The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-11-08
Not Ready Yet.

ments and failures of three and half
centuries of economic life.
Not Ready Yet.
I'VE are not able at this time to put
into definite form the character Of :,
credit organization we believe desirable
for the United States, but we can agree
upon certain matters and provisions that
must be guarded against for elm
IL ated from any possible scheme
for speculative purposes; or that could
possibly be dominated by the financial
men or institutions in one section Of
the country. We have many financial
centers Of varying Importance in the
United States between whom natural
organization might take, it is necessary
to guard against giving to one bankiu9
community any advantage over another.
1t is absolutely necessary to clearly es-
tabliSh the fact that any form or or
ganization which may be created should
serve alike the whole country and every
section, and that 1t could not possibly
be used to the upbui1ding OF one locality
in preference to another.
Second, 1t is of equal, IL not greater
Importance. that any plan which should
be agreed upon should not have or be
likely to acquire any partisan or political
character or bias. 1t is not necessary
that I should recall to you the numbez
Of monetary problems whose solution
have been helplessfy delayed by being
dragged Into the political arena It Is
not necessary for me to say that no ona
is thinking Of adopting the First or Sec
Cnd Bank Of the United States as q
model.
Ghost of Andrew jackson.
IF. however. it should be found de<
sirable to adopt some of the more i'm
Irortant features of systems which have
been successful in other countries,
have too much confidence in the inherent
good judgment and intelligence of our
an n he %I,of 10
political issues of three-quarters of a
century ago could be revived, or that
the ghost Of Andrew jackson could be
summoned to prevent contamination
which would be advantageous to all.
Third, whatever may be the advan-
tages of a system of branch banking in
other countries, 1 do not believe 1t Is
possible to adapt it to existing condi-
ticns in the United States. The great
mass Of people who use banking facili-
! ties, either as depositors or borrowers.
would be unwilling to give up the adj
vantage of that intimate personal
knowledge of the local bank officers and
managers which they believe to be es-
sential to their interests"
| Mr.. Aldrich said that as soon as the
preliminary studies and conferences can
be had the commission will at once be-
gin preparing a plan and report. It was
evident that the commission would not
be able to present plan at the COM
ling session of congress, but he said it
may be able to make a report at the
beginning of the third session of the
present congress. Honest and intelli-
gent criticism Of the constructive work
would be welcomed. he said.
I'VE may" he continued. expect criti-
cisrn of another sort from two classes
Of objectors-one whose sanity is I'M
questioned, but whose sole stock in trade
consisted of appeals to class and sec
tional prejudices and passions. Criti-
cism in all important matters is much
simpler than construction
The speaker said he realized the ne
cessity of action at the earliest mo-
ment consistent with thorough prepare
ton and that a grave responsibility will
rest upon both the commission and con-
gress If any considerable delay is per-
mitted