The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-11-13

NEW YORK, a. Nov. 13.-United
States Senator Nelson w. Aldrich, of
Rhode Island, who has been lately en-
ragged in attempting to convince the
westerners of the merits of his pana-
ceas 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 commercial interests OF the
metropolis have any great dislike for
the distinguished Scion from Little
Rhody" Far from it. They love him
as a man and brother, but they have
some pet ideas of their own which
they desire to bring to the attention Of
the chairman of the National None
tary commission.
When, MIR. Aldrich arises to address
the members of the Chamber of Com
merce, he will almost certainly be
asked 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 a central bank of issue
something like the old Bank of the
United StateS-baSed on the system or
the Bank of Germany or the Bank OF
France; such bank to deal exclusive
" with banks: it's 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 re-
deenine it's paper money and making
its disbursements.
AS an alternative to this the cham
ber's plan proposed that additional
powers of note issue be granted TO
national banks whose bond-secureo
circulation amounts to at least SO per
cent of their total capital; these
credit notes to pay a graduated tax
ranging from two per cent to six per
cent: the proceeds of this graduated
tax to constitute guaranty fund, III
the custody of the government. for the
redemption of the notes of failed
banks; redemption agencies to be es-
tahlished in order to insure the prompt
retirement of these credit notes when
no longer needed: all the notes to be
alike in form; the law restricting the
retirement of national bank notes TO
$4,000 600 per month by the deposit OF
lawful. money to be repealed; future
issues of United Statees bonds not to
be made available as a basis for the
issue of national bank notes; the
laws regulating the operations of the
United States treasury to be amended
in such a manner that they shall not.
rs now. interfere with the money mar
ket; and a law to be enacted requlr-
ing that all money in the general fund
of the treasury above q seasonable
working balance be deposited IN ma
tional banks.
Some of the features of this alter
native plan-in modified fornl-have
since been incorporated in the present
Emergency currency" law. an enact
ment that has not set the national
banks to tumbliug over each other In
order to get in line for taking adVant-
age of it's emergency" provisions.
Judge Gaynor, mayor elect of New
York. is not to have the honor of pre-
siding at the laying of the corner
stone of the new municipal building.
Not of 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 cogno-
men read by future generations on the
enduring cornerstone Of the handsome
edifice.
throughout the last Mcclellan ad-
ministration the project of erecting a
building at the Manhattan terminal
of the Brooklyn bridge, where most of
the city offices may be installed and
the city saved a vast sum in rents.
has woefully lagged. For almost two
years the public has been made to suf
fer because of the dllatory manner
in which this great Improvement has
been managed.
For this reason an enormous
amount of work must still be done if
the laying of the corner stone by
Mavor Mcclellan will not appear lu-
dicrously premature. The extra ex-
pense Of rushing the job so that he
NAV spread the official mortar will in
itself amount to a considerable figure.
Furthermore. as the mayor also is
said to desire an imposing ceremony
the cost of this eleventh hour spectacle
is likely to reach a total OF $4,000.
After next Monday, il is going to
cost a lot more to hand your enemies
lemon. The transcontinental rail-
roads, which have raised the freight
rates on the sour fruit. is responsible
tor this condition of affairs. The new