Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1909-09-21
Currency Question viii Be One of
the Big Things Before Next Congress

with the label Of Aldrich is very vio-
lent there. Another Is that the middle
west has a vast system Of national
and state banks, tens Of thousands Of
stockholders in which they are we'll
satisfied with present conditions and
suspicious Of changes. The middle
west is furnishing it's own money now
adays. The banks are more popular,
closer to the people, III that section
than in any other part of the country.
Holdings in them are more widely
scattered and there is fear of any
project which comes under the sus-
picion of looking to greater concen-
tration Of banking control in the mon
ey centers of the east, or at Washing
ton where it might fall under the dom
nation of those money centers.
All these considerations are regard.
ed as justifying the belief, which is
entertained by many close observers,
that the central bank plans will be
forced through the next congress If
the present powers remain dominant
in the two houses, and the tariff com
biiation of forces can be continued in
control.I
Speaker Cannon was for a long
time regarded as hostile to any cur
rency reform program whatever. He
guessed the country was getting along
pretty we'll with it's old system, and
he twirled his cigar contemptuously
at suggestions that those Wall
street fellows were entitled to any
| consideration; he didn't want any
rubber money" in his.
The report is that the speaker has
come to see the thing otherwise. He
and Aldrich were brought very close
together during the tariff session, and
| 1t is considered that the makeup of
the house banking and currency com
mittee indicates a rapprochment be-
tween the speaker and the Rhode
Islander on this subject. In short, it is
strongly believed in informal quar-
ters that the speaker has oeen drawn
into alliance with Senator Aldrich.
! In the last congress Aldrich smoth-
cred the postal savings bank measure
because he was not ready for it. He
| is not absolutely hostile to it, but he
doesn't want it put into operation till
he is ready. He wants to make it a
feeder and supporter to the central
bank. 1t is calculated that five years
of postal savings bank system
would make the government the Gus
todian and administrator Of about
two billion of dollars of the peoples
savings. That would be n right sub
stantial business with which to
start off the new government
bank. 1t would create great
government liability to the peo-
| pie, taking the place Of n great govern
ment debt, popularity owned, which
serves as the foundation of govern
ment banks in other countries. Mr..
Aldrich, therefore, wanted to be sure
what sort of government bank he
would favor, and then to shape the
postal savings scheme so that he two
would dovetail together most effect
lively
The American Bankers association
is regarded as now pretty firmly al
| lied to the force which advocates a
central bank. President Reynolds at
the Chicago convention Of The asso-
citation this week came out strongly
for the plan, and was generally APP
proved, according to the reports, 81
though there was strong faction Of
disapprobation. The effort Is to be
made hereafter to get the postal saw
ings and central bank advocates to
understand that there is no antago-
nism between their purposes; rather,
that they could effectively work to-
gether. If they are brought to do this,
then the central bank advocates will
have gained important achievements
in the section where they have been
weakest. The postal bank idea IS
strongest in the west, where the cen
trail bank is weakest
J. G.. Welliver,