The Washington herald., 1911-01-19

poor man. The dire consequence Is
the prostration Of business. lower
wages. discomfort, and suffering. The
disaster is borne with ease by the
rich; it is the poor who suffer.
But why should we hold onto panics?
Why cultivate or breed disasters? Why
should we not revolt at their barbarity,
cruelty. and wanton havoc? We can abol-
ish them If We like-it is a matter of ma
tional choice
"Our present system is unscientinc and
impractical We have no real reserve
fund Our so-called reserve Is in every
day use, and is Of only sufficient size to
lead to violent seQuestration in times Of
panic. We must have a currency that
will fuctuate with the demands Of the
nation. This cannot be done, however,
without a Capitalization of our reserve" u"
Secretary MacVeagh recommended to
the people of the country. and trade in
terests especially. the report Of Senator
Aldrich on the proposed currency re-
FORM This commission has done a
great work. he said, land its efforts as
embodied in the report should receive our
careful consideration and attention"
Keep Politics Out, Says Weeks.
Representative John W. Weeks, who
spoke in place Of Senator Aldrich. who is
out Of the city, described the work OF
the monetary commission, and urged
that business men give careful attention
to the reports.
I'VE must keep politics out Of this
reform" he said: '"The report. I know.
is not the commissions report but that
of its chairman. and is a right step in the
right direction. We cannot avert panics
they will always be with us-but we
can. by currency reform. prevent money
panics that follow other stringencieS.
and which cause so much business stag
nation
Director Of the Consular Service Will
bur ]. Carr gave an interesting outline
of the trade relations as advanced
abroad and the part the service has
played in its furtherance. Representative
J. Hampton Moore was another speaker
and told of the proposed national trade
exposition, for the establishment OF
which he will introduce a bill in the
House to-day.
The banquet marked the end of the
monetary conference" a day set aside
at each meeting of the National Board
Of Trade for the consideration Of cur
rency reform and other questions OF
financial interest Frank d. LaIanne
was toastmaster. and there were nearly
100 diners.
Favors Aldrieh Plan.
Senator Aldrichs scheme OF monetary
and banking reform was strongly in
dorsed at the conference yesterday under
the auspices of the board. Assistant Sec
retary Of the Treasury Andrew charac-
terized the Aldrich plan as "the most
profound and comprehensive attempt at
constructive financial legislation which
the country has witnessed since the time
Of Hamilton
1T provides he said. ''for greater
unity of policy and unimpeded exchange
among the banks In different parts OF the
country; 1t eliminates the present in
flexibflity Of our banking reserves; it pro-
vides' for a national discount market: II
does away with the bond-Secured currency
and offers a flexible note issue, based
upon commercial assets in its stead; 1t
removes the Objectionable features of the
independent treasury system: and il pro-
poses to eliminate the irregularities which
now exist between the Federal and the
State banking system. At the same time
it carefully aims to provide against con-
troll either by financial or political in
tereStS''
The board indorsed a resolution for l.
other nations. legislation to promote the
Resolutions Of coincidence were passed on
the death of Egisto Mariani, vice presi
dent of the italian Chamber of Com
merce of New York. for many years
delegate to the conventions Of the board