The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-01-22
COMMENT UPON
ALDR|CH PLAN
W. W. Armstrong Thinks Pre-
posed Reform Will Cure
Present Currency Evil.
INCLUDES CENTRAL BANK
IDEAS, SAYS M'GURRIN
Change Needed Along Lines
Suggested, Says Mccormick;
Others Give Views.

MtthS cduScu HluCU CUulUcuI dUiOuR JIG
business men and bankers Of the city.
The report is being discussed and
studied extensively from the standpoint
Of the bankers.
When seen by Tribune reporter
some of the men In the banks of the
city were not ready to express views
owing to lack of time to give the re-
port careful study before passing an
opinion. However some were ready to
say what they think of the report and
their views are given
w. W. Armstrong, president of the
National Copper bank. gives his views
of the report in the following words:
''I have carefully read the press re-
ports giving an outline of the currency
bill presented by Senator Aldrich, and
] believe ,he plan as formulated. If put
into effect by congress, Will prove
cure FOR all evils incident TO our pres
ent currency system 1t seems TO me
Senator Aldrich has worked it out
along broad lines, giving due considera-
tion to all sections Of the country and
the varied interests represented
throughout the whole United States.
He has taken the best ideas embodied
In what was formerly known as the
Fowler currency bill and the central
bank plan. and in doing so has elm
mated the Objectionable features of
DULL NllEOUJ uOuDC lls duODlIOn anu
early enactment into law by congress
would be a great boon to the financial
interests of the west and would improve
general conditions at once upon its pass
age
Need Filed Discount Rate.
1.-The great trouble with us at pres
cnt is, III my judgment. due wholly to
the lnelasticity of our currency and to
our having ut present no fixed rate of
IL ttnr nl,r EN.- nd
France. Senator Adrich offers in his
plan Il sensible. comprehensive cure for
this evil. which. | believe, will meet
with the approval of the business men
throughout the United States. | am
hopeful that IL will be enacted into al
Law before the close of the present
session of congress -
{. III. McGurrin, cashier Of the Salt
Lake Security and Trust compa ny, says:
THE plan proposed by Senator Al
drich is ore Of swch magnitude and one
TO which the senator himself. as we'll
as his colleagues on the monetary com
mission have given such careful thought, |
that 1t seems almost presumption to
either criticisc il or indorse IL offhand. |
II would seem, however, at first thought |
that the scheme embraces all the ideas |
Of central bank, about which we were |
advised some months ago.
Divide Country Into Sections
Dividing the country into sections, !
each section having its representatives |
on the board Of control. would, of
course, be the only fair way of trans
acting the business of the principal in
stitution itself. The addition Of the |
officials of the government on the
board of control would bring the insti.
tuition directly under federal control,
really making IT 4 Bank of the
United States, and similar in most
every respect to the Bank of England |
or the banks of other countries.
"One danger that presents itself is |
that one section, having within it many
more banks than in other sections,
might he given a proportionately larger
re- reseDtation on the board of control |
In this way sections with lesser num-
Der of banks and directors would be at
the mercy of those having the greater
number In that event the money cen
ters might be favored at the expense
of the less important ccnters. Then.
again, 1t seems to me that il would be |
unwIse TO put any stock, however valu- |
able. on 4 parity with government
bonds. The mere suggestion of such
thing gives greater weight TO the be-
lief that such q bank would directly
benerit Wall street rather than the en- |
tire country
Better System Desired.
DCteSi SN otclll VI currency is
greatly to be desired and with such |
combination as proposed under proper |
restrictions, the commercial world would |
be completely safeguarded in times of
anlc or strngency.
''Then, again. by permitting such an
institution TO deal in real estate, di- |
rectlv or Indirectly. through any Of its |
branches. would involve such a tremen- |
dous undertaking and require such an
armv to safely and couservatiyely es- |
tImale values and supply the demand
for loans. there would be but little |
funds left for use In emergency cases.
thus defeating the primary purpose of
establishing such an institution
1.-The government ought not to 90
into the real estate business.''
W. :, Mccormick, president of Nc |
Cornick & Co., said
believe there is a necessity for
change In the currency system of the
United States along the lines suggest
cd In the report of the commission. |
There doesn' seem to be sufficient
money III circulation. Whenever there
IS panic or semi panic. n good deal |
of money is withdrawn from circulation |
at time when 1t is needed most.
81 haven't given Senator AIdrich IS |
report thorough study and am not pre-.
pared to express anv opinion as to
whether his scheme will remedy the |
matter. ] should say he has given the |
matter great deal of thought and that
he Is competent to submit report. He
has the confidence Of the people in gen
cral and the banking interests have
confidence in his ability along these
lines.
Not Elastic Enough.
"The trouble with our present cur. |
rency system is that it is not elastic
esaongh. At the time of great need
OF money there is no plan to replenish
the Withdrawals Of money from cir.
cuiatlon, especially at panicky times. -
II, C. Howard, cashier of Walker
Bros. bank, has this TO say:
The necessity Of Il currency re-
19rIn biil makes the careful eonsidera-
tion Of this measure apparent. AS |
|.