New-York tribune., 1909-11-14
BANKING REFORM
Mr.. ALDRICH'S VIEW.
Wage Farmers Interested as
Vel as Bankers, He Says.

ST. Paul. Nov. Ex-senator AIdrich.
chairman OF the monetary commission told
the business men OF ST. Paul to-day that
some radical changes i'm the banking and
currency laws are essential. and he ex-
pressed confidence that they would be
made.
AT dinner this evening he spoke in de-
tall or the operations of the commission.
Al luncheon this afternoon he outlined
his hopes that relief legislation may be had
This outline was given I'm response TO a
request from A w. Ames, a local business
man. for a definition OF the scope OF the
work of the commission
Mr.. Aldrich said that the commission
would be required to report upon every
thing affecting currency or banking "Our
authority Is as broad as IT can be-" he said
"and the powers OF the commission and the
scope of its authority and investigation
cover the subject in all it's ramncatioas."
Mr.. Aldrich also said that the work OF
the commission was being directed with
reference TO the ultimate formation of a
bill providing a remedy for existing evils.
He continued:
The fact that We now are trying to in
terest people in the subject does not mean
that at the proper time we shall not have
opinions and shall not have a plan IL
means that rs a preliminary are study
ing the question from every standpoint.
pie from every part OF the country who
are directly interested I'm the subject i do
not mean TO say that we will not have TO
discuss this matter. OF course, we will
and we Will have 10 do so In the most pub
minds.
l think that, while the bankers OF the
country are directly and Immediately in
terested In this question, they are not in
terested SO much from purely material
country, the wage earners. the great mass
OF the people who are engaged in gainful
occupations. They, after all. are the peo-
pie most affected on one side of both the
currency and the banking questions.
While there was a general interest In the
proceedings. however. Mr.. Aldrich said
that because of their technical knowledge
IT would be necessary TO rely more upon
the bankers than upon any other class for
information for the assistance OF the COM
mission. but we shall have to be extreme
ly careful not to run against popular pref
udices in either what we do or do not do"
He went on:
AS far as the commission and are con-
cerned, We are going TO take hold OF TINS
question with all the capacity and earnest
ness which we have, because we think that
II is absolutely essential-at least L do
for the development OF the country that
some radical changes snOuld De IIldue-
believe that, with the aid of the
thoughtful and intelligent people OF the
country, we shall be able to devise a plan
which. while not satisfactory to everybody,
will in the main be satisfactory 10 the
thinking people of the country. What we
want 10 do is this:
First. TO establish in the people through
out the country feeling of confidence that
there can be an extension OF note issue
and of credits whenever IL is absolute
ly demanded. That is. II an emergency
should arise, so that there should be a rea-
son for extensions OF credit, or for a tenn.
poIary increase i'm note issues. there should
be a feeling that there is some process
by which that want may be met You
want, first. confidence in what you are
II. And the machinery, In the long run.
will furnish the confidence. That is tne
whole problem. gentlemen, and 1t Is big
problem. too
Among those present at the luncheon
was George II. Reynolds. the Chicago
banker, who has been giving the commits
sion the benefit OF his counsel lie test-
fed to the character of that body's work
in the following language:
I have had the pleasure and the privi-
lege of having little TO do with senator
Aldrich and the other members OF TINS
commission for nearly two years L nave
therefore knowledge OF the thoroughness
and | know from personal observance and
personal contact that each and every mem
Der of the commission, including Senator
Aldrich is anxious to do everything he
possibly can to settle this question along
lines which will bring the greatest good
greatest measure of prosperity to every
section of the country.