The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-12-17
vREELAND CLAIMS SUPPORT.

Word comes from Washington that
Representative Nrcclapd, in explaining
the itinerary Of the Aldrich commit.
tee, Of which he was the temporary
chairman during its travels. found q
general consensus Of opinion in favor
of tho bill and Of The committee Is
arguments, We can well believe that
Mr. Nrecand so reports, for, IN fact
that was the case.
But. how was this brought about
Judging from tbc way the committee
held its hearing in this city, and tho
same report comes from other cities,
the result was obtained by careful Sc
lection and elimination. Selection was
made OF those who might he supposed,
either through political motives or
otherwise. to come readily under the
sway of the committee and accept it's
views The elimination consisted in
hearings every ono Of independent mind,
or who was known or supposed to
have financial ideas Of his own. No
persons of this kind were invited 10
the hearing, and the conversations
were. even with those who had the IN
vItations to appear, of the most prim.
tive and routine character. 1t was as
sumed all the time that the committee
was right. and that any opposition was
wrong, and any one who offered to cX-
not snubbcd and sat upon, at least
discouraged In such expressions. And
all mon Of that character were given
10 understand that the committee knew
perfectly we'll what they were about to
say and ii was of no consequence; that
the real thing which the committee cou-
sldcred important was. TO get support
for its own views and expression IN
favor of the Aldrich currency plan.
With this sort of programme car.
rled out. with none heard except pos
slby by accident, save those who
could be either ignored or brought into
accord. il is quite true that Mr. Vree-
land would be able TO say that the com,
favor OF the Aldrich scheme. In the
same way the Bankers Convention at
New Orleans was brought into practical
support of the Aldrich proposition, by
getting claque Of It's supporters and
frowning down opposition,
Vehement dcnials are made at all
times that the Aldrich scheme con-
templates bankers trust: and vet
1t is impossible that it should con
template anything else. The big bank
lag interests OF the country in New
York would inevitably control, lust as
they control now and always have con.
trolled. Under the laws as they stand,
the contemplation was. that the Ma
tional banks should have their scscrvcs
IN their own vaults; but under the
allowed practice those reserves are
held in New York. where thew can
draw interest, and where they can be
locked mp practically deprivinC all the
banks throughout the country of money,
whenever there is a financial furry In
Wall Street. This practice has become
SO thoroughly established that it an
pears to be impossible 10 get back to
the true basis of the law And the
country banks, - as they arc usually
called, meaning chiefly the banks that
are not in New York CITY, are depended
upon 10 keep up the money supply for
New York, that money supply being
under the power and control OF the
New York bankers as soon as they get
their hands on it. Precisely the same
thing would occur in the Aldrich plan
whereby the country is assumed TO he
divided inlo fifteen banking districts.
each with headquarters of its own But
no banking boundaries could hold the
money as long as the New York banks
invited deposits by paving interest on
them, The money viii go there lust
the same; and while nominalv the
banks in the different districts would
have their own money. just AS nominal
" all the banks now have their re
serves in their own vaults, az 4 mat
ter OF fact then, just as now, the
money would 90 to New York. where
interest would he paid upon it, and
where il would he under the control of
the New York bankers.
Mr., Vrecland is quito justified in
his statement so far as the experience
of the committee went in its itinerary.
But, an honest statement if the reason
why the committee found things so
committee did not in any way obtain
Il consensus Of the financial opinions
of the regions through which it passed;
for il took pains not get this, by in
sistinc everywhere on its own view, and
inviting no one TO lis sessions save
those who could he overborne or ig-
norcd.