Omaha daily bee., 1909-11-11

Of the country, great and small, and the
mass Of wage-earners, the latter through
loss Of employment and reduced wages.
These people were innocent OF any respon-
sibility for the panic. The distress felt on
account Of the suffering and destruction
caused by this catastrophe, whose blight
ing effect reached countries throughout
the world, is heightened by the conviction,
in which all thoughtful observers must
now share, that its fatal results were I'M
necessary, and that with a better none
tary system its widespread consequences
could have been avoided"
Mr.. Aldrlch then entered upon a tech
meal discussion Of the banking systems
Of Great Britain, France and Germany,
and he later considered the recent expe-
riences and action with reference to the
monetary systems Of Italy, Japan, Switzer-
land and Sweden, and explained at some
length the character and results OF the
recent inquiry in Germany. He also al
luded to Scotch and Canadian expert
ences.
Foreign Banking Affairs.
Continuing, he said, 1.-The work of study
and examination OF the experience Of other
countries is slmplified by the fact that
there is practical uniformity of method
and principle throughout the civilized
world, both with reference to note issue
and credit organization. This does not
mean, Of course, that any existing system
could be adopted by the United States
certainly not without many essential mod
incatlons.
1.-THE commission has not overlooked the
necessity Of a careful study Of the banking
experience Of our own country, and we
shall at an early day publish the series
OF articles named in our catalogue cover
ing this subject fully. Banking events in
the United States prior to the civil war,
however interesting from a historical
standpoint, nave very little, II any, prac-
teal value for us, save as warnings.
I'm the statement that we were not yet
able to adopt a definite plan for the United
States, 1 did not intend to be understood
as committing the commission to a policy
OF hesitancy or delay. AS soon as the
preliminary studies and conferences to
which l have alluded can be had, the com
mission will at once enter upon the work
of preparing a plan and report. 1t is,
therefore, evident that we shall not be able
to present a plan at the coming session
but have every reason TO believe that
we may be able TO make a report at the
beginning of the third session Of the pres
ent congress.
Bank DepOsItors Are Many.
The depositors in our national and state
banking institutions number mare thar
one-third of our entire population, and
their number is greater than the tota'
number Of people, men, women and chill,
dren engaged in gainful occupations in the
country. Our entire population Is vitality
interested in the soundness and adequacy
Of our currency and in the unquestioneo
s~olvency and continued credit Of our banks
and suggested changes should be consid.
cred primarily with reference to the effect
they would have upon the interests Of
our whole people. Unless by some act OF
folly we do something to halt this onward
movement, something to impair the devel
opment of our wonderful resources, W,
shall soon have wealth and surplus capita
in excess OF all other countries, and thii
must add Importance to the internationa
phases of our financial policies.
zone OF the difficulties which othei
countries have had to contend with hai
grown out OF the rivalries existing between
great cities as to where the center of theil
financial system should be located. Blu
the representatives OF all cities in our coun
try should remember that all oenters ar,
Interested first in having our currency
and our credit organizations established OF
broad and firm national lines.
ut is of the first Importance TO al
that the worlds financial center should
be located in the United States, where, by
virtue Of our p-reponderlng resources anC
capital, It should logically be established
| realize fully that this cannot be achieved
without the use Of the agencies and
methods which the worlds experience ha!