitted to the New Eng
land Senators and Representatives at Washington.
They were:
Will the Aldrich bin give the necessary relief'
Has there been a panic in New England?
The answers suggest that the New England legfs-
lators are by no means a unit in their views For
instance the replies to the third question range
from Senator Cranes concise ''Yes. but things are
improving now" Senator Lodges, There has
been especial panic in New England"
Senator Lodge said:
cial measure. 1t must be remembered that in leg
the I'll 15s m set and the 1t best 5s be emu
Personally, believe that ali national bank cur
done In the Bank Of England and the Bank Of
Be organized with central BANK but neither
these plans can be carried out, because there IS
them We must. therefore do the best that is pos
sble under the circumstances.
II should, of course favor the establishment Of
central bank" said Senator Adrch. whose name
is attached to the bill, '@but the plan is inpract
cable because. If for no other reason. Congress
would not agree to It. There has not been. think
a real panic in New England. but the stringency
has been felt there as elsewhere
Senator Gallnger. Of New Hampshire. said:
offers as reasonable and safe Solution of the
problem as we can hope to reach during the pres
drich bill had been the statute books q few
eud R have " ca been oped 0 a Wod haze I
neved the situation in the beginning and prevented
troublesome situation. Even assuming that the bill
Is not ass as csop1pete W Z ana eonprehensive measg54 &
direction, and viii serve a very useful purpose
minds of those who are best qualified to advise
have never believed that the establishment Of
central national bank would meet the S+1 yary+lng
eeands zen ss Of f ths pusneSs s sers c OF ts
will be tried in the near future.
7 would say says Senator Brandegee. Of Con-
necticut that very few people expect that the
Aldrich bill as It was introduced will become law
It has already been amended IN several important
particulars in committee, and will doubtless be fur
ther amended in each branch Of Congress: and IL a
bill known as the Adrich bill shall finally become a
law It will be the product Of a compromise by n
conference committee of the two houses. Whether
that result will furnish the necessary relief or not
is matter of prophecy. which not sufficiently
qualified to deal with"
John ". Weeks. of Massa chusetts. a. member Of
the House Committee on Banking and Currency,
thinks the wisest thing would be to establish
large central bank. But. in my judgment, the
country is not prepared for such change It
would almost certainly be opposed by one party
and very large section Of the present dominant
party. Therefore. do consider 1t advisable to
urge central bank legislation at this time
Representative Samuel ". Mccall, member OF
the Committee on Ways and Means says regarding
the proposed central hank:
As to the central national bank. institution
Of that character such they have in England
and France would be a good thing except for the
danger that it would inevitably get into politics
When it grew into very powerful and efficient
institution Il would become very popular for states
men in need OF votes to bang it. Political objec-
ton is the chief
Congressman Foster, of Vermont. replied to the
first question to the probability Of relief being
afforded by the Aldrich bill. follows:
fear not. In the first place. should go back
of the disease and seek preventive rather than
remedy. The one preventive Of conditions through
which have Just passed is found in a wise
conservative. laT-abiding administration Of our
banks.