The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-10-25
SEN. ALDRICH
IS CHALLENGED

Elizabeth. n. j., Oct 24.-Charles
n. Fowler, congressman from the
Fifth New Jersey district and former
chairman of the house committee on
banking and currency, today address
ed an open letter TO Senator Nelson
w. Aldrich, of Rhode Island. chair
man Of the monetary commission ere.
ated by congress and also chairman
of the finance committee OF the SEN
ate, challenging him to a joint de.
bate in one or more cities. on the
subject Of a central bank
Mr.. Fowler writes he Is opposed to
the establishment of a central bank.
under existing conditions. because he
believes with It would come most dis
couraGing and disheartening fayorit-
ism and the ultimate destruction of
our purely individual and independent
form of banking The letter follows:
Just before you started for Europe
In August, 1t was stated In the press
that, as a result of a meeting of the
monetary commission of which you
are chairman. central bank was to
be advocated by your commission and
that upon your return from Europe
you would proceed with a view of In.
structlng the people upon our finan-
cial and currency needs. and recon-
mend as a 'cure.all a central bank.
After your departure, there was
an evidently inspired and well-organ-
lied propaganda in favor of the cen
tral bank, carried for the purpose of
celebrating your home coming. in
teresting the people in tho mysteries
Of your central bank plan
"lnasmuch as | am convinced that
the one thing above all others that
this country does not want Is a cen
trail bank, because il will not effect
nor accomplish the necessary re-
forms, but In the end will make a bad
condition immeasureably worse, there
fore, In order that the American peo-
pie (Who know Will decide this most
important question now pending be-
fore them for consideration and de-
termination) right as they did that of
the gold standard IL only they be
given an opportunity Of having both
sides OF II fully presented.
"A central bank will not effect nor
accomplish the necessary reform of
our finances and currency is unsuited
to our condition. will accentuate many
VI Jul piNSthI OVID anu
and develop other evils of most Sc
rious nature
Our financial and currency prob
lens must be solved upon economical
lines of an entirely different char
acter.
Il assert you capnot successfully
and beneficially superimpose mon
archial form OF banking upon nearly
$4,000 individual independent, free
banking institutions, which have
grown up and developed in harmony
with the principles of our republican
form of government and are them
selves republican In form and char
acter.
ITO establish a central bank In this |
under existing conditions |
would be undemocratic. unrepublicap
and unAmerlcan and inimical TO the
general welfare Of the people, becnuse
With central bank Will come a most |
and disheartening favor
Iusm, the gradual breaking down and
ultimate destruction OF our purely in
iividual and Independent form of
i Will meet you in Joint debate
upon the above propositions, at one
Or more OF our leading cities, up to
loo or more OF them. II you choose, at
such times and upon such conditions
Or terms as may be made upon by
Is hereafter"