The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1909-09-15
LAUNCH CAMPAIGN
FOR CENTRAL BANK
Attitude of Taft and Bankers
in Chicago Gives Plan
Impetus.
CONTINUED from First Page1

lander with great section OF the com
munity. decidedly courageous.
ProtaRonists OF the central hank plan
are very much pleased with the evil
dences. which they claim to have noted.
of a more friendly public opinion to-
ward their project. II is but few
years since the Democrats party was
almost solidly opposed 10 such an idea.
and vest of the Allegheny mountains
Republicans and Democrats alike re-
garded it as an snathema. Today there
is at least vastly more tolerance Of the
proposal, though it is doubted whether
The middle West would yet give an IN
dorsement to st II a campaign could be
made sauarely on the issue.
Interesting Suggestion.
students OF the political features N
this situation have been advancing of
late the highly interesting suggestion
that If the Aldrich-CannOn combination
which passed the tariff bill can be held
together for the purpose Of dominating
The action of Congress on currency re-
form. it will be strong enough TO force
through a central bank measure. That
tariff combination included the East
and the far West. with as much middle
Western support a s could be held in line :
the South. and the radicals of the mid
West, were outside.
It is now declared that a very similar
lineup is likely to be formed on cur
rency reform. The Democratic South is
expected 10 be In the main loyal TO the
view Of Andrew Jackson. who de-
stroyed one Bank Of the United States
The East and the far west are counted
upon TO support Aldrich The middle
West will be the doubtful country.
This uncertainty about the middle
West is based on two conditions. one
with the label Of Aidrch is very violent
there. Another is that the middle West
has a vast system OF national and
state banks, tens Of thousands Of stock
holders in which are well satisfied with
present conditions and suspicious Of
changes
The middle West is furnishing its own
money nowadays The banks are more
popular. closer 10 the people, in that
section than in any other part Of the
country Holdings i'm them are more
widely scattered. and there is fear Of
airy project which comes under the sus-
picion of looking 20 a greater concen-
tration of banking control in the money
centers Of the East, or at Washington,
ton OF those money centers.
Outlook Is Bright
All these considerations are regarded
as justifying the belief. which is enter
tanned by many close observers, that the
central bank plan VIII be forced through
the next Congress II the present powers
remain dominant in the two houses. and
the tariff combination OF forces can be
continued in control.
Speaker Cannon was for a long time
regarded as hostile 10 any currency re-
form program whatever. He guessed
the country was getting along pretty
well with its old system, and he twirled
his cigar CONTEMPORARY at suggestion
that those wall Street fellows" were
entitled 10 any consideration; he didn't
want any rubber money in his
Recently, there has been increasing
suppression that the Speaker was getting
ready 10 give mild acquiescence in the
reform proposals His speech to the
bankers in Chicago Yesterday may be
construed as indicating determined OBJ
position, but compared TO some former
utterances Of his II Is really mild More
significant than any public speech OF the
Speaker. is the fact that in making up
House Banking Committee a few weeks
aFo ne gave II a personnel and a chair
man decidedly satisfactory 10 Aldrich
and friendly 70 the Aldrich program
Time Not Ripe.
In the last Congress Aldrich smoth-
cred the postal savings bank measure
because he was not ready for a. He is
not absolutely hostile 10 II. but nc
doesn't want Il put into operation tin ne
is ready. He wants 10 make Il a feeder
and supporter 70 the central bank II
IS calculated that FIVE years Of a pOsta
savings bank system would make the
Government the custodian and admins
rator OF about S2Oo0.0o0.O0O Of the PEG.
Pies savings That would be a right
substantial business with which to star
of the new Government bank II would
create a great Government Tia ability e
the people. taking the place OF a great
= Government debt. popularity owned
which serves as the foundation Of gov.
eminent banks In other countries. MIR
Aidrich, therefore. wanted 10 be sur,
what sort Of Government bank he would
favor. and then 20 shape tn, postal saw.
ings scheme so that the two would dove
tail together most effectively.
The American Bankers Association Is
regarded as now pretty firmly allied q
the force which advocates a centra
bank President Reynolds, al the Chi
cago convention this week. came ou
strongly for the plan. although ther'
was a strong faction Of disapprobation
The EFFORT IS 10 be made hereafter Z
get the postal savings and entrai banl
advoca ties 20 understand that there is n,
antagonist between their purposes
rather that they could effectively wOrl
together II they are brought 10 do thii
then the central bank advocates vii
have gained important reinforcement
in the section where they have beer
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