The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1909-11-19
QUIZ FOR A s0L0N
ALDRICH MUST STAND FOR THE
QUERIES IN METROPOLIS.
Senator Is Slated to Address the Cham
Der of Commerce in New York on
Thursday Night; He Will Be Call
ed on to Explain His Central Bank
Plan; An Alternative Is Suggest
ed; Gaynor's Setback.

New York, Nov. l3.-United States
Senator Nelson w. Aldrich, of Rhode
Island, who has been lately engaged
in attempting to convince the west
erners of the merits of his panaceas
for financial ills, will get the heckling
of his life when he appears before the
New York Chamber of Commerce next
Thursday night. Not that the COM
mercial interests of the metropolis
have any great dislike for the distin-
guished Scion from "Little Rhody."
Far from it. They love him as man
and brother, but they have some pet
ideas of their own which they desire
to bring to the attention of the chair
man of the national monetary COM
mission.
Will Be Asked to Explain.
When Mr. Aldrich arises to address
the members of the Chamber of Com
merce, he will almost certainly be ask
ed to explain what he and his COM
mission think of the champer's "plan"
submitted by its special currency COM
mittee three years ago and approved
by it. That plan proposed, first, the
creation of central bank of issue
something like the old Bank of the
United States-based on the system of
the bank of Germany or the Bank of
France; such bank to deal exclusively
with banks; its stock to be owned in
part by banking institutions and in
part by the government; but in its
management representatives of the
government to be supreme; this cen
trail bank to issue currency, rediscount
for other banks, hold public money and
act as agent of the government in
redeeming its paper money and max
ing its disbursements.
Suggesting an Alternative.
As an alternative to this the cham
ber's plan proposed that additional
powers of note issue be granted to
national banks whose bond secured
circulation amounts to at least so
per cent of their total capital; these
credit notes to pay a graduated tax
ranging from 2 per cent to s per cent !;
the proceeds of this graduated tax to
constitute a guaranty fund.- in the re-
demption of the notes of failed banks );
redemption agencies to be established
in order to insure the prompt retire
ment of these credit notes when no
longer needed; all the notes to be alike
in form; the law restricting the re-
&c H.. 10
So, 900, 900 per month by the deposit of
lawful money to be repealed future
issues of United States bonds not to
be made available as basis for the
issue of national bank notes; the laws
regulating the operations of the Unit
ed States treasury to be amended in
such a manner that they shall not, as
now, interfere with the money market !;
and law to be enacted requiring that
all money in the general fund of the
treasury above seasonable working
balance be deposited in national banks.
Some of the features Of this alter
native plan-in modified form-have
since been incorporated in the present
emergency -CuIIeliCy law, dH eIdCI-
ment that has not set the national
banks to tumbling over each other in
order to get in line for taking advan-
tage of its emergency provisions.
Will Stay Gaynor's Ambition.
Judge Gaynor, mayor elect of New
York, is not to have the honor of
presiding at the laying of the corner
stone of the new municipal building.
Not if Mayor George B. Mcclellan can
prevent it-and he thinks he can. The
present executive of the city has an
ambition to have his own cognomen
read by future generations on the en-
during cornerstone of the handsome
edifice.
Throughout the last Mcclellan adj
ministratiop the project of erecting a
building at the Manhattan terminal of
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