Omaha daily bee., 1909-11-09
ADDRESS TO BUSINESS MEN
Says Commission Needs Suggestions
of Practical People.
NO PLAN YET OUTLINED
New System Must Be Broad Enough
to Cover All Interests.
HE HINTS AT CENTRAL BANK
Says Experience of European Nations
shows that Notes should BE
Issued by One Responsible
Institution.

ST. LOUIS. Nov. s.-with emphasis even
stronger than he used m his Chicago
speech. Senator Aldrich made It evident
to the business men OF st. Louis today
and tonight that II Is his purpose 70 devote
himself for the present with especial single
mind dness to the work Of reforming
the currency system of the United states.
He spoke briefly today before a limited
gathering Of bankers at the MONDAY cluh'
and more extendedly tonight In the presence
of the full membership Of the Commercial
club
The day meeting was brought about
through the tender of a luncheon by
Charles H. Huttig. president Of the Third
National bank Of this city; while the basis
Of the evening meeting wss a banquet by
the Commercial club over which Han
ford Crawford its president presided.
Senator Aldrich was received by both as
semblages with manifestations Of sympa-
thetc interest.
Senator Aldrich did not use manuscript
in his speech tonight, as he did In Chicago.
He spoke Informally and in conversational
tones There was no effort at oratory or
embelishment; but he went directly to the
heart Of his subject, and frankly and
bluntly told his hearers thhS was in st.
interest in the great work upon which
the monetary commission is engaged.
No Plan Outlined.
"I do not come to you with any plan
of monetary reforms" he said. Indeed, if
should be delegated today to individually
and personally prepare a mew system of
finance for the country, 1 should be at
loss as to how to proceed. should
| find Unnecessary to enter upon careful
! investigation, and would not undertake to
formulate anything without such more
study than have been able to give TO this
subject Even in that event should want
| your advice and cooperation. and should
ask your aid just as / asking 1t now
! for the commission.
81 realize, as 1 know all of you do, the
! absolute necessity of reforming the cur
rency, II it is to be reformed. upon the
broadcast national lines The work that IS
! to be done cannot be done by any one man
| nor BY any set of men It cannot be done
| by any one party nor IN the interior OF
any one section; it cannot be done by
! commission or by congress without the aid
Of the country at large
! 'Our plan must be one which viii take
! into consideration the wants of the town
and OF the country as well ns those of the
city. e cannot afford and shall not at
tempt to legislate alone for New York or
| New Orleans or San Francisco, but we
must also legislate for st. Louis Chicago,
Denver Louisville, Atlanta-for Springfield,
Peoria and Little Rock.
Calls for suggestions.
"a portion of the commission has Wis
| tied the principal capitals of Europe and
some of our members have travelled some
through the United States in their investi-
/ Iot. hoA v,tthli
a number of monograms dealing with
many phases of the banking question.
/ These have been written by gentlemen who
| have the confidence of the commission, but
who are not members of 1t. They have
/ been instructed, however, to guard these
pamphlets from all prejudicial views, and
they are intended, not to shape the thought
of the country, but simply to supply in
formation upon which views may be based.
! From this time forward the commission
| will give its attention largely TO conditions
/ in the United States, and we shall soon be-
gin to call upon men throughout the coun-
try I'm whose judgment we have confidence
/ to present their views for our benefit. We
especially desire suggestions from men OF
practical experience. Enough we have al
! ready by way Of constitutions from crank1
ana demagogues."
THE work upon which we are entering is
one of the most serious ever undertaken
in the country, and it must be the result
Of practical suggestion rather than Of theo-
retical dissertation"
Hint at Central Bank.
The nearest approach that Mr.. Aldrich
made to any indication of a plan was his
return to the subject Of bank issues. He
| again mentioned the fact that the European
countries were quite agreed on that subject,
and again referred to the circumstance
that most or all OF those countries maintain
central banking institutions for the issu-
ance Of bank paper.
He stated, however, that II could not be
expected that any European banking sys-
TEN oculd be transplanted in it's entirely
to this country; and he again pointed out
the great necessity Of finding a plan which
would not disturb established banks, nor
interfere with the process OF business
Whatever system should be adopted, he
said, must be one looking TO gradual
charge, and mus have due regard to vest
interests and sectional usage. Again, he
assured his hearers OF his desire to hold
the subject entirely above political tasls,
and he went into some detail to convince
his audience that It would be possible to
adopt system which would accomplish
this desirable result.
To Prevent Phnics.
Again, also Mr. Adrich dwelt upon the
necessity OF developing a system OF credit
which would protect the country against
such disastrous results as were experienced
during the bankers panic of 1907 lie eN-
pressed the decided opinion that with
proper safeguards the country need not
again submit to such a general crash as
was then experienced with so little reason
in the business conditions OF the country.
lie was confident that with a sufficiently
elastic and a sufficiently effective system,
such conditions arose previous to that
disaster could be entirely averted or so
restricted as to affect only few "plung-
ers" and their immediate associates.
He spoke especially OF the commanding