Evening times-Republican., 1911-07-12
MEAsuRE PROPOSED BY COM.
MISSION CERTAIN TO BE
REoRoANIZEp.
WILL NOT BEAR NAME
OF AMBITIOUS AUTHOR
AIdrichs Desire to Have Monetary Re-
form Bill Bear His Name Not to Be
ReaIizsd-Insursents Suspect That
Measure Would Lodge Financial
Control With Eastern Banks.
Especial Correspondence

Especial Correspondence
Washington, July 12.-Nelson VIII
marth Aldrich, OF Rhode Island, long
leader Of the senate Of the United
States, is not going to be allowed TO
wind up his public career with the sat
isfaction of seeing a great piece OF per-
manent monetary and banking legisla-
ton put on the statute books bearing
his name.
The one-time potent boss of the sem
ate has so far suffered loss or pupnc
confidence and SO far descended IN
power from the heights he once occu-
pied that the monetary bill which was
submitted to the monetary commission
under his name will never be allowed
to go thru congress until 1t IS so 1ullE
reorsanized as to be practically ne"
measure and until the name OF Afdrfch
has been removed as completely from
1t as possible.
Commission is Doomed.
Indications are that the national
monetary commission is going 10 pc
abolished early in the coming session.
Senator Cummins' bill for the abolisn-
ment OF the commission is likely TO De
enacted. providing 1t Is not announced
that the commission purposes to Wlnd
up its affairs on its own motion WITH
out much more delay. Not only Is the
commission, with its magnificent roost-
ing places for lame ducks" going TO
be abolished or in some way ehmi-
mated. but what is more congress Is
going to give serious thought to re-
forming the country's banking and cur
rency legislation just about the time
the hand Of Nelson W. Aldrich passes
from any hold on the levers in this
connection.
Aldrieh's Ambition.
Mr.. Aldrich, it is well-known here.
has an ambition to wind up his career
with the authorship OF a reorSanfZed
system Of banking and currency laws.
He went out OF the senate amid show
ers OF criticism He was bitterly at
tackled as a special interest senator fo2
the part he played in keeping up the
duties in the Payne-Aldrich tariff Dill.
He has been charged more than any
other member Of the senate In recent
years with being the friend OF the great
corporations and railroads In that BODY.
The effect has been such that the
m onetary plan which Is now being con-
stdered by the monetary commission
has been under a handicap from the
very minute Aldrich's name was at
ia cted to It, Moreover. this Is fully
recognized by the men who are most
anxious to push monetary legislation
thru and, despite their personal frlend-
illness for Aldrich. they are taking steps
to meet the situation. The recent an
nouncement Of the organization OF the
National Citizens League to promote
the cause Of sound currency and bank
ing legislation brought out clearly the
~ $1,A ~
A1drich with the national reserve as
sociation plan was recognized as a big
STUN bling block in the way OF having
such a plan or any central banking
plan adopted.
Report at Next Session.
The monetary commission is expect
ed to report the first Of next session.
that Is, early in December But in
the meantime, the National Citizens
League will make public plan Of Its
own. This plan Will probably be an
nounced in September. The plan Will
embody a number OF Improvements on
the so-called Aldrich plan, mainly such
as have been suggested to the monetary
commission by the bankers. State
banks, trust companies and savings In
stitutions will be admitted into the or
ganization.
But this is only one phase Of the
early DEVELOPMENTS to be looked for. II
is well-known that President Taft IN.
tends to urge strongly monetary leg1s-
lation in his next message. The Nat
ional Citizens League is already begin
ming a campaign to get congress and
the public interested and within the
past week, Prof. J. Laurence Laughlin,
of Chicago, chairman Of the executive
committee of the league, has been in
Washington. comforting with many
l.senators and members Of the house for
the purpose of helping stir up interest
| in banking and currency legislation at
an early date. 1t may be expected the
| league will try to stir up widespread
public interest by the circulation of
literature, thru speeches by its MEM
| bers and the like Nor will the speech
making be confined to audiences of
| bankers. Efforts will be made to get
business men generally and the general
public interested.
Congress Ready to Act.
Hitherto, it has seemed impossible to
get congress seriously to take hold OF
comprehensive reform Of this coun-
try's banking and currency system. But
/ at last, there are signs that 1t is gong
to be done. In the last week. leading
senator's have given 1t as their opinion
that monetary legislation will be taken
up at the outset Of next session and
will be thoroughly discussed. Efforts
will be made to get the house to do
likewise. 1t is not likely legislation can
be had before the presidential cam
pal ign but the way is going to be well
paved towards it. The outcome is ap-
parently going to be some form OF
Capitalization of the country's banking
system. system in which the whole
banking credit will be organized. SO
that panics will become either wholly
unknown or we'll nigh unknown. More
over, 1t looks as If 1t would be non
partisan and non-factional legislation
Talk has been heard that all the sem
ate insurgents would fight any form OF
central banking plan This talk. how
ever, is without foundation, other than
this, that the insurgents in senate and
house generally will not accept the Al
drich plan because they suspect that
ultimate control under this would be
found lodged in few great eastern