New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-12
HILL ON ALDR|CH PLAN
Fears Politics in Central Reserve
Association Measure.
BANKERS MIGHT DO WORK
Monetary Commissions Plan
Should Be Treated with Re
spect, but Studied with Care.

Springfield H.. Oct. Thames j. HILL
chairman OF the hoard OF the Great North
arm Railroad delivered an address on The
Relationship Of the Banker and the Farm
err az ne convention Of the Illinois Bank
ers' Association here to-day. In which ne
criticised as .'uneconon1ic and therefore IN
sound" the business relations between me
Central Reserve Association and the United
States government. proposed by ex-senator
Nelson A Aldrich chairman II the NATION
al Monetarv Commission slr. Hih urged
the bankers Of the country 70 Terteet
rlar that would he under their own control
Asserting that the United States has TIE
most fraIastic currency system IN the CIV
fized world Mr. Hin said that MI Ald-
dricb and his associates had done mem
oralre work. that should be received with
great respect" but also should be studied
with great care"
That p political connection is inherent N
The constitution OF the proposed reserve
association vas Mr. Hills chief criticism
NJ the Aldrioh plan He asserted that Il
currency reform were not carried through
under the leadership % the bankers NJ the
country II would he taken NJ oN COM
eress and suffer the same fate mat mas
refau4n every other great economic issue
after fl became the football Of party poll
tics re said in part
want 10 make an earnest suss ss'.Gn
,bout rnie sc-calied AldriCh rlsn 20 -
bankers n the country. Lahs f,.oi,r
Yourselves. perfect ~ - the iisnt or ~
business experience and make II yCu 2N.
en-erUrise under YOUR oPn lHlNauFf
srih1art 70 v0ur own control instead u >
creation Of federal law snare yoII' an
association for yourselves. ana f5Fn , .!,-.
moss for authority. under WISE LEI lSi' 't.-
regulations. where such MAY oN Nel go
no do this thing, instead OF surrrn .l -
-cr~ rights rs we'll as vcur opleaNoNS 10y
ou lime no a POLITICAL power There - no
mart NJ The scheme outlined which You can
NOT plan and execute tor yourselves 49, 49,
than arv Congress can do n 10Y you. 80
state associations ana ne = ms. 'l,eSSs,,
ers Association furnish All thV He-FS'S4'
machinery
Thinks Central Plsn Not the Best.
II IS doubtful If any plan creating 10y law
centralized financial system can Psss
--,,erazs Ar -rz best 70 must wait tor
80 porrI4r prejudice and our own MS
rorv tell TOO strongly against II. bul "a
associated banks are free m sc aheau anN
sd-ust the details ~ their business m &C
so-dsnce with the workings ~ comn-F -iaI
avoIurior Legal permission 70 40 MS
WOULD be less difficult 20 OBTAIN. 20,
the act would not be irreyocaul-'s ~
z7nization would not h@ intrenched oeninq1
- - o-a1rirz n and The COrrer17 a. ted
--,f,f-+ar,- aesocia tior would - ana remain
aI-.1vs subject % supervision anc 'PTu =.
check 0r modiica hon oF Ia" II at a"' 'l''7
This appeared advIsa bic.
n he bankers do not 10 this work nov
In "a .eIf-seezfug way. but al patrouc
a~t performed 200 the true f-irntlul sF.4t,
H.. IDDp~rvnfrv 20 control IL NAV re taheh
-,-. ct. r~orr them changes go r1ade, 1'I
4s~rctad hv diligence and experience ~
--- political considerations. may ur a. pir-
as-~ous 70 the banking interest az lrs,
-,-~,.fa no INJURIOUS ~ he country. ne
rrese-- nav he The last oppo-tunitv the
bsrLars wiz have 20 perform this signal
-Ti-iie service and 20 direct and safeguard
FOR The sutrre the occupation m when 'ney
are engaged
rorr r. Fa-veI. Of Chicago. spoke on The
importance n monetary reform 20 business
men He suggested the following principles
on which a sound currency measure should
he based
Cooperation. not dominant Capitalization,
II an hanks by an evolution OUT OF our
clearing house experience
Protection ~ the credit system ot ne
country from the domination ~ any group
or uoiirical interests
rrdependence n TIE individual banks,
national or state. and uniform freatment I'D
discounts and rates ~ all. large or small
Provision Tor making lquld the soInd
commercial paper Of all the banks. either
iu the form Of credits or oank nofes re-
deemahle IN gold or lawful none. .- 49,.
Elasticity ~ currency ann credit IN times
~ reasonable demands and strinKencies
with Gull protection against oyereNpansion
TeCnlizsri0n ~ acceptance Or time ollis n,
exchange. Iu order 70 create discount
market ar home and abroad
The organization 81 better banking Eacil-
ties with other countries, % aid In TIE eN-
tension u our foreign trade