The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-11-09
ALOR|CH DEVOTED
TO A SINGLE IDEA
VIII Bend All His Energies to
Putting Through Currency
Reform Scheme.
ADMITS HE REQUIRES
PLENTY OF ASSISTANCE
Any New Plan Must Not Be One.
Sided, Sectional or
Partisan.

even stronger than in his Chicago
speech, Senator Aldrich made it evi.
dent 10 the business men of ST. Louis
today and tonight that it is his pur-
pose 10 devote himself to the one
work OF reforming the currency system
OF the United States. He spoke brief
ly today before a limited gathering of
bankers at the MONDAY club, and more
extendcdly tonight before the CONNER.
cial club
Senator Aldrich spoke informally to-
night.
81 don u como to you with any plan
Of monetary reform" he said, |'In.
deed if ] should be delegated today in
divldually and personally to prepare a
scheme for new system of finance
for the country, | should he at n loss
TO know how to proceed. / should find
IT necessary 10 enter upon n careful
Investigation and would not undertake
to formulate anything without much
more study than | have been able to
give TO this subject, Even IN that
event ! should want your advice and
co cooperation, and should ask your aid
Just as ] am asking 1t now for the
commission.
Not One Mans Work.
~ realize, as I know alI of you
do, the absolute necessity of reform
ing the currency upon the hroadcSt ma
tloual lines. The work 10 be done
cannot be done by any one man nor
by any set of mon; II cannot be done
by any one party, nor In the interest
of any one section. II cam It be done
by commission or by congress with
out the aid OF the country at large.
''Our plan must be one that Will
70 y,,i1 yl,,.- 4
the town and of the country as well
as those of the city. We cannot of
ford and shall not attempt to legls-
late alone for New York or New Or
leans or San Francisco, but we must
leeislatc for ST. Louis, Chicago, Den
Yer. Louisville, Atlanta-for Spring
field, Peoria and Little Rock.
Broad System Needed.
''Our system must be one that will
satisfy the manufacturers OF New Eng.
land, the agriculturists of the Missis-
sippi valley, the miners of the Rocky
mountains and the Pacific coast and
tho merchants OF all sections. Surely
the task before us is one OF gigantic
proportions, and the results Of our cf.
forts, good or bad, must depend not
alone upon our own wisdom, but upon
the assembled good judgment OF the
leading banking aud commercial men
Of the entire nation.
"lt is because | have come to real
iZc the great magnitude of this work,
and its limitless possibilities, beneicent
or otherwise. that | come TO you al
this early stage in our proceedings,
to tell YOU, not only for myself, but
for the commission in SO far as / eau,
Just what we have done, and 10 ask
your cooperation in our future proceed
iugs.
Extent Of Investigation.
d" \ portion of the commission has
visited the principal capitals of Europe,
and some OF our members have travelled
somewhat through the United States in
their nycstigations. Moreover We have
published number of monographs deal.
ing with many phases of the banking
question. These have been written by
gentlemen who have the confidence OF
the commission. but who are not mem
bcrs OF it. They have been instructed.
however. TO guard these pamphlets from
all prejudiclal views; and they are in
tended not to shape the thought of the
country, but simply TO supply informa-
tion upon which views may be based.
''From this time forward the commits
sion Will give attention largely 10
in the United States, and VIC
shall soon begin 10 call upon men in
whose Judgment we have confidence TO
present their views for our benefit. We
especially desire suggestions from men
of practical experience, We have enough
already by way of contribution from
cranks and demagogucs.
Work Serious One.
''Thc work upon which we are enter
ing is one of tho most serious ever
and it must be tho result OF
al SnC ba pf bp
orctical dissertation,
The nearest approach that Mr.. Al,
drich made to any indication of plan
was his discussion of bank issues. He
again said that Euoprean countries were
quite agreed on that subject, and again
TO the circumstances that most
of those countries maintained central
banking institutions for the issuance of
bank paper,
lie stated. however. that it could not
be expected that any European banking
system could be transplanted in its cU,
tircty 10 this country. and he again
pointed out the great necessity of find
ing plan that would nos disturb estab.
lished banks nor interfere with the pro-
grcss of business. Whatever system
should be adopted. he said. must bc one
have due regard TO vested interests and
sectional usages Again he assured his
hearers of his desire to hold the sub
iect entirely above political bias; he
went into some detail to convince his
audience that it would he impossible
to adopt a system that would accom-
plish this desirable result,
Must Reform Credit.
Again. also, Mr.. Aldrich dweIt upou
tho necessity of developing u system
of credit that would protect the country
against such disastrous results as wore
experienced during The bankers panic
Of 1907. He expressed the decided opin
ion that with proper safeguards the
country need not again submit To such
a general crash as then WAS precipita.
ted. with so little reason.
He was confident that with a sufi.
ciontly elastic and sufficiently effective
credit system such conditions us arose
previous TO that disaster could be en-
tircly aNcrtcd or so restricted rs To
affect only few plungers and their i'm
mediate associates