The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1909-11-07
REPUBLICAN LEADER OF SENATE
DISCUSSES PROPOSED WORK
OF MONETARY COMMISSION.
REFERS TO CENTRAL BANK
Declares Country Must BE Safesuardsd
Against Bank Suspensions and De-
ons Community Over Another-May
Report to Third Present Congress.

1HfSaSo. MY. b--sileI an elaubIsits
dinner tonight in the gold room oi
the Congress hotel. Senator Nelson
w. Aldrich of Rhode island. chair
man of the national monetary COM
mission, explained To the members oil
the Commercial club of Chicago. the
work of the commission and referred
in general way to its purpose
About 250 men We're at the table
business men were I'm attendance
from other cities. including st. Louis
New Orleans and Denver. The ban
luet was of Importance because /,
brought out the first explanation by
Mr.. Aldrich of the plans of the mon
etary commission, which has been au-
thoriZed by congress to devise n COM
prchcnsive plan of monetary reform
To those who expected Senator Al
drich to use the occasion for the pro-
mitigation of the central bank project
or any other plan of national finance,
his speech must have been in the
nature of surprise. He declared AT
the outset that the question of a
definite plan for reforming existing
conditions has not yet been taken up
hy the commission and added that
no plan would be adopted until after
an opportunity had been afforded for
the most careful, exhaustive study of
all the conditions that surround the
the problem
He said he had accepted the pres
ent occasion as an opportunity Ito
make an earnest appeal to you. rs
representative men of an important
section. to give to the commission the
advantage of your valuable counsel
and cooperation In securing the adop-
tion of a satisfactory remedial plan.
one that will surely conserve and pro-
mote the vital interests of all the
people of this great nation" He called
upon Chieago's business men and
through them upon the business men
of the country to feel their own re-
sponsibility. individually and collect
lively. for the satisfactory outcome of
the work.
The senator said in part. 1T Is my
purpose tonight to call the attention
of the bankers and business men of
Chicago to some of the more salient
features of the work of the national
monetary commission. The question
committed to 1t is so vast. and in
wolves SO many collateral issues. that
my statement must necessarily he
fragmentary and incomplete We ex-
pect to be able to give the public
within n comparatively short time
the fullest information with reference
to the experience and practical meth
nds of other countries and of our
own.
when this record has been SUBJ
mitted. and time has been given to
analyze it fully. we shall. before
reaching any decision. ask represen-
tatives of business interests through
out the country for an opinion as to
what. Ii any, portion of ii is pertinent
and valuable in the formulation of a
plan for the United States. In other
countries whenever great monetary
systems have been constructed or es-
sentially modified men whose expert
ence and research had given their
opinions special value have been
called upon for advice and assist
ance: our commission will follow the
consensus of intelligent opinion of
our common eountr..'.
"The task of the commission is not
only important. but is surrounded by
many difficulties. We have first to
consider the wants of 10000. 600 peo-
pie: when the requirements of $1,000
banks us,ooo state. 1000 nationaD
with differing interests: some with
the right of note issue. all jealous of
their own rights, and all naturally
conservative as to innovations. and all
unwilling to accept changes that are
not plainly along the line of aeknowl-
edged Improvement.
iS arta 70 la
passed upon lightly. Too many great
interests are involved: IL touches at
too many vital points the economic
life of the United Stat. and Its
future development. Any radical
changes must become operative only
from time To time. so rs not to dis
tnrh these conditions and relations.
Controversies over note issues and
banking methods are as ancient as
hanks. To secure satisfactory results
il is evident We must all lay aside
our prejudices. our precnnceived no.
tians. perhaps our predisposition to
agree upon SOME plan that will fairly
represent the combined wisdom of
ALL
MIR. Aldrich said he regarded an ef-
ficient organization of the credit and
banking system of the eountr.. as
more important than the question of
note issue.
Il am aware" said he. that in
other countries in the past. notably
during The last half of the 18th eea-
tury and the first half of the 18th. the
question of note issue-that is to say,
who should have the right To issue
hank notes. upon what conditions
they should be issued. what kind of