The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-08-27
TARIFF DISCUSSION
STOPS FINANCIAL PLAN
Monetary Systems of Leading Euro
pean Countries Are To Be Studied
and Best Features of All VIII
Be Used.

Beverly Mass. August 26-Continuing
his series of conferences with party lead
ers and government officials before start
ing on his long trip to the west and
south, President Taft had a two and
half hours talk this afternoon with Sem
ator Nelson w. Aldrich and Secretary of
the Treasury MacVeagh Senator Aldrch
having just emerged from the long tariff
fight, is about to take up the important
task of adjusting the monetary system of
the country, and 1t was in connection
with his work as chairman of the none
tary commission that he was called in
conference by the President today. Mr..
Taft before framing up his own legisla-
tive plan for the coming session of Con-
gress was anxious to ascertain whether
or not the monetary commission would be
ready to report its recommendations this
winter. 1t Is understood that a definite
answer was not given today, but the
chances are that the commission will not
he able to place it's conclusions before
Congress for several months to come.
There has been talk of calling Congress
In extra session in the fall of 1910 to
ing to the enactment of such changes in
the monetary system as the commission
may deem expedient.
Mr. Aldrch said today after the confer
enee that matters had only been dis
oussed in a general way The monetary
commission had expected to devote the
entire summer to the subjects that have
been mapped out for its consideration,
but the long tariff fight in the Senate ut
terly defeated this purpose.
Mr.. Aldrich went to New York tonight
and will sail for Europe Saturday. ASKED
as to when the commission would be
ready with its recommendations he said
the report was not in sight. Senator AL
drich outlined in a general way to the
President the scope and plan of the work
the commission has set itself to accomp-
lish. The monetary systems of the lead
ing European countries are to be studied
and it is hoped to Gull the best features
of each for application to the finances of
the United States.
Mr.. Aldrich would not discuss the sub
ject of postal savings banks. 1t is not
believed he is altogether opposed to the
idea, but he frankly told the President
ct a former conference on the subject
that he thought the subject should await
the establishment of the monetary sys-
tenn.
The monetary commission is confronted
by the problem of retiring the government
per cent bonds or else of maintaining
their value and the postal savings banks
would undoubtedly dispose of this difficult
task
The question of bond issues, authorized
In the new tariff bill, came up for con-
sideration this afternoon. The Secretary
of the Treasury was authorized by Con-
gress to issue bonds for 900 to re-
imburse the general fund of the treasury
for the Panama purchase, and also to Is
sue bonds for the building of the canal
up to the amount Of the estimated cost,
some s40O, 100000.
Senator Aldrich is in favor of with
holding any bond issues for the time be-
Ing, in order that the monetary commits
sion may have time to consider this sub
ject specifically and possibly to arrange
for the placing of a government loan, so
far as funds may be Immediately needed,
in one lump sum. There Is no idea of is
suing the Panama canal bonds any faster
than the money may be In demand.
Matters affecting the reorganization of
some branches of the treasury depart
ment for the administering of the new
minimum and maximum features of the
Payne tariff law were also discussed to-
day. Mr.. Aldrich, who wrote those feat
ures of the bill, outlined in detail his
Ideas as to how the principle will op-
crate.
Secretary Macveagh said today that he
had not progressed much further than
when he last saw the President with ref
erence to the selection of the commission
which is to advise the President on all
matters of tariff, and especially with ref
erence to the application of the maximum
and minimum principle to nations which
favor or discriminate against the United
States.