El Paso herald. (El Paso, Tex.) 1901-1931, 1911-10-12
.ALDRIGH PLAN AND
FARMINGGRITIGIZED
James j. Hill Says Aldrich
Plan Is UnsOund-Farm
Methods Need Change

Methods Need Change
Springfield, III. Oct 12-Character-
iZlng as "uneCOnOmic and therefore
unsound" the business relations between
lne central Reserve association and the
United States government proposed By
former senator Nelson A. Aldrich in his
plan for currency reform submitted to
the FEDERAL monetary commission, James
j. Hi, chairman of the board Of d.
rectors of the Great Northern railroad.
addressing the Illinois Bankers assocf-
alton urged the bankers Of the country
? perfect a plan that would be under
Mr.. Hill. admitting ut the outset that
the United States has the most inelas-
tic currency system ia the civilized
world declared that Mr.. AIdrich and
his associates had done a memorable
work that should be received with
great respect" but that also should BE
studied with great care"
That political connection is inherent
in the constitution Of the proposed re-
serve association was Mr.. Hiu's chief
criticism OF the AldriCh plan. In this
connection Mr. Hin asserted that If cur
rency reform was not carried through
Under leadership Of bankers Of the
country, it would be taken up by con
gress and suffer the same fate that has
befallen every other great economic is
sue after IL became the football OF party
politics"
1Ir. Hill also made q plea for agri-
cultural reform, declaring that unless
tEis is done the farm viii fail and the
foundation Of all our prosperity be un-
dtrmLned-'
CritIcIzes AIdrich Plan.
i want TO make one earnest sugges-
ton about this socalled AIdrich plan
10 the bankers Of the country said Mr.
HILL Take il up for yourselves, per-
feet it by the light Of your business eZ-
T. r1ence and make 1t your own enter
prise, under your own initiative and
HHHm" ST I'D Of
a creation OF federal law. shape your
own association for yourselves, and ask
congress for authority under wise leg
1slative regulations, where such may be
necessary, to do this thing, instead Of
Surrendering your rights as well as
your obligations for all time 70 a pOlitl-
cal power There is no part Of the
scheme outlined which you cannot plan
and execute for yourselves better than
any congress can do IL for you. Your
state associations and the American
Bankers association furnish all the
necessary machinery
Our monetary system has always
been, and for more than a generation
has been acknowledged by all well in
tcremed persons to be profoundly IN
satisfactory lIr. Hill continued. yet
little has been done to improve it, The
Initiative should be taken by the bank
crs- 1t is In a special sense their prob
lem They are more familiar with Its
difficulties and with the methods by
ers- 1t is probable that the public ne
cesSity viii not wait much longer for
tie remedy which public opinion deems
to be necessary. If currency reform is
not undertaken and carried through
under the leadership Of the bankers of
the country, il viii be taken up by con
greSs and suffer the same fate that has
befallen every other great economic Is
sue after IT became the football of party
politics.
Up to the Bankers.
IF the bankers do not do this work.
not In self-seeking way, but as a pa
Jr!otic act performed in the true scien-
tfic spirit, the opportunity to control it
may be taken away from them
Mr.. Hill told the bankers that the
subject Of his address was the bankers
relation to wealth production, exchange
and distribution, and, discussing the
production OF wealth. he commented
upon the unsatisfactory business con-
OiriOn Of the country, and declared that
great businesses. particularly railroad
operations, were at standstiu because
so many important business interests
are either under fire or apprehensiye
of assault Nearly all the cutlery and
activity against corporate wealth" he
asserted, SIS for political effect rather
than moral reform"
THE proof OF this" he said, els the
simplicity and effectiveness Of the real
remedy, which is not applied. 1t would
be an easy matter to put an end to the
g buses Of both mOnOpOlles and trusts
InLQEGa the laws against Lnoee VINO
freak them, and the former viii disap-
pear. The trusts viii vanish as soon
a they are compelled to show that eV-
cry dollar Of their capital stock has
tcen paid for in cash or property and
labor at a fair valuation. Obl1ge every I
corporation TO do this under penalty
Of an assessment on stockholders to [
make good any deficiency IN capital or
surplus, or else a scaling down Of cap
ualizatiOn to- actual values, and the
trusts would not lOng bother anybody
Many are less interested In restraining
trade than in selling stocks and bonds {
not representing actual value received I
c- used in their business
Pleads for Better Farming.
Speaking Of the farm, Mr. Hill said
that the main fact ABOUT that industry
"Is that 1t is producing today less than
Cne-half of what II could be made 20 {
produce, without ma terlal additional I
outlay Of capital and labor
The farm viii fail and the foundation f.
of all our prosperity be undermined uu-
the percentage of Or people actively [
engaged in farming has fallen from I
4T86 in 1870 to an estimated 80 I'm 1910. I
Every man on the farm today must pro-
duce food for two mouths against one Z
40 years ago Note the abandoned farms |
rf New England and the middle states. I
six rural counties in New York show q I
population loss In the last 10 years Of I
more than 5000, while the two cities I
they contain increased by over 1000. Z
The homes of the PGritans are in the I
hands Of the thrifty French Canadian /
aud the frr1r7ri grant from continental E,rf-