New-York tribune., 1909-09-15

give myself no concern in that regard because
commonplace remarks would be entirely appro-
pirate from me here Now, whether MT tlsh
meant by this 10 characterize the intellectual
capacity Of the speaker the intellectual de-
mands Of the audience. ] am at a loss TO say
But il what 1 say tonight * commonplace, you
may know that I only filling the order
which Mr.. Fish gave me. and complying Win
the invitation as ] have understood it,
This is the second week in September. We
all ending our vacations and going home
This is the time OF year. rather than the iir"t
OF the calendar year when good resolutions
ought to be made-and kept, as far as possible
This is the time when. looking forward to the
coming again Of Congress in December, one
must consider the needs of the country so Tar
they may he relieved by Congressional legls-
lation and attempt to state what that legislation
should be
THE MONETARY SITUATION.
Your chairman has made some reference to
number OF subjects to which the attention uf
Congress may well be directed. In the first
place, there is the monetary situation. While
Il is probable that the Ereeland 6ili' passed ny
the last Congress, would aid us in case OF an
other financial crash. il is certain that our bank
ing and monetary system is q patched up anair
which satisfies nobody, and least of all those
who are clear headed and have knowledge If
what a financial system should be. The matter
has been referred by Congress to q Monetary
Commission which has been studying with much
interest and enthusiasm the financial and bank
ing systems of the great governments OF Europe,
and has embodied and viii soon publish in In
teresting and attractive form the best accounts
OF the financial systems of the world
1t is quite apparent from the statements Of
Mr. Nreeland, who Is now the head or the Com
mittee on Banking and Currency in the House
of Representatives, and from the conversations
of Mr.. Aldrich. who is the chairman Of the
Monetary Commission and of the Finance Com
mittee Of the Senate, that the trend OF the minds
OF the Monetary Commission is toward soTne
sort of arrangeme for central bank of issue
which shall control the reserve ana exercise 4
power TO meet and control the casual stringency
which from time TO time viii come in the cir
cuatins medium Of the country and the world
Mr. Aldrich states that there are two inds-
pensable requirements in any plan 10 be adOpoed
involving a central bank OF issue. The one IS
that the control OF the monetary system sha!
be kept free from Wall Street influences, and
the other that il shall not be manipulated for
political purposes. These are two principles II
which we can all subscribe It Is quite pos
sibe that the report OF the commission OF
definite conclusion may be delayed beyond re
next session of Congress
ALDRICHS CAMPAIGN OF EDUCATION.
Meantime the members of the commission in
tend TO institute campaign of education in or
der to arouse public opinion 10 the necessity OF
q change in our monetary and banking system
and to the advantages that Will arise from pac-
ing some form OF control over the money market
and the reserve in the hands of intelligent
body of hnanclers responsible TO the govern
ment. / am told that Mr- Aldrlch VIII SWING
around the circle" in the present fall, and Will
lecture in many Of the cities of the Middle West
on the defects and needs OF monetary SyS-
tem- cannot too strongly approve OF this pro-
DOsal Mr.. Aldrich, who is the leader Of the
Senate. and certainly one of the abest states
men in financial matters in either house. has
been regarded with deep suspicion by many
people, especially in the West. If, with his
clear-cut ideas and simple but effective style Of
speaking. he makes apparent to the Western
people what I believe TO be his earnest desire, 10
aid the people and 10 crown his political career
by lhe preparation ana passage OF a Dill Whlch
shall give US sound and safe monetary and
banking system, il would be a long step toward
removing the political obstacles to a proper
solution of the question
do not need TO argue with this audience that
q change in our monetary and banking system
business
not 10 know it, and 1 sincerely hope that the
whole force Of your association viii be eXerted
10 insist upon the adoption of a satisfactory
system before the end of this administration. II
IS a subject that the general public has very
lile iaalcai uelects OF the system lney are
utterly unable 10 tell how and why. We all
need education on the subject. We must all
unite 10 mend our ROOF before the storm and
rain shall show us again its leaky and utterly
inadequate character
I not going 10 discuss the merits and de-
merits of the new tariff bill with you. l shall
have often TO refer TO that before my journey is
ended, and ! must save something for other
audiences. Suffice il To say that the passage of
the bill has removed disturbing element in
business.
Nor shall I dwell at length on the necessity
for amendments 10 tie interstate commerce
law, TO the antitrust law and the organization
Of the departments in Washington with view
10 promoting greater efficiency and expedition
in the settlement Of the controversies arising
under them. During Mr.. Roosevelts admins
tratiOn were all struck with the necessity
for reform in business methods. for more scru-
pulous attention TO the conduct Of business in
accordance with law. and for the necessity Of
simplifying the law in such a way as 10 make
II clear 70 corporate managers what they can
do and what they can't do.
ERA OF PROSPERITY HERE
We are, believe, unless all signs fail. on the
eve Of another great business expansion and
era OF prosperity Indeed. il is already here in
many branches Of business. The hum Of pros
perlty and the ecstasy Of great profits are likely
10 dull our interest IN these reforms and 10 lead
n
sist upon legislation which shall cnch ana en-
force those standards by positive law. Nothing
revolutionary nothing disturbing 10 legitimate
business IS needed, but we must set the marks
clear in the statute by which the lines can be
drawn and the proper legitimate paths be laid
down upon which all business shall proceed,
and must have il understood by means of
prompt prosecution and punishment that the
law is for all aud is 10 be enforced even against
the most powerful.
Then too the needs in respect to the conser-
walton Of our national resources the amendment
10 the public land system, the execution Of the
pure food law and all the rest of the important
matters that should demand attention make
the legislative and executive labor Of the next
llfee years heaHg enough, II our purposes are
carried out, to exhaust the energy Of the most
enthusiastic and hopeful
REPLIES TO GOVERNOR JOHNSON.
STILL the world is making progress--our coun-
try is making progress. Occasionally one hears
note like that Of Governor Johnson. denounc-
ing the East and calling upon the West TO Or
ganize IN sectional way against the East, be-
cause the East is deriving more benefit from tie
governmental policy than the West and at the
expense Of the West 1t is difficult for one 10
treat such an appeal seriously. Throughout this
country there is free trade Of the freest char
acter and due TO this the prosperity OF the
West, especially the agricultural West is even
more pronounced than that Of tie East More
over, the East is too close 10 the Pacific Coast
too close 10 the Middle West too close 10 she
Rocky Mountains. because all the people Of
those Western stretches nave Eastern ancestry
ana Eastern associations and Eastern connec-