Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-11-09
ALOR|CH ASKS
AID Of THE
NATION
CURRENCY REFORM MUST
Be ON BR0ADEST LINES
Calls on Practical Business
Men to Help in Devising Sys-
tenn That viii Meet Nations
Weeds.

tBy Morning Journal Special Leased Wirel
st. Louis, Nov S.-With emphasis
even stronger than in his Chicago
speech, Senator Aldrich made it evil
dent to the business men of st. Louis
today and tonight that it is his pur-
pose to devote himself to the one
work Of reforming the currency sys-
tenn of the United States He spoke
briefly today before a limited gather
ing of bankers at the MONDAY club
and more extensively tonight before
the Commercial club.
Senator Aldrich spoke informally
tonight.
Il do not come to you with any
plan of monetary REFORM, he said.
Indeed, if l should be delegated to-
day individually and personally to
prepare scheme for new finance
system for the country / should be at
a loss to know how to proceed. /
should find it necessary to enter upon
careful investigation and would not
undertake to formulate anything
without much more study than l have
been able to give to this subject. Even
in that event / should want your ad-
vice and cooperation and should ask
your aid just as l am asking 1t now
for the commission.
II realize, as | know all of you do,
the absolute necessity of reforming
the currency upon the broadest ma
tional lines The work to be done
cannot be done by any one man nor
any set of men; ii cannot be done by
any one party nor in the interest of
any one section. 1t cannot be done
by commission or by congress with
out aid of the country at large.
"Our plan must be one that viii
TAX, into consideration the wants of
the town and of the country, as well
as those OF the city We cannot af-
ford and shall not attempt to lcgis-
latc alone for New York or New Or
leans nor San Francisco; but we must
also lcgislatc for st. Louis, Chicago
Denver, Louisville. Atlanta-for
Springfield, Peoria and Little Rock
"Our system must be one that will
satisfy the manufacturers of New
England, the agriculturists OF the
Mississippi valley, the miners of the
Rocky mountains and the PacIflc
coast and the merchants of all sec
tions. Surely the task before us IS
one of gigantic proportions; and the
results of our efforts, good or bad,
must depend not alone upon our own
wisdom but upon the assembled good
Judgment of the leading banking and
commercial men of the entire nation.
1T Is because / have come to real
ize the great magnitude of this work
and its limitless possibilities, bene-
ficicnt or otherwise, that | come to
YOU at this early stage in our pro-
ccedings, to tell you, not only for
yourself but for the commission In 50
far as can, just what we have done
and to ask your cooperation in our
future proceedings.
"A portion of the commission has
visited the principal capitals of Eu-
rope and some of our members have
Travelled somewhat through the Uni
ted States in their Investigations
Moreover, we have had published, Il
number of monographs dealing with
many phases of the banking question
These have been written by gentle
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 prejudicial views: and they
are intended not to shape the thought
of the country. but simply to supply
information upon which views may
be based
From this time forward the COM
mission will give its attention largely
to conditions in the United States
and we shall soon begin to call upon
men in whose judgment we have con-
fidence to present their views for
our benefit We especially desire
suggestions from men of practical ex-
perience. We have enough already
by way of contributions from cranks
and demagogues.
The work on which we are enter
ing is one of the most serious ever
undertaken: and IL must be the result
of practical suggestion rather than oil
theoretical dissertation.
The nearest approach that Mr.. Al
drich made to any indication OF
plan was his discussion of bank IS
sues. He again said that European
countries were quite agreed on that
subject and again referred to the cir
cunnetanccs that most all OF those
countries maintain central banking
institutions for the issuance of bank
paper.
He stated, however. that it could
not be expected that any European
banking system could be transplanted
in It's entirety to this country: and ne
again pointed out the great necessity
of finding plan that would not dis-
turb established banks nor interfere
with the progress of business. What
ever system should be adopted, ne
said. must be one looking to gradual
changes and must have due regard 10
vested interests and sectional usages-
Again he assured his hearers OF nis
desire to hold the subject entirely
above political bias: and he went into