Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1909-11-19
Senator Aldrich has come and gone

great majority are probably as much
opposed to central bank as ever, and
will continue So The Minneapolis
Journal says Aldrich's speech at
Minneapolis showed him to be a
patriotic citizen It also says that he
is acting wisely IN talking to bankers
mostly, as the bankers possess a
knowledge of financial matters which
others have not, and that if the
bankers approve, they will educate the
paople up to the merits of the scheme.
Which is nonsense. Bankers as a class
know more about exchange and dis
counts than other folks. because that
is their business, but when it comes to
matters on national finance, or
financial methods, they know no more
about those things. unless making q
special study Of it, than anybody else.
The average country banker IN Mime
sofa, with a few notable exceptions,
and with all due respect to him, takes
his financial gospel from the Twin City
banks. those in turn listen to the
bankers of Chicago and New York.
Recently st. Paul paper published
interviews with st. Paul bankers on
the central bank plan. With one ex-
ception all favored it, but only one
gave a reason. 1t seemed this one had
lately visited New York and found
that the big bankers there favored it E;
therefore, it must be all right. Quite
a number of the smaller bankers, who
realize that their interests and those of
the people around them, both demand
independence of the financiers of the
East. favor legislation for the people.
and not for the tinanclers. But the
big bankers, whose interests are the
other way, bring pressure. stitie the
voice OF the independent thinker in
the bankers conventions, and place
so far as they can the entire banking
community on the side of measures
desired primarily by the Wall street
tinanciers. The honored and able
president OF bankers association
in the southern part OF Mime ota
startled the members about year
ago when he advocated the deposit
guaranty system, and other reforms
dlstasteful to the followers of Forgan
Of Chicago. who seems to be the west
ern mouthpiece of the New York
financiers. The gentleman was head
of a we'll managed national bank. But
he was not reelected president Of the
association. He was too far ahead of
the rest. They could not only not
understand him, but they dldn t even
appreciate his viewpoint. IT the
handling of the money of other people
and knowledge of the routine of
the banking business, makes bankers
capable OF settling abstruse financial
problems, then the handling of lumber
by carpenter should make him an
expert on timber conservation with
out any further study. The finances
of a nation are matters of deepest
interest to all the people. involving the
life Of commerce and industry, and it
would be and has been proved to be
dangerous to allow any class to
manipulate and control the medium of
exchange. The finances should be
arranged primarily IN the interests Of
all the people, and not as matter Of
profit to the fnanclers and bankers.
The central bank is full OF danger.
The human nature in the great
financiers now is no different from
what it was in the days of Andrew
jackson and Blddle. There is even
less assurance that the people will be
protected now, for the Biddles are
many, and there is no Jackson in the
presidential chair The people of
Minnesota have a right to view with
suspicion any proposition emanatlng
from Aldrich. Their senator's and
eight of their congressman have shown
them what Aldrichism applied to the
tariff means. There is no reason to
hope for anything better from
Aldrichism applied to the finances Of
the nation.