The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1911-10-19
reform of Currency Should
Be Kept Out of Politics,
Says Magnate.


lations between the Central Reserve
+ Association and the United States
government proposed by former Sen
ator Nelson a. Aldrieh in his plan
for currency reform submitted to the
Federal Monetary commission, James
j Hill chairman. Of the board Of d.
rectors of the Great Northern rail-
road, addressing the Illinois Bank
ers Association here. urged that
bankers OF the country to perfect
plan that would be under their own
control
Mr. Hill, admitting at the outset
that the United States has the most
inelastic currency system in the civ
iltzed world declared Mr.. Aldrich
and his associates had done a mem
orable work that should be received
with great respect" but that also
should BE studied with great care.
That political connection is inher-
s ent in the constitution of the proposed
Reserve association was Mr.. Hits
chief criticism OF the Aldrich plan
In this connection Mr.. Hill asserted
that il currency reform was not car
ried through under leadership OF
bankers Of the country, it would be
taken up by congress and suffer the
same fate that has befallen every
other great economic issue after ii
became the football OF party poll
ticu."
Mr.. Hill also made a plea for agri-
ultural reform, declaring that unless
this is done the farm win fail and
the foundation OF all our prosperity
be undermined"
II want to make one earnest sug-
gestlon about this so-called Aldrlch
plan 10 the bankers of the country"
said Mr., Hill. Take it up for your
selves, perfect It by the light your
business experience and make it you
own enterprise. under your own in
itiative and subject to your own con
troll, instead of creation of federal
law Shape your own association
TO- yourselves, and ask Congress for
authority under wise legislative reg
ulations. where such may be neces-
sary to do this thing, instead of sur
rendering your rights as we'll as
your obligations for all time to Il
political power. There is no part of
the scheme outlined you cannot plan
and execute for yourselves better than
any congress can do it for you. Your
state associations and the American
Bankers Association furnish all the
necessary machinery.
1T is doubtful If any plan Great
ing by law centralized financial
system can pass congress. At the best
1t must wait for years. Popular pre-
jIdlce and our own history tell too
strongly against it. But the associ-
ated banks are free TO 90 ahead ana
adjust the details OF their business in
accordance with the workings of
commercial evolution. Legal per-
mission to do this would be less diff
flcult to obtain, because the act
would not be irrevocable. the organ
ization would not be intrenched be
hind the law creating it, and the con-
templated voluntary association
would be and remain always subject
to the supervision and open to check
or modification by law at any time
this appeared advisable"
Our monetary system has always
been, and for mere than genera
ton has been acknowledged by we'll
informed persons TO be profoundly
unsatisfactory, Mr.. Hill continued.
yet little has been done to improve
1t. The initiative should be taken by
the bankers 1t is in, a special sense
their problem. They are moro famil-
iar with its difficulties and with the
methods by which it must be solved
than any others. II is probable that
the public necessity will not wait
much longer for the remedy which
public opinion deems to be neces-
sary. If currency reform is not I'M
dertaksn and carried through under
the leadership of the bankers OF the
country, it will be taken mp by con-
gress and suffer the same fate that
has befallen every other great econ
omic issue after 1t became the foot
ball Of party politics.
III the bankers do not do this work
not in self-sceklng way but as q
patriotic act performed in the true
scientific spirit. the opportunity to
control it may be taken away from
them. Changes so made, not directed
by intelligence and experience but