The Washington herald., 1911-03-10

John E. Gardin, vice president of
the largest and strongest bank in
the western hemisphere-the Ma
tional City Bank of New York
believes the proposed Aldrich cur
rency plan will, if favorably acted
on by Congress, prove cure-all for
financial ills of the United States.
REPRESENTATIVE MEN.
Addressing more than 800 represen
tatives of financial Washington at the
weekly educational meeting of the
Washington Chapter. American Insti-
tute of Bankers, Mr.. Gardin prom
ised for the Aldrich plan the closing
of all branches in and the revolution
Iiizing Of the financial and banking
Gardin, it will place the United States
| in the lead in the family of nations
| from financial standpoint.
"a new era is now staring US in the
face" he said, "and the Aldrich bill
| is exciting much interest. This bill
will rebound to the country's benefit
and revolutionize the banking industry.
Elements undreamed of will come with
the enforcement of the bill. And when
it does come. you will see change for
good in the banking industry. and our
country will take its proper place In
the lead of nations"
At another point in his address Mr..
Gardin said the Aldrich currency plan.
tff adopted, would serve to restrict the
expectation of gold from this country.
In anticipation of the large attendance
the smaller rooms of the chapter were
abandoned for the evening and the rooms
Of the Chamber of Commerce substituted
The large hall was crowded almost to
the point of discomfort by the attend
ance. Besides the regular members OF
the educational course of the chapter
Mr.. Gardin's address was the seven
teenth lecture in the winter programme
representatives from nearly every bank
were present, including the leading fnan-
cial and banking lights Of Washington.
In addition, a large number of investing
business men, interested in the financial
question, were present.
Treatment of Gold.
Mr. Gardin's remarks were confined
largely to the treatment of gold, the sys-
TENS and facilities for foreign exchange.
and the banking systems in this respect
of the various countries After speaking
in Iaudatory terms OF the centralized sys-
tens of English and European banking
industries, he referred to the conditions
in China
China" he said, has as many none
tary systems at the present time as Ger
many had before the unification Of tie
German empire. The fundamental prin-
ciple underlying the Chinese currency is
pure silver, and while attempts have been
made in the past to bring order out of the
resulting chaos, all effdrts in this respect
have proved fruitless. and it remains for
the strong hand of some other nation 10
take hold of the monetary system OF
China and to bring it into harmony with
modern systems.
'aThe Central American states (some of
them, at leasO, being often in a state
of turmoil, reflect their political cond!-
tions in their financial systems With
industrial development in South America
there is a good prospect of Improvement
in her financial systems.
These South American countries are
only in, their infancy in the development
of their natural resources. Brazil and
Argentina have already, in the develop
ment OF their productive resources. wrest-
ed from the United States the position
so long held as the food producer of the
world. Ten years ago the expectation of
wheat from Argentina did not exceed in
value a million dollars; since then, in
1870 the total exports of food products
alone were more than $3.50, 10000 while
the natural resources Of the country have
scarcely been touched.
Packing Houses There.
American packing houses have been
established there. Several enterpris-
ing and far-sighted grain merchants
of the United States are establishing
lines of elevators to handle the rap
idly increasing export of grain. The
west coast of South America is pour |
ing out its mineral wealth, and the !
Importance of this source of supply of |
precious metals can only be conjec- |
tured. but it is known to be vast and |
increasing.
THE development of the rich re-
sources of our sister republics south of |
us, and the commerce which will grow |
out of it, will eventually necessitate |
the adoption of the gold standard in |
all of them, but at present the inter-
national merchant does not find 1t |