The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-11-08
CURRENCY COMMISSION VISIT.

Monetary Commission, and the hearing
on the Aldrich plan had in the Com
mercial Club rooms on Monday, afford
ed good evidence of the interest taken
by the commission itself. as well as by
the business community in the WORK en-
trusted to that body; but 1t was un
fortunate that the commission seemed
TO seek approval rather than new light
A good attendance of Salt Lake pusI'
ness men, with free expression of opln'
ions. was had, and Mr. Vreeland opened
and closed in behalf Of the commission
Mr.. Vreelard opened the session IN
the morning by stating the plans set
forth in its tentative report as printed
heretofore. and explained the provis-
ions of the proposed measure. He
claimed that the proposal OF the COM
mission, if enacted into law. would pre-
vent panics. and he illustrated his po-
sition by a reference to the panic of
1907. After he had finished, the opin-
ions of Utah men present were asked,
the effort apparently being to get from
them endorsements of the commission
plan.
Mr. McMullen explained the fact that
the suspension Of cash payments in 1907
was not by reason of any local con-
ditions. but was forced by conditions
imposed upon us by the East. Mr. Jo-
seph Geoghegan followed in practically
the same line as Mr.. McMullen. stating
that in 1898 the conditions here did not
compare with those of 1907.
Mr. Roylance of Provo opposed the
commission plan because it takes the
control Of the currency out Of the hands
of the government. he preferring that
the United States should make bank
notes just as good as gold; that law
should determine the manner of note
issues so as to safeguard the note hold
er. AT the same time he did not want
the currency system subject to the in
fluence of politics and politicians, and
he closed epigramatically by saying,
What we want is more Of the govern
ment in the banking business and less
of the banks in the government busi-
ness -
Hon. Simon Bamberger followed in
much the same line of the other Utah
men. stating the axiom that "panics
follow the railroads in from the East. -
Mr., c. W. Whitley Of the American
Smelling Company approved the AIdrich
measure, but criticised it because 1T does
not in itself define the fifteen proposed
poses.
Mr.. T. G. Webber. Manager of the
4, c. NJ. T., referred to the repeated
breallings down of the currency sys.
tens of tho country at various times,
and showed how the clearing house GER
tificates in 1907 saved the situation
here. Mr.. n. G. Whitney, Secretary Of
the local beet sugar combine. told of the
effects of the panic Of 1907, and the diff.
ficulties il made for the sugar company
Mr.. George I. Odell spoke of the re.
demption of the clearing house certi-
ficates here. and said that he believed
the Aldrich plan a good one, "provided
that every semblance of political or
financial control could he eliminated. +"
Professor Corey of the University of
Utah depored the evils of the exist
ng monetary system, and expressed the
belief that the Aldrich plan is satisfac.
tory; vet he did this with reservation
Mr.. w. W. Ritter thought the Aid |
-ich plan a step in the right direction.
out believed that the remedy would be
slow
AT the luncheon. Mr.. L. H Farms.
worth. President of the Salt Lake Clear
ng House Association, presided. He
gave very fine, clear, and optimistic !
mining operations. and of the present
development and output. expressing the
most rosy views as 60 the future OF
mining in Utah. At the close of his
emarks he introduced Mr.. Bonynge,
Who spoke in behalf of the commission,
md told of its Jealous labors to get
It practical and satisfactory results.
Ny Ereeand then closed the hearing
" summing MP of his views. He did
lot seem TO grasp the points made by
he Utah speakers. but developed his
propositions in the same old way, as
t nothing new had been said He
poke against the system of bank re-
erves. but held that the bankers must
ave confidence that they can turn their
ssets into money at any time. and that
my system adopted must be a system
hat the bankers would know TO be
afe. but he didn t show how they
ould get money with no reserves. 1t
S curious to hear talk like that. The
nlv thing that saved the situation in
90l at all was the bank reserves which
we're drawn upon by the hundreds of
Millions in New York TO keep the great
lnancisl institutions there from clos
NC their doors. He denied that the
cheme which the commission is propos-
ng IS bankers trust, basing his de-
nal primarily upon the fact that the
ome OF the parent organization was to
'e IN Washington and neither In Chi
ago nor New York. or any other great
QHN xsr1sb hn fglr |