The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-11-07
.ALDR|CH VIEW OF
CURRENCY REFORM
Chairman of the Special Com
mission Delivers Lengthy
Address in Chicago.
DOES NOT INSIST ON
CENTRAL BANK PROJECT
Object Is to Secure Opinions OF
Leading FinancierS of
the World.

a. CHICAGO, Nov. 6.-Senator Nelson
NJ W. Aldrich of Rhode Island tonight
81 Ia an address before the Chicago Com
81 mcrcial club, delivered the first OF a
gt series of speeches which he is to make
M throughout the Middle West on The
Ni subject of currency reform, Senator
on AMrlch is chairman of the commission
n, appointed by congress TO deliver com
hl prchcusiva study of monetary system
. 4 for the United States.
- To those who expected Senator AID
y j rich to use the occasion tor the promul-
cation of The central bank project, or
sh4 any other plan ot national hnancc, ms
~ spccch must have been IN tho nature of
!, q surprise. He declared at the outset
Esk s.that the question of definite plan
a. sor reforming conditions has not yet
r. been taken MP by the commission. and
! ~ added that no plan would be adopted
tIt,I 9uutil after an opportunity had been
ussf afforded for the most careful and OK
ii haustive study Of all the conditions trat
s n surround the problem.
rn Asks Mutual Effort
= lie said he had accepted the present
tf,f occasion as au opportunity TO make
q an earnest appeal 10 you, as represcn'
A. tativc men OF 81 important section, toI
=
+ OF YOUR valuable counsel and co-opcra
rfI fItion in securing thc adoption of sat
q isfnctory remedial plan, ono that viii
= u surely conserve and promote the vital
u Interests Of all the people of this great
a uaiou.'
,ssz He called upon Chicago's business
men. and through them upon the busi
W ness men Of the country. 10 feel their
= own responsibility. individually aud col
MsY lcciively, for the satisfactory outcome
~ Of the work.
va The senator said in part:
,h Work Of Commission
us6 .. Ii Is my purpose tonight TO call the
nt aiicniion Of inc bankers and business
yrjs n nlcil OF Chicago 10 some of the more
- n salicD features Of tho work of the ma
vi 3tioDal monetary commission. The ones
4 n tipn committed 10 II is so vast and in
xas n Wolves so many collateral issues, tbat
agn Iiny statement must necessarily be frag
rta tmcntary and incomplete
ID II HWc expect 10 be able TO give 10
m, Nflic public, within comparatively
iritsliOrt time. the fullest information with
u. ID 1ycfcTcncH TO The experience and p;a".
iy a tjcal methods of other countries and
cursi our own
sid When this record has been submit
obia ted and time has been given 10 aualyzc
tsn ~ fully. we shall, before reaching any
liccslon. ask representatives. Of business
nliiE INTERESTS throughout the country for an
esar Iis pertinent and valuable in the formu
a y 4lahou Of n plan for tho United states.
'It " Need Expert Opinion.
va ~. 80 In other countries whenever great
80 s,,,I monetary systems have been construct
=. !. Il, ed or essentially modified. mcu whose
NJ lcSrcricnce and research had given their
Z rs,l opnions special value have been called
,i;.s upon for advice and assistance. our com
~ Hr{1plssou viii follow This wise precedent.
n &Any plan 10 be successful must repre-
- iseni the CONSENSUS Of intelligent opin-
,e-Ts -Iou Of orr common country.
~ The task Of HE commission Is not
=, lonlr important, but is surrounded by
--lnany difficulties. We have FIRST to
usss .eonslder the wants of ninety millions Of
sE,, 7peo~le; thcu the requirement Of twenty
a'A' pvc thousand banks (cghtccn thousand
stnte' seven thousand natioual) with diff
,-n II pcting interests; Souc with the right
MI II lol note isSIIc, all jealous of their own
,0p nFights,. and all naturally conservative
'un pFs to Innovations. and all unwilling TO
= prrep, changes that arc not plainly
6lM lrlons ihc ljnr Of acknowledged improve
sind s1ncu.
yriI Problem Serious Ono.
III " The problem is too serious Ia bc
10 " pissed u"on lightly. Too many great
p"s interests arc involved; it touches at too
oun. wanF vital points he economic life Of
loI tne united States and lis future devcl
Je'us, Ja0, ppmenf Any radical changes must be
set 'ome operative only from time 10 time.
IS s1Fo az not 10 disturb these conditions
ans nnd relations,
ars ,ontroversies over note issues and
iod, =, y Banking methods arc as ancient as
. s y III. s.nanEs 10 secure satisfactory results
in~ I.ss ls evident that we must all lay aside
u''' III nre'nulees' our nrcconceived notions
>pFhaDs our rredlsposition 10 advocate
~ d,erIan meibods. but with a fixed de-
nv "a ErniDation finally TO aorco unUn some
o. ,an that Will fairly represent the rom
>P'hcd wisdom of all.
,or Organization Vital.
anp M Mr. Aldrich said he regarded an cf-
M 3wIsleht organization Of the credit aud
taohlhe system of the country AS much
e. Tstfpote issue
hort q am aware" said he. ''that in
1y ~ H., + countries IN the past notably dur
N, w W. LIZ 'ne last half Of The eighteenth cen.
a. a. gIEtesET ana the FIRST half of the nine
,lack - ba, ihc question OF note issues
E"b, IS to say, who should have The
Hsnc 10 issue bank notes. upon what
saps t,t;ndd''i2hs tyt;nd they should hc issued, what
Opf f;sh.i suT pi security To be rcquired-fur-
Co. p|'auea lhe subject of most of the
wne'ary discussions of the fimc. In
o9Evsc countries with single excep.
Of yc bcr' a. a. the present time, all thoughtful
otL ~ As,ok iook nn the proper manner and
" u p.r %nnaeter of note issue as no longer a
)snsusssl f,c o on ono OF paramount importance.
aid az Nnk note issues should he made under
ma. Il, Ss,etninental c, IN control. or at least sub
tim, dnd sI t stficl governmental restrictions.
jnne'H kralS LIE eau only be successfully done
Z N'uBn one central bank Of issue.
casSS sse,I Saals Of Discomfort
u isr, pr',, Our existing svstcm of b.n, ro4o
Mil ue rs equally unsatisfactory TO those
5orarr IL; pelievc that all banks should have
oonp avnps Il'Ent 10 issue notes 10 circulate money
= cona }. boLa bL'ey as they open credit on thci.
y attoftE '' ana THAT no evil results can fol
ltte' Continued on Page Threc.