The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1909-10-07
CENTRAL BANK WILL
MEET OPPOSITION

New York, Oct. 7.--Will Senator AL
drich succeed in establishing a cen
tral government bankg
If he does succeed, it promises tt
be in the face of almost as much op
position as he revised the tariff up
ward.
The small bankers Of the country
win fight him to the last ditch. They
fear, first: That the proposed institu
ton will be a political proposition
through and through, and will be man
ned and manipulated by Wall street
politicians whose interests are con
stantly being served by Boss Aldrich
second: That a central bank would
give the big Wall street banks more
absolute control of the currency sup
ply of the country than they now en-
Joy.
There are also a number of big in
dependent banks throughout the coun'
try which viii oppose the central bank
idea. When the central bank was first
proposed a Washington newspaper
sent out number Of inquiries to east
ern banks. This was one of the ques-
tions asked: Are you in favor of the
establishment of central government
bank as a means of preventing string
ency in the currency?" Fifty-eight
banks replied they were hostile to the
measure. .twenty-nine approved it.
When President Taft endorsed the
Aldrich program for central bank
he was expressing the sentiment of
the Rockefeller -Morgan-Wal street
Financial houses.
When it is understood where the
idea of centrai bank for the United
States was conceived, it is not so sur
prising that the monetary commission
of which Aldrich is the chairman
should be reported in favor of the
project.
The idea originated at meeting of
the New York Chamber OF Commerce.
a Well street institution through and
through. The most enthusiastic work
ers for the project are Frank A. Van
derlij, vice president Of the National
City bank of New York, (the big Stan
dard Oil bank, VIM. A. Nash, presi-
dent of the Corn Exchange National
bank Of New York, a Wall street in
stitution owning twelve branch banks,
and Jacob H. Schiff of Kuhn, Loeb
Co, of New York, house that figur-
I'd in many of the Hartman deals.
President Taft did not put over a
scoop" when he @. KID the central
bank in his western speech. Wall
street preceded the chief executive
in o. King the project, as is eyidenc-
ed by the following dispatch which
was sent out of Washington in April,
1--WE months previous TO the time the
president publicly endorsed the CEN
trail bank:
According to worthy information
that has just been received here in
the national capitol from Wall street
New York, the currency commission
appointed by President Roosevelt to
reorganize the monetary system Of the
nation will report in favor Of a cen
trail government bank.
wall street has endorsed such an
Institution as the medium through
which may be secured the elastic cur
rency,' which was so much talked
about during the discussions in con
gress a year ago last winter
Through positions as chairman OF
the finance committee of the senate
Chairman Of the national allegiance
to the Cannon-Dalzell element in the
house OF representatives. Mr.. Aldrich
gains power that is so absolute he can
defy public sentiment when it pleases
him.
"Close observers see only one weak
spot in Aldrichs unlimited domina-
tion CT congress. Representative Fow-
Ter, chairman of the committee on
banking and currency of the house OF
representatives, has shown disposi-
ton to be antagonistic to Wall street
1t is as certain as anything political
can be that the order of Aldrich and
Cannon has gore forth to depose Fow-
Ter from his position when the regular
session OF the present congress opens
next December, and to appoint in his
stead vreeland Of New York"