The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1911-11-21

torted Governor FoIk Those Who
heard Governor Folks reply declared
Il unansEerable
Governor FOX. however did not
merely attack the Aldrieh plan. He
offered a substitute. differing radically
from the Aldrich scheme IN that Il
would vest in the government the
power that Senator Aldrich would be-
stow upon private interests
Discussing the several phases Of the
question. Governor Folk said
I have studied the soealled Aldrich
scheme and in my opinion It Is very
Objectionable. Without attempting any
further criticism IL IS sufficient 70 say
that IL practically establishes q cen
tral bank under the name Of the Ia
tonaI reserve association with a cap
itaI Of three hundred million dollars
and places in the exclusive hands Of
the interested financial interests the
entire control Of the money Of the ma
ton.
Memory Of the last central bank
which Andrew Jackson fought, its cor
ruption Of members Of congress and
attempted control Of the government
viii efectually prevent this expert
ment being tried again in this coun-
try.
The control Of the money supply is
a governmental function and cannot
be delegated 70 private parties with
any reasonable hope Of the power be-
ing administered for all the people.
The effect OF the AIdrich plan would
tend to build up a money monopoly
that could. through its power. practi-
cally control all industries to it's self
ish ends.
The fact that under the proposed
plan the president is TO appoint the
governor Of the reserve association and
one deputy does not relieve it from
condemnation. The people never will
consent to the delegation OF such au-
thority to private parties, and the re
suit will be that the relief hoped for
cannot be obtained.
Instead Of a National Reserve As
sociation. with a capital stock of $780,
100000, to be owned by the banks and
with directors selected by the banks,
would suggest that there be Ma
tional department OF finance as a part
of the federal treasury, with fifteen
directors appointed by the president,
one from each of the fifteen districts
into which the country is divided.
The contemplated plan aims, first
to retain in the government absolute
control of the finances Of the country
and to blend the machinery of admins
tration to the necessities Of com
merce.'
A bit OF fire was thrown into the
discussion. according to the Chicago
Tribune by Carl Vrooman. of Bloom
ington, H., an economist of note and
a recognized authority on railroad sub
iects.
Just at this time" Mr. Vrooman
said, when in response to the peoples
demands, the government is perfect
ing its control of railroads, here come
the bankers asking through the Aid
rich plan that the bankers be given
complete control of the currency of
the nation.
What do you suppose the people
will think of that? Will the people
consent to give to the bankers what
they took from the railroads? VIII
they consent to the government hav-
ing only two or three representatives
on the central bank board against some.
fifty bankers?
Il say the people will not stand for
any such backward step. They are be
hind Governor Folk, and ON election
day the Aldrich plan will be laughed
out of court"