Omaha daily bee., 1911-11-22
BANKERS FOR ALDRICH PLAN
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what one aptly expressed during the
year in saying that his institution and
allied interests makes dollars out of the
general prosperity of the country where
they could make only pennies out OF spe-
cial privilege. The real Wall street pre-
fers prosperity to special privilege, and
knows that they serve themselves most
when building mp the commercial. manu-
featuring, agricultural. transportation
and banking interests Of the whole coun-
try"
New York Leads I'm Membership.
New York stil tops all other states
with membership in the American Bank
ers' association, d according 20 the report
of Fred Il. Farnsworth of New York,
general secotry of the association. OF
the 12,072 institutions having membership
in the organization. 910. or approximately
ono In every thirteen. halls from New
York. Pennsylvania comes next with $40
and Illinois is a close third with 100
| Fourth place Is claimed by California
with $40. hard pressed by Ohio, with 500
the five state named furnishing 3,549
members or nearly one-third OF the entire
enrolment.
The annual income OF the association,
Mr.. Farnsworth's report proclaimed, was
sos 726 for the last fiscal year. OF this
sum, the annual dues constitute Slss,e72
having reached that figure from $121750
In 1906 and 81. eO6 In 1875.
Mr.. Farnsworth touched upon the pro-
posed National Reserve association, de-
claring that the Currency commission
will hold itself in readiness TO prose-
cute vigorous campaign when the pro-
posed measure shall be framed as a bill
and win come before congress"
Address OF Mr.. Aldrich.
Mr.. Aldrich spoke In part as follows:
Among the important tasks assigned TO
the National Monetary commission is that
Of devislng plan by which this great
country may, in the interest Of all Its peo-
pie. OF every class and every section, Sc
cure that immunity which for centuries
has been enjoyed by the people of every
other great commercial nation from the
disastrous results OF monetay panics and
acute monetary disturbances,
There is general agreement among In
telliEent students OF the subject that to
accomplish these beneticient results We
must provide better reorganization or
credit, thorough reconstruction OF bank
Ing systems ana methous.
Plan of Organization,
The plan of organization includes posi-
tive provisions
u. TO maintain the Integrity and indie
pendsnce OF existing banks. state and
national. The new organization is outside
OF. superimposed upon. the existing sys-
tenn. The proposed association Is not a
bank and Is not n. competitor IN any
sense for the business OF existing banks.
In its ownership and in lis domestic
business Il IS conflned strictly TO banks
and the government.
80 IL provides clearly for an equality
! OF privileges and advantages TO all banks,
great or small, wherever located.
: -. Il provides equality In rates OF dis
count or rediscount 70 all banks, and
these rates are 20 be uniform throughout
, the country. This, Il Is believed, viii
insure steadiness and reasonableness OF
rates everywhere.
: Il. Its organisation Is OF a form ant
= character that will effeetuany preven
Il the control OF its operations by politiea
III influences, local or national
IS Every means has been taken, ever,
safeguard adopted 20 prevent beyonC
question the possibility OF Its control b,
any corporation or combination OF cor
II poratlons, banks or therwise, by any in
dlvldual. or combination OF individuals Il
Wall street or elsewhere for selfish o
sinister purposes.
e. The dominating principle Is coop
Grafton ana not Capitalization. We wer
satisfied that We could not adopt o
adapt 90 our use an organization Xix
al. -
ond bank u the United states
II standard of Commercial Paper.
III in order 10 establish e wider discouu
market in this country the plan estah
lished a standard OF commercial papei
OF notes or bills OF exchange issued c
Il drawn for agricultural, commercial G
Industrial purposes, which are availahl
for redlscount al the branches OF n
reserve association; second, IL allows M