New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-27
ALDRICH VISITS TAFT
COMMISSION
WORK DISCUSSED.
Senator Says Report Is Not in
Sight-B0nd Issues
Considered.
Considered

Beverly, Mass, Aug. 36-Continuing his series
OF conferences with party leaders and govern
ment officials before starting his long trip to
the West and South. President Taft had talk
lasting two and half hours this afternoon with
Senator Nelson W. Aldrich and Franklin Mac
Veagh, Secretary of the Treasury. II in
connection with his work as chairman of the
Monetary Commission that Mr. Aldrich
called in conference by the President to-day
Mr.. Taft before framing his own legislative
pan for the coming session Of Congress
anxious to ascertain whether not the None
tary Commission would be ready 10 report it's
recommendations this winter. II is understood
that definite answer was not given to-day. but
the chances are that the Monetary Commission
will not be able TO place it's conclusions before
Congress for several months to come. There has
been talk of calling Congress in extra session in
the autumn Of 1910 to begin consideration OF
legislation looking to the enactment of. such
changes in the monetary system as the commits
sion may deem expedient.
Senator Aldrich said after the conference with
President Taft that matters had been discussed
only I'm general way. The Monetary Commits
sion had expected to devote the entire summer
TO the subjects that had been mapped out for its
consideration. but the long tariff fight in the
Senate had utterly defeated this purpose.
Senator Aldrich went to New York to- night
and will sail for Europe on Saturday Asked as
10 when the commission would be ready with
its recommendations, he said the report was
not IN sight.
Senator Aldrich outlined in n general way TO
the President the scope and plan OF the work
the commissions has set itself to accomplish.
The monetary systems OF the leading European
countries TO be studied and It is hoped to
secure the best features Of each for application
TO the finances Of the United states
Mr.. Aldrich would not discuss the subject Of
postal savings banks after his interview with
the President 1t is not believed that he is alto
gether opposed to the idea. hut he frankly told
the President AZ former conference on the
subject that he thought the question of estab-
fishing such hanks should await the enactment
OF the monetary legislation. The money that
would be obtained through the establishment OF
such banks would help TO dispose OF the prob
lem OF the government 2 per cent bonds. which.
II Is said. a drug on the market The None
tary Commission is confronted by the problem
Of retiring these bonds or else OF maintaining
their value. The latter is believed % be diffi-
cult n there is be a large issue of per cent
bonds for the replenishment of the general fund
OF the Treasury for advances on account of the
purchase of the Panama Canal Company's prop
erty.
THE QUESTION OF BOND ISSUES.
The question OF bond Issues. authorized IN the
new tariff bill came up for consideration this
afternoon. The Secretary Of the Treasury was
authorized by Congress 10 issue bonds for S40-
Oc0OO0 20 reimburse the general fund OF the
Treasury for the Panama Canal purchase. and
also 20 issue bonds for the building Of the canal
up 10 the amount OF the estimated cost. about
S3Ta.O000o0 Senator Aldrich Is in favor of
Withholding any bond issues for the time being
i'm order that the Monetary Commission may
have time 10 consider this subject specifically.
and possibly 20 arrange for the placing OF a
government loan. far as funds may be I'm
medately needed. In one lump sum There is
idea of issuing the Panama Canal bonds
ahead of the demand for money. Questions sf-
fecting the reorganization OF some branches Of
the Treasury Department for the administering
OF the new minimum and maximum features OF
the Payne tariff law we're discussed at to-day's
conference and Mr.. Aldrich. who wrote those
features Of the bill. outlined in detail his ideas
as 10 how the principle will operate
Secretary MacVeagh said to-day that he had
not advanced much further than when he last
saw the President. with reference 10 the selec-
tion OF members Of the new tariff board or COM
mission which is 10 advise the President on all
matters Of the tarin and especially as 10 the ap-
rIication of the maximum and minimum prin-
ciple to nations which favor or discriminate
against the United States the case may be
Senator Aldrich came i'm hts automobile 20 the
Presidents cottage this afternoon. with
strange chauffeur and had TO stop several times
and ask directions
John Hays Hammond. who has been Ill at his
summer home, Gloucester. called on the
President this afternoon and said he feeling
much better. MIR Hammond had been called 20
Arizona business and viii start for that ter
ritory Monday next. Mr.. Hammond who had
been invited To accompany President Taft
throughout his two months trip. will Join the
party at Salt Lake late in September.