Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-14
BANKING LAW CHANGES
Senator AIdrich Says Radical
Legislation Is Essential.
ADDRESS TO BUSINESS MEN
Tells the People Of St. Paul of None
tary Commissions Work.
STUDY OF FINANCE PROBLEMS
Believes Relief Measures Will Be
Devised Which Will Satisfy
the Country.
ADDRESS TO BUSINESS MEN
STUDY OF FINANCE PROBLEMS

! ST. PAUL, Mimi, November 13--Sen-
ator Aldrich. chairman of the monetary
| commission. told the business men of
| ST. Paul today that some radical changes
in the banking and currency laws are
| essential, and ID expressed confidence
! that they would be made.
| He first attended a luncheon here dur
| ing the afternoon and a dinner in the
evening. At the dinner he spoke in de-
tail of the operations OF the commission.
| At the luncheon he outlined his hopes
that relief legislation may be had. This
outline was given in response to a re-
! quest from A. w. Ames. a local bust
ness man. for a definition Of the scope
of the work of the commission.
| Mr.. Aldrich said that the commission
| would be required to report upon every
thing affecting currency or banking.
Our authority Is as broad Is Ii can
| be- he said. land the powers of the
commission and the scope of its author
| ity and investigation cover the subject
in all its ramifications.
Remedy in View.
| He said also that the work of the
commission was being directed with ref
erence to the ultimate formation of a
bill providing a remedy for existing evils.
THE fact that We are now trying to
interest people in the subject does not
mean that at the proper time we shall
not have opinions and shall not have
a plan," he said. at means that as a
preliminary we are studying the ques-
ton from every standpoint. and We want
to get the judgment of people from every
part of the country who are directely in
terested in the subject. l do not mean
to say that We will not have to discuss
this matter. OF course we will. and we
will have to do so in the most public
manner after we have made up our
minds.
Il think that while the bankers of the
country are directly and Immediately in
terested in this question. they are not
interested so much from a purely material
point of view as the business men OF
the country, the wage-earners. the great
mass of the people who are engaged in
gainful occupations. They, after all, are
the people most affected on one side of
both the currency and the banking Ques-
tons"
Reliance Upon the Bankers.
But while there was a general interest
in the proceedings. he said that because
of their technical knowledge IL would be
necessary to rely more upon the bank
ers than upon any other class for in
formation for the assistance of the COM
mission, but we shall have to be eX-
| tremely careful not to run against popular
prejudices In either what we do or do
not do said he, and continued:
LAS far as the commission and / are
concerned, We are going to take hold of
| this question with all the capacity and
| earnestness which we have, because we
| think that it is absolutely essential-at
least / do-for the development of the
| country that some radical changes
should be made.
Il believe that with the aid Of the
| thoughtful and intelligent people OF the
han he al 70 6nx-ic
plan which. while not satisfactory to
everybody. will In the main be salts
| factory to the thinking people of the
country"
What Commission Wants to Do.
What we want to do is this:
First, to establish in the people
throughout the country feeling of con-
fidence that there can be an extension of
note issue and of credits whenever they
are absolutely demanded. That is. il an
emergency should arise. so that there
should be a reason for extensions of
credit. or for temporary Increase in
note issues, there should be a feeling
that there Is some process by which that
want may be met. You want. first, con-
fidence in what you are going to do. and
then the machinery to do it. And The
machinery, in the long run, will furnish
the confidence. That is the whole prob
lem. gentlemen, and 1t is a big problem
too"
Testifes to Integrity.
Among those present at the luncheon
was George NJ. Reynolds. the Chicago
banker. who has been giving the COM
mission the benefit of his counsel
He testified to the character of that
body's work in the following language:
II have had the pleasure and the privi-
lege of having a little to do with Senator
Aldrich and the other members of this
commission for nearly two years. i have,
therefore, knowledge of the thoroughness
with which they are going into the work.
and ] know from personal observation
and personal contact that each and every
member of the commission, including
Senator Aidr1ch, is anxious to do every
thing he possibly can to settle this Ques-
ton along lines which will bring the
greatest good to the greatest number. and