The free lance. (Fredericksburg, Va.) 1885-1926, 1909-09-16
TAFT FAv0RS
CENTRAL BANK
Discusses Monetary Situation
In Boston Speech
PRAISES SENATOR ALDRICH
The President Declares the Rhode
islander Viii Lecture IN Many Cities
on the Defects and Needs Of Our
Monetary System.


Monetary System.
Boston. Sept. Is President Tsft's
nrst pubac utterance since congress
Rdjournei was made IN this city be
fore eooo men representing the COM
biued bus mess interests OF Boston. The
occasion was a banquet given in Me
chaniCs hall 10y the Boston Chamber Of
Comme-,c. recently fs-ued by merg-
er of the Boston 81 chants' associa.
ton and the Associated Board % Trade
with 'se chamber. ana IL marked the
beginniu- oi thc presidents $4,000 mile
trip through the country.
The textures OF the presidents ad-
dress were his endorsement OF the
proposition O. establish a central bank
In connection with currency reform.
his words OF high praise % Senator
Nelson ". Aitrich. OF Rhode Island.
head ~ tae national monetary COM
mission. and his reputation OF any at
tempt to start sectional strife In the
country such as that which be at
tr5utsi fo Governor johnson in "caii-
ing upon Che west 20 organize against
the east"
Among the guests were cabinet
members diplomats congressman.
clergymen SID distinguished business
leaders
TIE Presidents Speech.
Speak.as ol the monetary situation.
Mr Tat -aiJ.
TT ls Cl.te apparent from the state
g..
the head of the committee on banking
and currency in the house OF repre-
sentative and from the conversations
of ST. tliri. j.. who is the chairman
of the l.reterl SONIA. ssiOu and % tae
finance committee of the senate. that
the trenI c. tlt minds oi rhc none
tafy commission is toward some SORT
OF arrau r-u.t-t for central bank OF
issue vl.,A snail control the reserve
and exercise power 20 meet and con
troll the casual strinzency which from
time TO time viii come in the circulat-
ing medium ot the country and tho
world
Ny. tl'r.ch states that there aye
two inais neusable requirements in any
plan 10 h, adopted involving central
bank OF issue The one is that the con
trol o. tle monetary system shall De-
kept irec FROM Wall street Influences
and The other that it shall not Dee ma.
nipuiRted for political purposes. These
ars Two principles 20 which W. can oil
subscribe !, Is quite possible thar the
report %. the commission of a definite
conclusion may be delayed beyond tle
next session of congress Mean mr
The mem hcrs ~ the commission iuru-d
20 institute a campaign OF education
IN order 20 arouse public opinion 90
the necessity of a change ia our mon
etary AMI banking systems. and % the
advantages that Will arise from plac-
ing some form of control over thc
money market and the reserve in the
hands OF an Intelligent body OF huan
ciers responsible to the government
Aldrieh to Lecture on Currency Defects
4 am toit that Mr. Aiirich will
swing around the circle. in the pres
ent fall and will lecture in many CT
the cities az the middle west on the
defects and needs OF our monetary
system cannot too strongly approve
OF this proposal Nj Aldrich. who Is
the leader az the senate. and certainly
one OF the ahlcst statesmen In fuan-
cisl matters iu either house. has been
regarded with deep suspicion by many
people. especially in the west. II. with
his clear-cut ideas and simple but e.
feotive style OF speaking he makcz
apparent 10 the western people what 7
believe 20 be his earnest desire 10 aiC
the people and 70 crown his political
career by the preparation and passage
Of bill WI 'ch shall give rs a sound
and safe monetary and banking sys
TEN. TT would bee long step toyard re
moving n" political obstacles 20 /.
proper -oictinn OF the question"