The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-11-12

New York. Nov. u.-Bankers and bust
ness men from Maine to Arizona heard
Senator Nelson w. Aldrich, Jacob H.
Schiff. Assistant Secretary Of the Treas
ury A. Piatt Andrew. Director of the
Mint George f. Roberts. and others dis
cuss currency reform and the work of
the National Monetary Commission. of
which Senator Aldrich Is chairman al
the anniversary dinner OF the Academy
of Political Science at the Hotel Astor
tonight
a. Barton Hepburn, president OF Chase
National Bank and of the Chamber OF
Commerce, presided.
Senator Aldrich said the National Mon
etary Commission had completed one i'm
portant phase of its work-the inquiry
into the experience of other countries, the
examination into causes and conditions
which led 10 the adoption of modern
monetary systems and practices in other
commercial nations.
Begin on Important Phase.
I'VE commence to-day an even more
important phase of the work which has
been assigned us said Senator Aldrich.
We intend TO commence Immediately
the work OF examination. with a view OF
making report OF some plan for the
approval of Congress. II the time taken
is longer than SOME of YOU think il
ought 10 be, I am sure that when you
consider the magnitude and the complex
ity Of the question you Will be lenient
with US
What We now propose 20 do is TO seek
counsel and 10 invoke the calm judgment
OF students, Of men OF affairs, or bankers.
of business men, with reference to the
works we have in hand. We shall appeal
TO the thoughtful men OF the country.
You may ask why We have not COM
menced this work before will say that
the main reason. so far as I am con-
cerned, for not calling the commission
together for the last two or three months
was because / did not think il wise to
enter upon any public discussion Of this
question in the midst Of heated political
campaign. This question, il it is 10 be
decided al all. must be without a single
tnge OF partsanship, (Applause.)
Not a Political Question.
1T is not, and must not be. in any
sense, a political question. II Is a busi-
ness question affecting the material in
terests of the entire people Of the United
States. 1t affects the borrowers as well
as the lenders. Do you realize that the
number of depositors in the various bank
ing Institutions of the United States is
greater than the entire number OF people
engaged in useful occupations in this
country? There is not a single person IN
the entire country who is not affected.
directly or indirectly. by the wisdom or
unwisdom of our monetary institutions.
In speaking Of the necessity of keeping
currency reform out of politics, Senator
Aidrich referred TO his intention to re-
tire. He put It this way:
Any plan which for one instant per-
mitted of political control hereafter In
any of the great functions of the organ
ization which We might suggest would be
fatal This is not new thought on my
part IL has not arisen in my mind since
1 decided to go Out or politics. 1t was
not affected by the events OF the last
week. 1t comes from a knowledge that
this question, II 1t is TO be settled at all.
must be settled upon scientific ana busi-
ness principles thar will appeal TO the
people or this country regardless OF their
party affiliations or political bias"
No Plans Formulated.
The Senator said the commission has no
plan as yet, and IS considering currency
reform with an open mind So that. in
his opinion, it had d Hight to ask eeono-
mis;s TO approach the matter with an
equally open mind He had been told
that the commission would encounter
pretudices OF locality and as 10 the con-
Trol Of any institution it might suggest.
The Senator said he realized that there
could be no successful solution that did
not eliminate the possibility of control in
any section OF the country or by any
Interest. great or small He held il to be
essentially national question. 10 be set
tied on national lines.