The weekly chieftain. [volume] (Vinita, Craig County, Okla.) 1905-1913, 1909-10-08
CENTRAL BANK WILL
MEET OPPOSITION

New York. Oct 7.--Will Senator AL
drich Succeed in establishing cen.
trial government bank?
II he does succeed, 1t promises to
be in the face OF almost as much op-
position as he revised the tarifg up
ward.
The small bankers OF the country
will fight him 10 the last ditch. They
fear, frst' That the proposed Institu.
tion will be a political proposition
through and through. and will be man
ned and manipulated by Wall street
politicians whose interests are con-
stantly being served by Boss Aldrich;
second: That a central bank would
give the big Wall street banks a more
absolute control of the currency sup-
ply Of the country than they now on.
Joy.
There are also number of big Ia.
dependent banks throughout the couu-
try which viii oppose the central bank
idea. When the central bank was first
proposed Washington newspaper
sent out number Of inquiries to east.
ern banks. This was one Of the quea.
tions asked: Are you IN favor Of the
establishment OF central government
bank as a means of preventing string
ency In the currency?" Fifty-eight
banks replied they were hostile to the
measure. .twenty.nine approved It.
When President Taft endorsed the
Aldrich program for a central bank
he waa expressing the sentiment OF
the Rockefeller Morgan.Wall street
financial houses
When IL is understood where the
idea OF q eentra, bank for the Upited
States was conceived. II Is not 80 sur
prising that the monetary commission
Of which Aldrich is the chairman
should be reported in favor Of the
project
The idea originated at meeting Of
the New York Chamber Of Commerce,
Well street institution through and
through. The most enthusiastic work
ers for the proiect are Frank A. Van
derlij, vice president of the National
City bank OF New York. (the big stan
dard OF bank. VIM. A. Nash, presi.
dent Of the Corn Exchange National
bank OF New York, a Wall street In.
stitution owning twelve branch banks,
and Jacob H. Sehiff OF Kuhn, Loeb
Co. of New York, house that tigur-
ed In many Of the Hartman deals.
fyesideD, Tai. did not put over a
scoop" when hs O. KID the central
bank Ia his western speech. Wall
stre. proceeded the chief executive
IN . 1ps the project. az is evldenc-
ed " the following dispatch whieh
= ont Oh Of 9 shington IN April.
five months p-aviou = TIE time TIE
preside. publicly endorsed The cen
tral bank:
According 4. worthy information
that has just been received here in
the national capitol from Wall street
New York, the currency commission
appointed by President Roosevelt to
reorganize the monetary system OF the
nation will report In favor OF CEN
tral government bank.
wall street has endorsed such an
institution as the medium through
which may be secured the elastic cur.
rency which was so much talked
about during the discussions ii con.
sress year ago last winter.
Through positions as chairman Of
the finance committee OF the senate
Chairman Of the national allegiance
10 the Cannon-Dalzell element IN the
house Of representatives. Mr.. Aldrich
gains power that Is so absolute he can
defy public sentiment when it pleases
him.
CLOSE observers see only one weak
spot In Aldrichs unlimited domina-
tion Of congress Representative Fow.
Ter chairman Of the committee on
banking and currency Of the house Of
representatives. has shown disp0sI.
tion to be antagonistic to Wall street.
It is as certain as anything political
can be that the order OF kidnch and
Cannon has gone forth to depose Fow.
Ter from his position when the regular
session OF the present congress opens
next December. and TO appoint in his
stead Vreeland Of New York