The Cairo bulletin. (Cairo, Ill.) 1???-1928, 1911-05-26
THE A[DR|CH PLAN.
ENDORSEDi BY SECRETARY Nc
veaeh TO SOLVE FINANCIAL
PROBLEM.
out Regard to PoIitics-Praises
Rhode islander as Monetary
Expert.

MacVeagh OF the treasury, speaking
before the assembled bankers asso-
citation OF Missouri and Kansas here
endorsed the plan for monetary
reform proposed by Senator Aid
rich and made a plea for all bank
ers to support 1t in a public spirited,
nonpartisan way.
While he paid a high tribute to
Mr.. Aldrich as a monetary reformer,
Secretary MacVeagh was frank in
saying he did not agree with the
tariff views OF the former senator
from Rhode Islani, and added that
he thought Mr.. Aldrich himself might
have changed his opinions some.
let me say a word about Mr..
Aldrlch," said Secretary Macvean.
1T is proper to differentiate Mr..
Aldriah's monetary views from Mr.,
Al,lrich's tariff views have no.
agreed with his tariff views, not even
q little, but never pretended to him
that | agreed with him; and as he
as well as anybody else that cared
, about my views knew did not.
1--WE must get away from Mr.. Aid
rich as d tariff builder before we can
understand him as monetary re-
former As monetary reformer he
Is assuredly one of the best examples.
do not say he has always been so,
He has long been ,iEsfrested In none
.tary "auestIS'G6s}HanI iegislation, but it
It's only during the last four or flve
Years ttst'he has become what he Is
Ia thoroughly enlightened student
and builder
"After hearing me say these things
about Mr. Aldrich some of you will
say Wen, We are sorry for MacVeagn
He is another good man gone wrong.
The atmosphere of Washington mas
been too much for him.
"As for me, think-and expect
always to think-that the west knows
more about real politics In a minute
than the east--including Washington
city-knows in year. But AT the
saffe tie there are few things thar
western man coming from the
east to the west may finl II worth
while to bring with him.
"All the losses and the personal and
family disappointmems and discom-
forts and suffering must be charged
to the bankers One may say that
! the government Is partly reponsible
, also; but the government would legis.
late the bankers wisely advise
1T.
"The nation puts into the hands OF
the bankers the care and control and
the organization of its financial In
terests. In all periods the banking
and currency systems of the world
have been formulated by the bank
ers. It is not enough to say that the
bankers suffer from the made
quacy Of their systems, because they
suffer to much and more and more
than any one else. "
The banking system Of America
today, said Secretary Macveagh, Is
now an unorganize1 mass composed
of $4,000 units. A central reserve az
sociation. he sail would bring them
all into a workable organization. II
(, would only be question OF organi-
zation and not at all one of centrali-
zation That proposed systtm ould
be central bank. Secretary Mac
Veagh denied
As to apprehensions that the cen.
tral reserve association may become
a political institution or fall into the
hands of a professional man" Mr..
Macveagh continued, "let me say
they are wholly unnecessary. II can
never become a political agency. Il
is easily removed for all time from
any remote possibility of being con-
trolled by any few men Of any few
banks. 1t cannot be owned BY less
! than all the banks who create 1t.
In conclusion Secretary MacVeagh
counseled the bankers to deal with
currency reform In thoroughly ncn-
partisan public-spirit.
Il hope banking and currency re-
form will escape the misfortune Of
becoming a party question: said ne
"The outlook for escape is excellent.
There Is no evidence In sight that
| ma nortiaS will d{vidxa 1lnnu al ~