Omaha daily bee., 1911-11-21

allied interests makes dollars out OF the
general prosperity OF the country where
they could make only pennies out of spe.
eial privilege The real Wall street pre-
fers prosperity TO special privilege, and
knows that they serve themselves most
when building up the commercial, manu-
featuring, agricultural, transportation
and banking interests OF the whole coun-
try"
New York Leads I'm Membe rship.
New York stil tops ali other states
with membership In the American Bank
ers' association, according TO the report
OF Fred u. Farnsworth OF New York,
| general seoretry OF the association. OF
the l2,W2 institutions having membership
In the organization. 0io, or approximately
one In every thirteen. halls from New
YORK. Pennsylvania comes next with Si2
and Illinois is clos third with 100
Fourth place Is claimed by California
with $40. hard pressed by Ohio, with 500,
the five state named furnishing 3,54g
members or nearly one-third OF the entire
enrolment.
The annual income OF the assocIat ton,
Mr.. Farnsworth's report proclaimed, was
s2o6,726 for the last fiscal year. or this
sum, the annual dues constitute sisg,g72
having reached that figure from ti27. $50
In 1905. ana 81 600 In 1875.
| Mr.. Framework touched upon the pro-
posed National Reserve association, de-
claring that the Currency commission
will hold itself In readiness to PROSE
\ cute Vigorous campaign when, the pre-
posed measure shall be framed sas a Nh
and viii come before congress"
Address OF Mr.. AIdrich.
Mr.. Aldrich spoke In part as follows:
| Among the important tasks assigned &c
the National Monetary commission Is that
OF devising a plan by which this great
country may, In the interest OF ali it's PEG.
pie, OF every class and every section, Sc.
cure that immunity which for centuries
has been enjoyed by the people OF every
other great commercial nation from the
disastrous results Of monetay panics and
acute monetary disturbances.
There is general agreement aneong IN.
telligent students OF the subject that &c
accomplish these beneficient results W.
must provide n better reorganization OF
credit, thorough reconstruction OF bank.
ing systems ana methods.
Plan of ORGANIZATION.
The plan OF organization includes posi-
tive provisions;
"A. 10 maintain the integrity and indie.
pendence OF existing banks, state and
national. The new organisation is outside
OF, superimposed upon the existing sys.
TEN. The proposed association Is not Q
oank and IL not competitor in anS
sense Tor the business OF existing banks
In as ownership and In It's domesui,
business It II confined strictly 60 bank,
and the government.
-. IL provides clearly for an equality
OF privileges and aovaatages 70 ali banks
great or small, wherever located.
-, II provides eQuaifty In rates OF dis
count OF rediscount 60 all banks, ane
these rates are to be uniform Throughout
the country. This, II is believed, viii
insure steadiness and reasonableness o.
rates everywhere.
"A, Its organization Is Of a form ant
character that will effectualIy proven
the control OF its operations by politica
influences, local or national.
IS, Every means has been taken, ever,
safeguard adopted 10 prevent beyon,
question the possibility OF its control b,
any corporation pr combination OF cor
porations, banks or therSise, by any In
diyiduai, or combination OF individuals Il
Wall street or elsewhere for selfish O
sinister purposes,
e. The dominating principle is coon
7, Grafton ana not Capitalization. We wer
: satisfied that We could not adopt O
adapt to our use an organization nix
the central banks OF Europe or the sec
;, ond bank OF the United States.
a standard Of Commercial Paper.
I In order TO establish a wider diseoun
market in this country the plan estat