The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-10-11
JAMES ]. HILL
DISCUSSES THE
CURRENCY PLAN
Points Out Defects as s.s ss'
Sees Them in Aldrich
Plan
RESERVE ASSOCIATION IS
THE GREATEST DANGER

Its Control by Either Politicians or
Largo Financial Combinations Is
Possible Through the Appointing
Powers of the Directorate.
Springfield, Oct. 11.-characteriz
Ing as "uneconomic and therefore un-
the Central Reserve association and
the United States government propos-
ed by former Senator Nelson A. AL
drtch In his plan for currency reform
submitted to the Federal Monetary
commission. James J. Hill, chairman
Of the board of directors Of the Great
Northern railroad, addressing the IL
day. urged the bankers of the country
to perfect a plan that would be under
their own control.
Mr.. Hill. admitting at the outset
that the United States has the most
inelasttc currency system in the civil
lied world" declared that Mr.. Aldrich
and his associates had done memoir
with great respect" but that also
should be studied with great care.
That political connection is inherent
IN the constitution of the proposed re-
serve association was Mr.. Hills chief
criticism of the Aldrich plan. In this
connection Mr.. Hill asserted that if
currency reform was not carried
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 it became the
football of party politics."
Mr.. Hill also made q plea for agri-
this Is done "the farm will fail and
the foundation Of all our prosperity
be undermined"
II want to make one earnest sug-
gestion about this so-called Aldrich
plan to the bankers of the country"
said Mr.. Hill. Take it up for your
selves perfect 1t by the light Of your
own enterprise. under your own ini-
tiative and subject to your own con-
troll, instead of a creation Of federal
law. Shape your own association for
yourselves, and ask congress for au-
thortty under wise legislative regula-
tions. where such may be necessary,
to do this thing, instead of surrender
cations for all time to political pow
er. There is no part OF the scheme
outlined which you cannot plan and
execute for yourselves better than any
congress can do 1t for you. Your state
associations and the American Bank
ers' association furnish all the neces-
sary machinery.
Passage Doubtful.
"It is doubtful If any plan creating
by law centralized financial system
can pass congress. At the best it must
wait for years. Popular prejudice and
our own history tell too strongly
against it. But the associated banks
are free to go ahead and adjust the
details Of their business in accord
ance with the workings of CONNER
cial evolution. Legal permission to do
this would be less difficult to obtain,
because the act would not be irrevoca-
BILE. the organization would not be in
trenched behind the law creating it.
and the contemplated voluntary as
sociation would be and remain always
subject to the supervision and open
to check or modification by law at
any time this appeared advisable"
been. and for more than a genera
tion has been acknowledged by all
well-informed persons to be pro-
foundly unsatisfactory" Mr.. Hill con-
tinued. "Yet little has been done to
improve it. The initiative should be
taken by the bankers. 1t is in a spe-
cial sense their problem. They are
with the methods by which 1t must be
solved than any others. 1t is probable
that the public necessity will not wait
much longer for the remedy which
public opinion deems to be necessary.
II currency reform Is not undertaken
and carried through under the leader
ship of the bankers of the country, it
will be taken up by congress and suf-
fer the same fate that has befallen
every other great economic issue aft
SDr it became the football OF party
Spoliticss. .........
5sf''If the bankers do not do this work
not in self-seeking way but as a
sScientific spirit. the opportunity to
control it may bo taken away from
them. Changes. SO made. not directed
by intelligence and experience but by
political considerations, may be as
disastrous to the banking interest as
they would be injurious to the coun-
try. The present may be the last op-
II ypGrtunity that the bankers will have
to; perform this signal public service
and to direct and safeguard for the
FIXTURE the occupation in which they
~ engaged"
ss Political Outcry.
iSSGl76r. Hill told the bankers that the
btect of his address was the bank
relation to wealth production, ex-
lnge and distribution, and, discuss
the distribution of wealth, he
amented upon the unsatisfactory
Illness condition of the country, and
8y aared that great business, particu-
)y the railroad operations. were at
tandstill because so many import
business interests are either
der fire or apprehensive of as
IT, Nearly all the outcry and
witty against corporate wealth." he
rted, lis for political effect rather
III b moral reform"
The proof Of this" he said, "is
s rsimplicity and effectiveness Of the
4 remedy. which Is not applied. It
I'D be an easy matter to put an
to the abuses of both monopolies
trusts Enforce the laws against
e who break them, and the form
ytll disappear. The trusts will
N 6h as soon as they are compelled
Show that every dollar of their
X tai stock has been paid for In cash
n property and labor at a fair valua-
Oblige every corporation to do
under penalty of an assessment
n tockholders to make good any
llSt i'm