The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1909-11-11
ALOR|CH PLANS
MONEY SYSTEM
HEAD Of COMMISSION EXPLAINS
IMMENSELY OF TASK AT BAN
QUIET IN CHICAGO.
LEANS TO A CENTRAL BANK,
Promises Careful Study, Asks Opinion of
Businessmen and Warns Against
Partisanship.
POINTS OUT CHANGES NEEDED.

CHICAGO. H., Nov. S.-Senator Mel
son w. Aldrich, chairman of the ma
tional monetary commission, told the
member Of the Commercial club at a
banquet Saturday night in the Congress
hotel that a comprehensive, scientific
plan for the changing of the American
monetary system, both as to note issues
and the organization of credit, is TO re-
suit from the work of the commission.
Senator Aldrich, who was listened to
with the closest attention by 300 OF the
commercial and financial leaders OF Chr
cago, declared that the commission thus
far had prepared no specific plan. The
preparation Of a plan in the concrete, he
pointed ont, could come only after de-
tailed study of the worlds banking sys-
tens and after minute consideration OF
the financial needs of this country. That
study is now being given But the SEN
ator, after prcfacing his speech 10y this
declaration, went on To point out some
of the things which appear plainly to be
needed.
Leans to Central Bank.
The whole trend of his address showed
that he is a believer in the central bank
idea, though he did not say So in set
terms. But he dwet upon the fact that
in other countries it has been generally
determined that note issues should al
ways be under government control and
that this can only be had through cen
tral bank. He also pointed out the wide
spread dissatisfaction with the existing
American system of note issues.
The problem of note issues, however,
Senator Aldrich pronounced to be of de-
/ To-, l,.I
son with the efficient organization of the
credit and banking system. He pointed
out that it was the duty of the commits
sion to devise the best and wisest imam
cial system the world has ever had and
that in so devising it was necessary to
plan a credit system whereby financial
panics could be controlled, If not com
pletely avoided, and where disasters due
to periods of transportation could be
confined to the "tranSgresSorS.'
Problem Affects All.
The many difficulties of arriving ut a
plan for the United States which would
work to general advantage and suit vary
ing interests was emphasized by the sen
ator. He declared the problem affected
&C, 100000 people and $4,000 banks and
that in a few years the United States
would probably have more banking pow
err than the rest of the world combined.
Analysis of Senator Aldrich's speech,
which is the first to be made on the tour
which he as taking through the west to
meet financial experts and business men
and to make addresses on the problems
before the commission, showed the fol-
lowing additional points:
The momentary commission will make
public vast amount of information 1t IS
gathering on financial systems all over the
world aud will invite opinions from Amer
.t.,I rt,uf L n u nf u
plan should be adopted by the commission
No existing plan can be adopted in its en-
tirety by the United States.
No plan will be submitted at the present
session of Congress, but at the third session
of this Congress a plan will be offered
Shows Changes Needed.
The financial panic of 1907 proved con-
clusivcly that there must be changes In the
legislative provisions in regard to note is
sues and that banking methods and credit
organization must be improved
1t will be impossible to establish a credit
organization in this country that will inter
fere with or control existing banks.
Any plan to be adopted must be kept out
of the reach of partisan politics.
The branch banking system can never be
adapted to the United States.
Any form of organization which is to be
created must serve the whole country and
all sections, 50 that it could not be used to
build up one locality.
Senator Aldrich made the only adj
dress of the Commercial club banquet
He was introduced by President Theo-
dore w. Robinson.