The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-11-09

the absolute necessity for reforming the
currency, If 1t is to be reformed, upon
the broadcast national lines.
''The work that is to be done cannot be
done by any one man. nor by any set of
the interest of any one section. 1t cannot
be done by a commission or by Congress
without the aid of the country at large.
"Our plan must be one which will take
into consideration the wants of the town
and of the country, as well as those Of the
city. We cannot afford, and shall not at
tempt, to 1egslate alone for New York
or New Orleans or San Francisco, but
we must also legislate for st. Louis, Chi
cago, Denver. Louisville. Atlanta, Spring.
field, Peoria and Little Rock.
Broad System.
"Our system must be one which will
satisfy the people of New England, the
agrioulturalists of the Mississippi valley,
the miners of the Rockies and the Pa
cific coast and the merchants Of all sec
tons Surely the task before us Is one
of gigantic proportions.
"a portion of tho commission has Wis.,
tied the principal capitalists of Europe
and some of the members have Travelled
somewhat throughout the United States
In their Investigations. Moreover, we
have had published a number of mono
graphs dealing with many phases of the
banking question. These have been writ
ten by men who have the confidence OF
the commission, but who are not MEM
bers of it. They have been instructed,
however, to guard these pamphlets from
all judicial views; and they are intended,
not to shape the thought of the coun-
try, but simply to supply information
upon which views may be based.
From this time forward the commits
sion will give its attention largely to
conditions in the United States.
Suggestions Desired.
I'VE especially desire suggestions from
men of practical experience. Enough we
have already by way OF contribution
from cranks and demagogues."
The nearest approach that Mr.. Aldrich
made to any indication of a plan was his
return to the subject Of bank issues. He
again mentioned the fact that the Euro
pean countries were quite agreed on that
subject and again referred to the cir
cumstances that most, or all. OF those
countries maintain central banking In
situations for the issuance of bank paper.
He stated. however, that 1t could not
be expected that any European banking
system could be transplanted in its en-
tirety to this country. Whatever system
should be adopted, he said. must be one
looking to gradual change, and must nave
due regard to vested interests and sec
tional usage.
Again, also, Mr.. Aldrich dwelt upon the
necessity of developing a system Of credit
which would protect the country against
such disastrous results as were expert
enced during the bankers panic Of 1877
He expressed the decided opinion that
with proper safeguards the country need
not again submit to such a general crash
az then was precipitated, with so little
reason, in the business conditions of the
country.
The closest attention was awarded to
Mr.. Aldrich throughout the delivery or
his speech, but there was no spoken in
terruptions. Once or twice during its de-
livery there was applause and he closed
in the midst of general manifestation or
favor.