The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-04-19
CUMMINS IS IMPATIENT.


have the support of the country in his eff
forts TO compel report from The none
iary commission by next December,
and then to terminate the existence
of that commission. That body seems
TO be chiefly useful for the purpose Of
providing places at Congressional sal
aries for men who have been de.
feated. or who have been crowded out
Of Congress IN one way or another. The
commission has been in existence three
years and has not yet made any report.
II has innketed abroad and at home. ii
has pretended to collect information,
and TO be digesting it, but nothing
comes of the effort,
Chairman Aldrich made personal
report last winter, suggesting a
measure which has been received both
with approval and disapproval. Its
prime object seems to be 10 provide
Central National Bank without call.
ing it so. 1t amounted to little rs a
practical proposition, and doubtless
would be defeated on any test vote in
bnSINSS. II Htdu' hD PRIV lSlpu l'l
State banks or trust companies, but
in lieu of these it suggested national
trust companies, on basis the constitu
tonaity of which has been chal-
lenged. 1t is true, also. that the as
sets of trust companies are not suited
to the other features OF the Aldrich
plan.
1t is certain that any plan providing
for Central National Bank, whether
called reserve association or not, will
be fought against, unless it includes
also in the banking scheme the trust
companies that are suitable TO come
into it, and the State banks, Several
important commercial bodies have sug-
gested the inclusion Of State banks and
trust companies in the membership of
til, Reserve Association, which would
still leave out about six thousand State
banks that would be unable to Join the
Reserve Association because their capt
talization is smaller than the minimum
fixed in the Aldrich plan.
The object in appointing the none.
tary commission, in the first place, was
TO provide a cure for cur currency and
bank troubles 1T is manifest that
any cure that would leave out the State
banks would not be complete or
permanent. 1t is also true that any
plan which would contemplate the dis
continuance of the securing of cur
rency by National bonds would be un-
der suspicion, especially If no better
protection were made in lieu of il than
is provided in the Aldrich proposition.
On this feature the Aldrich plan is
especially inadequate, and as this is
the result of three years effort, ii
would seem as if Senator Cummius s
patience is about on a par with the
patience of the people of the country,
and that the patience Of both is ex-
hausted
Certainly we should have had some
thing far better than the Aldricb
proposition. after so much display of
study and investigation. But il is TO
be noted that the monetary commission.
as body. has not adopted the Aldrich
proposition, and has not made any sort
of report itself; neither does it appear
to be moving TO make any report The
proposition of Senator Cummins is
therefore. most timely; and it Will be
exceedingly difficult for the friends of
the commission to show any reason why
the Cummins bill calling for the report
and the termination of the commission
should not be passed