Omaha daily bee., 1909-11-11
SEEKS TO PREVENT BANK PANICS
Asks Omaha Business Men to Ait in
Establishing Better System.
OFFERS NO DEFINITE REMEDY
Monetary Commission Attempts to
Arouse Interest.
BUSY DAY SPENT AS CITY's GUEST
Enjoys Automobile Trip and Has
Luncheon at Omaha CIub-San-
quet and speech I'm Evening
at Commercial club.


at Commercial Club.
Nelson w. Aldrich, United states senator
from Rhode Island, chairman OF the Ma.
tional Monetary commission, chief Of the
finance committee OF the senate and the
real power behind the Payne tariff bill,
was the guest OF Omaha commercial men
Wednesday. He reached the city from Kan
sas City at $50 o'clock in the morning on
his special car Columbia" accompanied
by several men of prominence in the flnan-
cal world.
During the morning the party was taken
about the city in automobiles the guests
of former Senator J. II. Millard president
OF the Omaha National bank at noon the
visitors were guests OF Luther Drake at the
Omaha club and in the evening a compli-
mentary banquet was rendered al the Com
mercal club rooms. His speech following
the banquet was the most notable event Of
the day.
Has No Definite Plan.
To those of his hearers who expected
Senator Aldrich to use the occasion for tho
PRONUNCIATION of the central bank project
or any other plan or theory OF national
finance, his speech must have been in the
nature of a surprise. lie declared at the
outset that the question OF a definite plan
for reforming existing conditions has not
yet been taken up by the commission
and he added that no plan would be
adopted until after an opportunity has
been afforded for the most careful and
exhaustive study Of all the conditions that
surround the problem" He declared that
he had accepted the present occasion as an
opportunity Ito make an earnest appeal to
you, as the representative men of an inn
portant section OF the country, to give to
the commission the advantage of your
valuable counsel and cooperation in secur-
ing the adoption of a satisfactory remedial
plan-one that viii surely conserve and
promote the vital interests of all the people
of this great nation"
! Senator Aldrich paid tribute to the busi-
ness men of Omaha, which he described as
| perhaps one OF the important financial
centers Of the country" as having by their
enterprise, ability and foresight contributed
largely to the upbulldlng OF "A great and
prosperous empire, and he pledged the best
efforts and judgment of the monetary COM
mission Ito secure the adoption of a none
tary system the wisest and best the world
has seen" He called upon them, and
through them, upon the business men OF
the country to feel their own responsibility.
| individually and collectively, for the satis-
factory outcome of the work.
! Perhaps 1t is proper that 1 should say at
the outset, in order to relieve any possible
misapprehension, that the question of
definite plan for reforming existing condi-
! tlons has not yet been taken up or con-
sidered by the commission. l also desire
to say for myself and for the commission
that no plan will be adopted until after an
opportunity has been afforded for the most
careful and exhaustive study OF all the
conditions that surround the problem.
"'The list which we lay before you to-
night Of the proposed publications Of the
commission will indicate to you the thor
oughness of the work which we have en-
tered upon in this connection. We have in
sisted in the preparation of these mono
graphs that the facts in each case should
/ be stated without color or bias, and that
no opinions should be expressed as to the
merits of any system over another. The
inquiry, including as 1t does all phases Of
the monetary question, will enable those
who are interested to give to all the va
/ rious elements surrounding the problem
thorough study. The inquiries are intended
to be exhaustive, and to cover the histori'
/ CAL statistical and theoretical as well as
the practical aspects Of the question.
American People Strenuous.
with a few exceptions the American
public even those who are engaged in
business and banking have been too busy
with their own practical affairs TO have
given much serious attention to matters
that they have looked upon as largely
academic and theoretical We found al
the inception of our inquiry that there was
very little information available as TO the
character and detailed practical workings
| Of foreign banking and monetary systems
This fact created the necessity for patient
| original exploration, and / venture TO ex-
press the hope that the results we have
secured will be found satisfactory TO all
students Of monetary science.
Il accepted your invitation to this
meeting, having in mind the opportunity
il would afford me to make an earnest
appeal to you, the representative men
/ Of an important section OF the country, to
give the commission the advantage of your
valuable counsel and cooperation In seour-
ing the adoption OF a satisfactory remedial
plan-one that will surely conserve and
promote the vital interests OF all the people
Of this great nation To the business men
Of Omaha, whose enterprise, ability and
foresight have contributed 80 largely to
the upbuilding Of a great and prosperous
empire, to the people OF this metropolis,
which, has become one of the important
] lluducldl CeHleIH IN Nlf country pltuBo
the best efforts and Judgment Of the none
tary commission to secure the adoption OF
a monetary system the wisest and best the
world has seen. But In this connection I
suggest that It Is necessary that you should
also feel your own responsibility, indlvid-
ually and collectively, for the satisfactory
outcome Of the work.
We shall have 10 overcome the natural
and cons zrvative inertia that hesitates OF
demurs at changes in established methods,
| especially when these have been satisfac-
tory IN narrow or restricted circles. We
shall have TO meet objections OF a sectional
and political nature which ] will alude
| to later.
Ancient Bank squhbbIes,
Controversies over note issues and bank
ing methods are as ancient as banks. They
have In the past been carried on mainly
by professional writer's ana theorists and