Richmond planet. [volume] (Richmond, Va.) 1883-1938, 1909-09-18
TAFT fAVORS
CENTRAL BANK
Discusses Monetary Situation
In Boston Speech.
PRAISES SENATOR ALDRIc.T

ere @resicent Declares the Rhode
islander Viii Lecture In Many Cites
on the Defects and Needs Of Our
Monetary System.
Boston. Sept 15.-President Taft's
first public utterance since congress
adjourned was made in this city be.
fore 1000 men representing the com
bined business interests OF Boston. The
occasion was a banquet given ir SIC
chanics' hall by the Boston Chamber OF
Commerce. recently formed by a merg-
er OF the Boston Merchants associa.
ton and the Associated Board OF Trade
with the chamber. and Il marked the
beginning OF the presidents 13. 1O0-miIe
trip through the country.
The features Of the presidents ad-
dress were his endorsement Of the
proposition 20 establish a central bank
IN connection with currency reform.
his words of high praise Of Senator
Nelson ". Aldrich. of Rhode Island.
head Of the national monetary com
mission. and his reputation OF any at.
tempt 20 start a sectional strife in the
country such as that which he at
tri1uted 90 Governor Johnson In call
Ina upon the west 90 organize against
the east"
Among the guests were. cabinet
members. diplomats. con&ressmen.
cie-symen and distinguished business
leaders.
The Presidents Speech.
Speaking of the monetary situation.
Mt Taft SAID.
TO is quite apparent from the state
ments Of Mr. Nreelaud who IS now
the head OF the committee on bankinE
and currency in the house OF repre-
sentatves. and from the conversations
ot Mr. Aldrich who Is the chairman
OF the monetary commission and of the
huance committee of the senate. that
the trend OF the minds OF the none
tavy commission js toward some sort
OF Arrangement for central bank OF
issue. which shall control the reserve
and exercise power 20 meet and con-
troll the casual strinEeucy which from
time 20 time viii come in the cIrculat- !
ing medium OF the country and the
world
"Nr. Alirich states that there are
two indispensable requirements In any
plan 20 Doe adopted involving a central
bank ~ issue. The one is that the CON
troll ot the monetary system shall be
kept free from Wall street influences.
and the other that II shall not be ma
nipulated for political purposes These
are two principles 20 which we can all
subscribe. 10 is quite possible that the
n.H 30 .H u. .-. a
conclusion may be delayed beyond the
next session of congress Meantime
che members OF the commission intend
Co. Institute campaiy u OF education
iu order 20 arouse public opinion 20
the necessity OF a change 10 our mon
etary and banking systems. and 10 the
advantages that viii arise from plac-
ing some form of control over the
money market and the reserve In the 7
hands Of an intelligent body Of fuau-
ciers responsible 20 the government
Aldrieh TO Lecture on Currency Defects
II am told that Mr. Aldrich will
swing around the circle in the pres
ent fall. and viii lecture in many OF
the cities OK the middle west on the
defects and needs OF our monetary
system. / cannot too strongly approve
OF this proposal Mr. Aldrich. who IL
the leader OF the senate and certainly
one OF the ablest statesmen ia fnan-
cial matters In either house has been /
regarded with deep suspicion by many
people. especially In the west II. With
his clear-cut ideas and simple. BAT eff
fective style OF speaking. he makes
apparent 20 the western people what I |
believe 20 be his earnest desire 70 aid /
the people and 70 crown his political |
career by the preparation and passage /
OF bin which shall give US a sound /
and safe monetary and banking sys- /
ten, IL would be a long step toyard re- |
moving the political obstacles 70 a 1
proper solution OS the question"