New-York tribune., 1909-11-09
ALDRICH WINS AID
INTERESTS BANKERS.
TJCo addresses IN 81. Ions on
Monetary Reform.

81. Louis. Nov. s-with emphasis even
stronger than he used IA his Chicago
speech. Senator Alerich made IL plain TO
the business men Of St Louis today and
tonight that " Is his purpose 20 devote
himself for the present with especial
single e-mindedness 90 the work q reform
ing the monetary system Of the United
States. He spoke briefly to-day before
gathering of bankers at the Noonday club
and st greater length tonight in the pres
ence of tn fun membership ~ the Gem
mercial club
The day meeting was brought aeout
through the tender Of a luncheon BY
Charles II. Huttig. president or the Third
National Bank OF this city. while the basis
OF the evening neetins vas a dinner by the
Commercial Grub over which FanfOrd
Crawford. SIS PRESIDENT. presided Senator
Aldrich was received by both assemble ses
with manifestations Of sympathetic inter
est
Senator Aldrich did not use msnuscrirt
in his speech tonight. IS he did ~ chi
oago he spoke informally and in conVer-
sational tones. There was no effcrt Al ora
tory or establishment. but he Went direct
ly 10 the heart Of his subject and frankly
told lis hearers that he was in - Louis
fer the sole purpose 4 arcusinS thsir IL
terest in the great work IN which the Mon
eiary Commission is engaged
REFORM ON BROAD LINES.
= do not come 10 you with any plan of
monetary reform" he said Indeed. IL
! should he delegated individuaiiy to
dsy to prepare a statement for o new
srzten 81 hnsnce for the country 7 should
he al loss a. 10 how 50 proceed. I
should ind II necessary - enter upon 4
careful investigation. and would not under
tsk@ - formulate ANYTHING without much
more study than 7 have been able 10 give
- this subject Even I'm that event should
want your advice and cooperation. and
should ask YOUR aid Just Al ! am asking ~
nov for the commission" He continued
7 realize. as know en Of YOU 10. the
absolute UecseSir- 0f reforming The GUY
rency. II ~ is 10 be- reformed. upon the
m oadosF ma AoUal lines The work that =
70 be done cannon he dona bv any one man
nov by any Sef Of men. II cannot te done
by any one party. nor in the interest Of
any one section. II cannot b. done by
commission or bv Congress without the aid
q tie country ~ large
our plsn must be one which win take
into consideration the wants or the town
ana OF The country. q we'll those of the
rtrT. We cannot afford and shall not at
tempt. 20. legislate alone for New York
must also ieSislate for s.. Louis. Chicago.
Denver. louisville Atlanta. for Spring
del9, Peoria ard Little Rock
oUr system must 10 one which viii sat
isfF the people 81 New England the asTt-
CulturiStS cf the NississiQpi Valley the
miners ~ the Rocky Mountains and the
sections. Surely the task before us Is one
Of gigantic proportions, and TIE result ~
our efforts. GOOD or bad, must depend not
alone upon orr own wisdom nut upon the
assembled good judgment NJ the leading
nation.
sreat magnitude OF this work and its lin
Uifss possibilities tenefcant or otherwise
that come 10 You At this early stage in
cur proceedings 10 tell YOU. not Oniy for
myself but for The comm issipn. in so far a :
J can iUst what We have done and 10 ask
vcur cooperation In our future proceed
ings
The nearest approach Nr. AIdrtch made
90 any indication Of . plan was his reform
70 bank issues. He gain said that the
European countries We're agreed on that
subject ard most or all Of them had cen
tral banking institutions for the issuance
cf currency.
CHANGES To BE GRADUAL.
He said. however. II could not he sr-
pected that am European banking system
could - transplanted in its entirety -
necesstv Of finding 2 plan Y hlch would
not disturb established banks or interfere
with the progress Of business. Whatever
system should 10 adopted. he said must
ie ore looking ~ gradual change and must
have due regard 70 vested interests and
sectional usage Again, he assured his
hearers Of his desire - hold the subject
entirely above political bias. and he went
into some detail 10 convince his audience
that ~ would be possible 10 adopt a svs-
TEN which would accomplish this desirable
result.
NJ. Aldrich again dvelt on the necessity
~ develcrng 2 system IF credit which
would protect the country against such
disastrous re5ults as were experienced in
the panic ~ 1897 He expressed the decided
opinion that with proper safeguards the
country need not again submit to such a
general crash. with so little reason. in the
business conditions of the country.
TIE was confident that with 2 sufficiently
elastic credit system such conditions as
arose before that disaster could he avert
%. or So restricted as - sHect only few
'plungers" and their immediate associates.