The Montana plaindealer. [volume] (Helena, Mont.) 1906-1911, 1909-10-29
Central BANK idea
OPPOSED BY CONGRESSMAN
FOWLER OF new JERSEY.
Addressed An Open Letter to Senator
Aldrich, Challenging Him to a Debate
Says Project is Un-American-
Names Propositions to Conhne De-
bate-Thinks Central Band idea Bad

Charles n. Fowler, congressman from
the Fifth New Jersey district, and
/ former chairman of the house commit
tee on banking and currency, has ad-
dressed an open letter to Senator Mel
son W. Aldrich of Rhode Island, chair
man of the finance commission of the
senate, challenging him to a joint de-
bate in one or more cities, on the sub
ject of a central bank.
Mr.. Fowler writes that he is opposed
to the establishment of a central bank
under existing conditions becase with
it would come most discouraging and
disheartening favoritism and the ulti-
mate destruction of our purely indi-
| vidual and independent form of bank
ing. The letter follows:
"Just before you started for Europe
in August it was stated in the press
that as a result of a meeting of the
monetary commission, of which you
are chairman, a central bank was to
be advocated by your commission and
upon your return from Europe you
would proceed with a view of in
structing the people upon our financial
and currency needs and recommend as
a 'cure all a central bank.
CATER your departure there was an
evidently inspired and well-organized
propaganda in favor of a central bank,
conceived and carried on for the pur-
pose of preparing the way for your
homecoming and your arrangements
to swing around the circle and init
ate the people of the United States into
the mysteries of your central bank
plan.
Challenge to a Debate.
"Inasmuch as 1 am convinced that
the one thing above all others that
this country does not want is a central
bank, because it will not effect or ae-
complish the necessary reforms, but in
the end will make a bad condition i'm
measureably worse; therefore, in order
that the American people (who, l know
will decide this most important ques-
ton now pending before them for con
sideration and determination right, as
they did that of the gold standard, if
only they be given an opportunity of
having both sides Of it's fully presented
and discussed) may be informed as
early as possible, l nov challenge you
to a joint debate upon the following
propositions:
"First, a central bank will not eff
feet or accomplish the necessary reform
of our finances and currency, is insult
ed to our conditions, will accentuate
many of our present evils, and will pre-
eipitate and develop other evils of a
most serious nature.
"Second, our financial and currency
problems must be solved upon economic
lines of an entirely different character.
81 assert you can not successfully
and benefcially superimpose a mon
archical form of banking upon nearly
$4,000 individual, Independent, free
banking institutions which have grown
and developed in harmony with the
principles of our republican form of
government and are themselves repub-
lican in form and character.
Un-American, He Says.
"To establish a central bank in this
country under existing conditions would
be undemocratic, u%nrepublican and IN
American and inimical to the general
welfare of the people because with a
central bank will come a most discour-
aging and disheartening favoritism, the
gradual breaking down and ultimate
destruction of our purely individual
and independent form of banking.
81 will meet you in joint debate
upon the above propositions at one
or more of our leading cities up to 100
or more of them, if you choose, at such
times and upon such conditions or terms
as may be agreed upon between US here
after"