Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1909-09-24
PRESIDENT FOR
CENTRAL BANK;
LAUDS ALDRICH
Craftsmanship of Rhode Island
Senator Praised by Taft at
Boston Banquet.

Boston, Mass, sept. lI.--ln MS
speech at Boston Chamber of Com
merce dinner last night, President Taft
declared in favor OF the creation OF a
central bank, praised the statesman
ship of Senator Aldrich, and condemned
Governor Johnson, of Minnesota, for
urging the West to unite against the
East in politics. He said in part:
Your chairman has made some refer
ence to a number of subjects to which the
attention of congress may well be direct
ed. In the first place, there is the mon
etary situation. While 1t is probable that
he Vreeland bill passed by the last con-
gress will aid US in case of another hnan-
cial crash. 1t is certain that our banking
and monetary system is a patched up
affair, which satisfies nobody and least OF
all those who are clear headed n have
a knowledge OF what a financial system
should be.
Approves Central Bank.
The matter has been referred by con
gress to a monetary which has
been studying with much interest and
enthusiasm the financial banking systems
OF the great governments OF Europe and
has embodied and will soon publish in an
interesting and attractive form the best
accounts of the financial systems of the
world. 1t is quite apparent from the
statements of Mr.. Vreeland, who Is now
the head OF the committee on banking
and currency in the House of Representa-
tives, and from the conversations OF Mr..
Al1rich, who Is the chairman of the none
tary commission and of the finance com
mittee OF The Senate, that the trend of the
minds of the monetary commission is to-
ward some sort of arrangement for a
central bank of issue which shall control
and reserve and exercise a power to meet
and control the casual stringency which
from time to time will come in the cir
c~ulating medium of the country n the
world.
Two indispensable Needs.
Mr.. 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 control OF
he monetary system shall be kept free
rom Wall street influence and the other
that it shall not be manipulated for politi-
cal purposes. These are two principles to
which we all can subscribe. 1t is quite
possible that the report of the commits
sion of a definite plan may be delayed
beyond the next session of congress.
Meantime the members of the commission
intend TO institute a campaign of educa-
lion in order to arouse public opinion to
he necessity of q change In our none
tary and banking systems and to the
advantages that will arise from placing
some form of control over the money mar
ket and the reserve in the hands of an
intelligent body of financiers responsible
TO the government.
Praise for Aidrich.
/ am told tina Mr.. Aldrich will swing
"hNNAAN NV ~ ~ NA'O PtNSSii ldtt oitb
will lecture in many of the cities OF the
middle west on the defects and needs OF
our monetary system. 1 cannot too
strongly approve OF this proposal. Mr..
Aldrich, who is the leader of the Senate,
and certainly one of the ables statesmen
In financial matters in either house, has
been regarded with deep suspicion by
people, especially i'm the west. IL,
with his clearcut ideas and simple but
style of speaking, he makes ap-
parent to the western people what / be-
lieve to be his earnest desire to aid the
people and crown his political career with
the passage of a bill which shall give us
n sound and safe monetary and banking
system, il would be a long step toward
removing the political obstacles TO a
proper solution Of the question.
To Talk Tariff Later.
/ am not going to discuss the merits
and dement's of the new tariff bill with
you. / shall have often to refer to that
before my journey Is ended, and must
something for other audiences. Suf-
flee it to say that the passage OF the bill
has removed a disturbing element In bust
ness.
We are. / believe. unless all signs fail,
on the eve of another great business ex-
an era of prosperity. Indeed.
it is already here in many branches OF
business. The hum of prosperity and the
ecstasy of great profits are likely TO dull
our interest in business reforms and to
lead us back again to the old abuses un-
49, ~ 80 AIN'A '~o $50 AC oAAeal D
cljnch and enforce those standards by
law. Nothing revolutionary,
nothing disturbing to legitimate business
is needed, but we must set the marks
clear in the statutes by which the lines
can be drawn and the proper and Iegiti-
mate paths be laid down upon which all
business shall proceed, and we must AVE
It understood by means of prompt prose-
cution and punishment that the law is for
all and Is to be enforced ever against the
most powerful.
Then, too, the needs In respect to the
conservation of our national resources
the amendment to the public lands sys.
tenn, the execution of the pure food law
and all the rest of the important matters
should demand attention make the
n legislative labor of the
next three years heavy enough, If our
are carried out, TO exhaust the
energy of the most enthusiastic and hope
full.
Denounces Sectional Strife.
is making progress. Occasionally
one hears a note like that of Governor
Johnson, ~denouncing the east and calling
the west to organize in a sectional
way against the east because the east is
deriving more benefit from the govern.
mental policy h the west and at the
OF the west. 1t is difficult 70
treat such an appeal seriously.
Throughout this country there is free
trade OF the freest character, and the
prosperity OF the west, especially the az.
ricultural west. is even more pronounced |
than that of the east. Moreover, the east
is too close to the Pacific coast, too close
to the middle west, too close TO the
Rocky mountains, because all the people
Of these western stretches have eastern
and eastern connections and be.
rause they have eastern capital with
which their sections have been largely
built up and because they are too much
assisted by eastern markets in enhancing |
the prices which their products bring TO
such an attempt at se~ctionalism |
successful.