New-York tribune., 1909-11-07

any credit organization that would inter-
fere With or control existing banks, or
whose resources or credit could re used
sibly be dominated by the financial men
or institutions IN one section oi the coun-
Try. We may have financial centres OF
varying importance in the United Siafes.
between which natural rivalries exist: and
Whatever form our rssniysutcn rnient
TAKE, II Is necessary 20 guard against CIV
ing To one banking community any ad-
vantage over another. II is entirety true
that the differences Of interest IN this re-
spect between different sections OF the
country are likely 20 be greatly maGnihei
In a broad and general way a policy which
sives prosperity 10 the country as wheie
gives prosperity 10 every section, ana ao-
Nersity IN one section Is felt throue aout
the whole. i am aware that II would be
difficult 10 establish this philosonlie propo-
inS which naturally perTades every corr
uiunirv. Therefore II Is absolutely necee-
ssry clearly 20 establish the fact that any
form OF organization which may be ere
sted should serve alike the whole country
and every section. and that II could not
possibly be used 70 The uptulldins OF one
lCcality I'm preference 90 another
Second. IL s. Of equal, not greater
importance that any plan ~hieD sheula
likely 10 acquire any partisan or political
character or bias. 7 know how cicicult IL
Is IN 2 country IKE ours. win q govern
ernmentsi policy free from The suspicion
of rsrtissnship. il is not necessary that
ronefary problems whose solution has been
hopelessly DELAYED by being dragged into
The political arena Let us hope that the
bic. end that the bad precedents which
have been established IN this respect in the
nothing in existing conditions that should
give 10 these Precedents any value. For
Instance, the second Bank OF the United
States, after having been supported. IN
turn. by all parties. was finally destroyed
as matter OF party policy II IS nov nee
essary for M 10 say that no one Is think
ing OF adopting the first or second Bank
OF the United States as a model. No in
stitution OF similar construction or methods
approval OF the people of the United States
az this time.
H. however. n should be found desir-
features OF systems which have been sue
oessfui in other countries. have too much
confidence in the inherent good judgment
and intelligence OF our countrymen 10 be-
lieve thst the dead political issues OF three
quarters q 2 century sy ego could be revived,
could be summoned 90 prevent a consum-
nation which would be advantageous 10
all
OBJECTS TO BRANCH BANKS
Thfrd-whatev@r NAV BE- the ADVANTAGES
~ system OF brSneh banking in other
countries, ] do not think il is possible 10
adept " 20 existing conditions IN the
United States. The twsnty-hve thousand
banks now in existence are largely inde-
pendent institutions whose managers are
fsmliar with the wants and requirements
Gated. The great mass of the people who
use banking facilities either as dspositors
up IN. sdvsntsss ~ that intimsts ueT.enai
knowledge OF rhe local hank officers and
managers which they believe 10 be essen
ial 20 their Interests II would be diffl-
cult. for instance TO convince borrowers
ano depositoTs in small town in Illinois
that man who had always lived in the
I " would have z clearer
and more syfnpa thstic appreciation Of their
reeds and credit than an agent sent from
one OF the large banks in New York. whose
principal ambition might be 70 earn the
largest possible am ount Of Taoney fo- his
institution rather than 70 develop The pros
assigned ] realize, Of cotrse. that in the
! rni,ed States. as in Germany. there Is a
! in the reserve ana central reserve cities TO
establish q rsther close community OF in
srs 9 e neI r Teess ess stss
1 With the central institution. This arrange
ment has naAv Of the advantages OF
! positive objections which exist with ref
erence 20 the latter plan
REPORT NEXT YEAR
Senator Aldrich announced that the
/ commission expected 70 present its plan
al the session Of Congress beginning in
Decsnber. 1910. He said:
In the statement that We we're not set
able 70 adopt . definite plan for the United
States I di1 not intend 10 be understocd
as committing the commission 20 policy
4 OF hesitancy or delay. As soon as the pre-
] liminary studies and conferences 20 which
/ have alluded can be had. the commission
! viii a. once enter upon the work Of pre-
/ pairing e plan and report. II is therefore
! evident that We shall not be able 10 pre-
Ss9. S , p,sn so az Ihe ,o o9I'ing session; & but
/ be able 20 make q report az the beginning
/ Of the third session OF the present Con-
gress. We shall welcome honest and intel
hgent criticism Of our constructive work.
as IL IS only through criticism OF this
nature and the cooperation of thoughtful
factory conclusion We may expect criti-
! cism Of another -ort from two classes cf
/ ob1ectors-one whose sanity IL unques-
/ tioned, but whose sole stock in t-soe con
] sists of appeals 10 class and sectional
3 preJudicss and passions. Criticism in all
l important matters is much easier ana sim
realize the necessity ot action al the
Z earliest moment consistent with thorough
/ IN a haltins way for another decade with
/ conditions remaining az thev aye but a
/ grave responsibility will rest upon both
/ the commission ahd Congress IL any con-
has natural advsrtag greater than any
! other. but its normal growth ana develop
/ ment. its industries and lts international
traee. are retarded BY recurring PERIODS ot
! depression and monetary crises which are
not preventsh,e BY cur obsolete banking
! methods.
WORLDS FINANCIAL CENTRE.
one o, IN. disieultie. which other coun-
/ tries have had 10 contend with has grown
/ out of the TiYalries existing between g-eat
J cities - 20 where the centre OF their fnan-
! cial system shoilc be located But the rep
I resenfarives of al cities in our country
] should remember that all centres are in
l terested. first, In having our currency and