The Birmingham age-herald., 1911-10-01
BANKERS SHOWING
 GREAT INTEREST Monetary Commission to Meet Next Month HEARINGS ARE PUBLIC Future Financial Legislation Will Probably Be Based on the Find
 ings of the Monetary
 Commission
HEARINGS ARE PUBLIC
Nv JONATHAN WINFIELD

Washington. September 23.--(Special) ) Bankers throughout the United States are greatly interested in an event that will take place in Washington next month, which bill deals with the cur rency laws. No meeting in Washing ton in recent years has been announced which means so much to the country's s financial men as the public hearing to | be held by the national monetary com mission at that time.
 | Aside from the wide interest dis played by bankers. the hearings will be followed closely by laboring men. bus mess men and the general public These | hearings are to be held to get the opin- ions of men versed in financial matters on how to reform the banking and cur rency laws of the country. The hear i1gs will have a strong bearing upon the future action of Congress in none tary legislation. As a result of the large amount of expert information ob- tained from these hearings, shape will be given to proposed legislation, which the commission will recommend to Congress next winter. Another feature probably. to be developed. will be plans for a modification of the Aldrich plan IOE u ndIlOild1 Tes6TNt dsSOtAtllOn. <Alu- rich is vexed. 1t is reported at what he understands to be an attempt to dis credit his reserve plan. One of the fea- lures of his displeasure is the move ment, which had its origin in Chicago, whereby it was decided that his name should be dropped from all connection with the project At the same time MT. Aldrich does not deny he is especially anxious that currency legislation be al fr.Ar 1at down by him.
 Those who are familiar. however, with all the developments in the mat ter, assert that Mir. Aldrich is too sagacious to openly fight the proposed notifications. The former senator would not take any step that would ultimately defeat the general project.
 State banks and trust companies will receive liberal attention at this hear ing. These will come up for discus sion in the consideration of the diff cult problem of how to arrange for them to participate in any reorganiza- tion of the currency.
 Then there is another interesting mat ter to be considered. That is the grow ing jealousy shown by national banks in the increasing business of the state banks. Out of this state of affairs looms the de- termination on the part of the national
 
 currency reform that will compel state banks to submit to regulations equal to those governing national banks.
 Much interest will be shown by bankers in every city, town and village of the. United States. The hearings will be of vital importance to all financiers, and the subjects to be discussed will out rank in interest political affairs for the time being in the capital.
 The National Reserve association is in- tended to be great unifcation of the credit of the banking institution of the nation. If it is to be as strong as hoped for, state banks and trust companies must be brought into it.. Taxation of note issues is another question that will come up. Mir. Aldrich fayors the plan of levy ing a tax on note issues.
 There is a well established precedent, it is pointed out. to the effect that Con- gress Is never willing to accept the re- port of any commission. After men who may be experts in their lines hold pro- found discussions over a particular sub- ject, Congress, with nonchalant dignity, comes along, takes up the matter at hand with something akin to aggravating in- and may or may not finally pass a much abbreviated copy of the original bill. That is the situation that corfronts the currency reformers in their movement to amend the monetary laws. It Is expected that after the commis- sion completes it's deliberations, it will Incorporate its findings in the form of a bill in Congress. as soon as Congress gets the bill hearings will be held by the House banking and currency com mttee, and the Senate finance commit tee to consider the measure,