Milford chronicle., 1909-09-17
TAFT FAVORS
CENTRAL BANK
Discusses Monetary Situation
In Boston Speech
PRAISES SENATOR ALDRICH

. ~ '~N'ANHA GNNtaiNa ug HHpA'
Islander Will Lecture In Many oltlei
on the Defects and Needs Of oul
Monetary System.
Boston. Sept 15.-President Taft'i
first public utterance since congress
adjourned was made in this city be
fore 1000 men representing the com
bined business interests of Boston. The
occasion was a banquet given in Ne
chanics' hall by the Boston Chamber OF
Commerce, recently formed by a merg
er OF the Boston Merchants assoOia
tion and the Associated Board of Trade
with the chamber and it marked the
beginning of the presidents 1S,OO0-mile
trip through the country.
The features of the presidents ad.
dress were his endorsement Of the
proposition to establish a central bank
in connection with currency reform.
his words of high praise Of Senator
Nelson ". Aldrich. of Rhode Island,
head Of the national monetary COM
mission, and his reputation of any at
tempt to start a sectional strife in the
country, such as that which he at
tributed to Governor Johnson in "call-
ing upon the west to organize against
the east"
Among the guests were cabinet
members. diplomats, congressman,
clergymen and distinguished business
leaders.
The Presidents Speech.
Speaking OF the monetary situation,
Mr. Taft said:
ut is quite apparent from the state
ments of Mr. Vreeland. who is now
the head of the committee on banking
and currency in the house Of repre-
sentatiyes. and from the conversations
Of Mr. Aldrich. who is the chairman
of the monetary commission and of the
finance committee of the senate, that
the trend of the minds OF the none
tary commission is toward some sort
of arrangement for central bank OF
issue which shall control the reserve
and exercise a power to meet and con-
troll the casual stringency which from
time TO time viii come in the circulat-
ing medium of the country and the
world
"Alr Aldrich states that there are
two indispensable requirements in any
plan to be adopted involving a central
bank Of issue. The one is that the con- I
trol OF the monetary system shall be
kept free from Wall street influences, |
and the other that it shall not be ma /.
for political purposes These |
are two principles to which we can all 4
subscribe It is quite possible that the /
report of the commission of a definite
conclusion may be delayed beyond the
next session Of congress. Meantime
he members of the commissionGntend
20 institute a campaign of education
n order to arouse public opinion to
he necessity of q change in our mon
'tary and banking systems, and to the
advantages that viii arise from plac-
ng some form Of control over the
money market and the reserve in the
ands Of an intelligent body of inan-
iers responsible to the government
tuTlCu TO Lecture on currency OeTeCt6
II am told that Mr. Aldrich will
swing around the circle. in the pres
Mt fall, and will lecture in many of
he cities of the middle west on the
Effects and needs of our monetary
ystem. l cannot too strongly approve
this proposal. Mr.. Aldrich, who is
le leader of the senate, and certainly 4
ne of the ablest statesmen in finan-
al matters in either house has been l
,garded with deep suspicion by many
aople, especially in the west II. with s
IS clear-cut ideas and simple, but ef- Y
ctive style Of speaking, he makes
)parent to the western people what |
.lieve to be his earnest desire to aid "
e people and to crown his political
reer by the preparation and passage q
a bill which shall give us a sound
i'd safe monetary and banking sys- B
m. il would be a long step toyard re
owing the political obstacles to a n
oper solution Of the question"