Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-06-23


| islation was adopted known as the AL
drich- Vreeland bill, which offers an in
strument for temporary relief against
actual cash stringency due to panic, but
of a very fiimsy and unsatisfactory char
acter. It was adopted as the best thing
that could be devised under the circum-
stances which would have any chance of
passing the House and the Senate, but
no one who was responsible for it con-
sedered it broad or satisfactory solu-
ton of the difficulties presented by other
present system.
"A monetary commission was appointed
of which then Senator Aldrich was made
chairman. 1t was a non partisan COM
mission. / dwell with great emphasis on
the fact that it was non-partisan, be-
cause if we are to work out this problem
scientifically the hope lies in our secur-
ing support for it from both political
parties.
Il am a party man, and I believe in
government by party. l think party is
the only instrument by which a popular
government can be made practical By
the association of men in a party they
are induced to concentrate their political
desires on few general principles and
HAGdSui8S dflH III SdEfiilfe subordinate
principles and measures TO the will of
the majority of the party in order that
solidarity of support may be obtained for
the most important proposals in The
maintenance and reform of government.
1t is the only method by which the pop
ular will of a majority of 1890 900 voters
can be interpreted and embodied in stat
utes and executive policies. But some
times measures are OF so complicated a
character. involve the consideration of so
many perplexing element and are so free
from the apparently direct relation to
the individual citizen and are so lacking
in use for selfish political purposes in
the promotion of individual or party rep
utation. that they can be disposed of on
their merits after a full and impair tial
discussion without party heat or party
advantage and be carried to fun con-
clusion from the purest motives of high
craftsmanship and patriotism.
1T will inure greatly to the benefit
of the people of this country if the
recommendations of the National
Monetary Commission, a non parti
san body. can be treated In this wise
and I am very hopeful that it may be.
Senator Aldrich. the chairman of
the comm issiun, has correctly stated
that central bank in this country
would be impossible for political and
economic reasons. The people OF the
country would be unwilling to trust
to any private banking corporation
such enormous control as must be
vested in an agency which is to de-
side as to the concentration of cash
nd &c
on and provide for the necessary in
crease and decrease of bank note
currency as we'll as to regulate the
liquidation of commercial paper by
fixing uniform discount throughout
| the country. He has said that such
an agency must be made by such
constituents that it shall be impossi-
BILE for money kings in Wall street
| to control it on the one hand or for
| political influence by governmental
appointment TO direct it's operations
| from Washington and in order to
evolve an agency free from the con-
troll of either of these influences. he
proposes and deVises in his tentative
| suggestions to the commission which
seem to have been received with fay-
or, what he calls a national reserve
| association.
Il may roughly describe what this as
| ISOLATION to say that the establishment
| of a government of the 1000 national
banks of this country on republican
basis. careful examination of the con-
| stitution of the controlling board of this
| national reserve association shows first.
that every bank both as unit and also
| in proportion to its capital has a voice
| in the selection of the governing board
| of directors of the national reserve as
| ISOLATION. More than this, the directors
chosen are bound to introduce into the
board a considerable number of persons
who do not represent banking interests
but who represent industrial, agricultural
and general business interests. The board
tof directors is quite as certain to repre-
sent the whole business interests of the
country as the House of Representatives
is to represent the political veiws of the
country. 1t is a careful and well-drawn
plan to void the concentration of con-
TROLLING influence either in Wall Street OF
| in Washington. Some critics whose
comments on the plan I have seen have
said: All There is still in this plan a
central bank. You call it national re.
Continued ~ q f age Three.)