The Birmingham age-herald., 1911-11-22
Five Minute Ovation Given Him When He Arose
 to Speak TO FURTHER AMEND
 PROPOSED PLAN At Afternoon Session Consideration of Proposed Amendments to the Constitution Considered--De-.
 bate Precipitated

! New Orleans November 21.-After explaining the revised plan adopted 1 by the national monetary commission for the reform of the monetary system of the United States. former United States Senator Nelson ". Aldrich, chairman of the commission, in an ad- dress at the opening session today of the thirty-seventh annual convention of the American Bankers association stated that the commission was pre- pared to still further amend the pro posed act to meet any wise and legit- innate criticism.
 i MT. Aldrich was given a five min utes' ovation when he arose to ad- dress the convention and at the con cluson of his remarks rising vote of thanks was extended to him for his efforts in the interest of the proposed plan.
 He pleaded for the elimination of politics in the consideration of the sub iect and expressed confidence in the early remedial Legislation. He devoted particular attention to the criticism that the plan involved the establish ment of central bank, which might
 
 Wall street. careful study of the revised plan, he said, would demon strate the utter falsity of any such position The committee. he said. had taken extraordinary pains to prevent any such contingency.
 | Now and then.p he said, there arises some person who, for political reason, calls the association plan central bank, summons the ghost of Andrew Jackson and talks of a second hank of the United States. I greatly mistake the character of the people of the United States if these fakers have any Important part ill the solution of the problem with which we are confront ed"
 Answering another criticism that the plan means the usurpation of the gov ernment authority MT. Aldrlch said that while lie admitted the issuing of currency to be a function of a soy ereign government, experiences in Eu- rope had proved it to be a disastrous experiment.
 MT Aldrich declared that the enact ment of the proposed reform system by Congress would result in beneflts 10 the dSldcuilufe ana wage earnings class even greater than those who the banker would derive from the lag. Through the standardization of com mercial paper, which the plan provides. he said, warehouse receipts on cotton. wheat rice and other agricultural pro- duets will become bankable in all of the markets of the world, whereas to- day the farmer can secure no funds on such paper outside of the immediate community in which the products are stored
 Thus" he added. the proposed reform not only affects vitaly the business in- terests and the bankers of the cotlntrv. lnit ever more so the farmers, the great productive forces. which make ior the development of the country more than does any other agency. And, too, it af- fects the wage eaTners. the masses who are vtally interested in everything that pertains to the distribution of credits and capital and who under our present monetary system, have absolutely mo means of safeguarding themselves agalist loss.'
 Senator Aldrich S.eaks
 NIT. Aldrich spoke in part as follows:
 TO the national monetary commiSs m is assigned the important task of deyis- ing a plan by which this great country ->>~~>~>S>>>>~>~~-~~>~-~
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