New-York tribune., 1909-11-13
MIR. ALDRICH'S TRIP
MINNEAPOLIS Talk.
Discusses Money Needed to
MoVe Grain Crops.

Minneapolis. Nov. 12--senatcr Nelson ".
Aldrich was the guest az a noonday lunch
con and az an evening dinner to-day, both
gwen under the auspices Of the bankers
organizations and both taking place in the
minneapolis Club At the luncheon there
Nas general exchange Of views. and the
chairman OF tho commission took occa-
son TO ask a number OF questions which
were intended 70 bring out facts bearing
on currency and banking problems.
The subject of consideration was the ne
eessity for the increased sums OF money
with which 70 handle the grain crops OF
the Northwest. Mr.. Aldrich expressed a
desire for information regarding auctua-
tions- He was told that from thirty 10
forty millions dollars are sent West an
nually from Minneapolis and ST Paul dur
ing the crop moving period. and that ordi-
narily this money does not return until
the next year
The fact was brought out that after the
panic in 1877 there was especial difficulty
IN getting the money returned. Mr..
Decker. who presided. stated that it was
withheld until the bankers Of Minneapolis
and St Paul made an appeal TO their
brethren OF Chicago to stand behind them
in insuring return tie next year Of the
money TO the various localities. This as
surance received. the cash came pouring
in in the usual volume.
Another evidence" remarked Mr.. AID
rich. that credit is as good as CASH
The Rhode Island Senator found the SEN
timent here 70 be decidedly in favor OF
more elastic currency. There were many
expressions IN advocacy of a system that
would insure sufficient volume of money
10 meet the demands OF the harvesting and
shipment Of the crops OF the region.
The fact was also developed that one Of
the great difficulties the bankers of the
Northwest have is in handling foreign ex-
change. in which many Of the mills deal
One OF the speakers declared that after the
panics OF 1898 and 1907 business had come
70 almost standstiIl because of the diff
Guilty in handling the foreign paper. This
he said was true. notwithstanding wheat
had dropped 70 a point where II could have
been milled and the product utilized 20
bring back 10 the United States the money
which was needed so badly.
That" said Mr.. Aldrich. as Just the
point have in view"
Both az the day and the evening meetings
the visiting Senator discussed the questions
of international exchanges in connection
with the credit systems of other countries.
he declared that Of the $4,000. ooo.Oo0 worth
of goods which We send out Of this country
every year. 30 per cent is forwarded by
foreign banks.
Now" he added. we are becoming such
a creditor nation and the men who come
here are growing 70 be 50 prosperous tha {
Ia another generation DO not know where
you are going 10 hnd your borrowers. You
may fHd an impecunious railroad occa-
sionaIly, 7 suppose. in want Of money. But
everybody. il seems % ne, has become a
capitalist in this country. And 7 think IN
any event that we can have a much more
satisfactory credit organization with refer
ence 70 our foreign business than now sx-
lists The tine will come in the future
VIXEN the banks OF the United States. 7
trust. viii DO this business and make the
proft, instead Of permitting foreign insti-
tutiCns 10 do So"
He asserted thar neither the commission
nor any member of it had developed any
Pet scheme 10 promote. We are striving
&C find the best possible way out of our
difficulties" he said. and We want your
help and support in this Effort