The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-04-24
WILL EDUCATE PEOPLE
ON CENTRAL BANK PLAN
BY RODERICK CLIFFORD

Washington April 3.-(Special. when
the United States Congress adjourns at
the end of this session the signal will be
given by prominent members of the
House of Representatives and the Senate
to inaugurate the practical school of ed
ucating the people of the United States
as well as the money interests in the
great need of a central bank, as Is today
in existence in all of the other principal
nations of the world
Up to the present time the men in
charge of this movement have been Sc
riously handicapped by persistent rumors
that the establishment of a central bank
forecasts financial ruin, and in the end
will be the means of securing to the
great money powers and colossal trusts
control of every national resource. Small
the new Idea, fearing absorption by a
central bank, while individuals have OPP
posed it on the ground that 1t will make
the rates of interest higher. Other OBJ
jections have been advanced from time
to time until the new banking scheme
has been born under a great cloud.
1t is now proposed. however, to bring
the establishment of this new institu-
ton widely and generally before the
American people SO that a complete I'M
Outstanding of it's ramiications can be
readily gained.
To further the establishment of a GEN.
trail bank the national monetary COM
mission was created. 1t Is composed of
Senator Nelson w. Aldrich of Rhode
Island, chairman; Edward B. vreeland
of New York, vice chairman, and Sen
ators Burrows of Michigan, Hale of
Maine, Daniel of Virginia, Money OF
Mississippi, Bailey of Texas, and Repre-
| sentatives Overstreet of Indiana, Weeks
of Massachusetts. Bonynge of Colorado,
Smith of California, Padgett of Tonnes
see, Burgess Of Texas, Pujo of Louisi
ana, Secretary Of State Knox, Director of
the Mint Andrew and the secretary OF
the commission, Arthur B. Shelton.
The practical school is an idea original
with Senator Aldrich. who is considered
one of the best posted men on finance In
the country. Edward B. Vreeland has
long been associated with big financial
concerns and is regarded as especially
fitted to help establish the proposed new
financial institution. The other members
of the commission have been identified
WIN financial as well as SOCIAL anu lTuuS-
trial affairs.
The plan outlined by Chairman Aldrich
includes a wide dissemination of litera-
ture bearing on the subject of what
other countries have done in the estab-
lishment of central banks. This work
has been going for some time through the
commissions publicity bureau, which has
been issuing bulletins and sending them
broadcast over the country.
The second step consists of a number
of speeches on the subject which are to
be delivered by members of the COM
mission in their respective states. SEN
ator Aldrich, as well as Mr.. Vreeland and
Mr. Andrew, expect to travel from one
part of the country to another from
about June / to about November 20. adj
dressing boards of trade and various
bankers associations In nearly all of the
big centers.
Their principal theme, it is said. will
be to overcome. II possible, the idea that
the central bank will be similar to the
one which existed In Andrew Jackson s
day and which proved so disastrous.