The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-25
Al DR|CH PLAN n
COME TO NAUGh
FORMER RHODE ISLAND sEyAr0nr<
BANKING SCHEME Is VOW
DOOMED. 1
DISCHARGE COMMISSIONS
NATIONAL CITIZENS LEAGUE WILL
PRESENT PLAN AND CHANCES
ARE GOOD FOR IT'S A
SUCCESS.
tBy Victor ElIiott.l

! WASHINGTON, July 2i.--The be- 4
lief Is spreading that Nelson w. Al
drich, for many years virtually dictA-
tor of how the Republican tariff
should be framed in the Senate, Will
see one of his fondest plans come 10
naught by the rejection of the AL 4
drieh currency plan. and the adolf
tion of the National Monetary Com
/ mission, which the former Rhode Iss
land senator still dominates AL
drich, it has been said. has long de-
sired as the crowning achievement
of his public career the creation Of
a new national banking system
which would be identified by his
name. That wish is probably nor
destined to materialize. The Demo-
Gratis and insurgent Republicans that
latter group in sympathy with the
cummins currency measure. are set
upon plan to thwart the will OF
Aldrich. Every indication liz that
they will succeed.
That in the end the Aldrich plan
Will be wholly remodeled into some
form of centralizing the country'8
banking system, which will organize
new banking credit system. calcu-
lated TO prevent possible money pam
les in the future, seems to be the
program OF both political parties. The
project is to establish system that
:, Will be non partisan in character.
and thoroughly safe and satisfactory.
Aldrich. whose name has made some
persons grow pale in the past has
lost the confidence of the public at
| large. This has been due partly,
because Of the unpopularity of the
Payne -Aidrich tariff law, whose high
protective duties Republicans are
disposed to say, gave impetus to the
Democratic landslide last fall and
the high cost of living which has
prevailed during the operation Of
that measure. Popular opinion. hav-
ing effect on national legislation
more effect than politicians are WILL
ing to admit--it has been rumored
that the Aldrich currency bill. which
has been submitted to the Monetary
Com mission, Will be changed so ma
terially before Congress viii approve
II that the retired Rhode Island solon
will not recognize his measure when
it becomes a Finished product" It
will be torn to pieces and practically
a new measure substituted in its place
by Congress.
Early in the next regular session
Of Congress. according to present in
dications. the National Monetary
Com mission viii be abolished COM
pleteiy. The bill by Senator Cum-
minis so providing, has a good chance
of passage. 1t now appears. A NUM-
+ the Senate say that the Cummins bill
will surely pass. if the Monetary Conn
mission does not do the discreet thing
In the meantime and announce that
/ ii Will terminate its own existence by
voluntarily bringing rs deliberations
to an end.
Aside from the Aldrich brand Of
monetary reform, which is an un-
wholesome measure In the eyes Of tho
people of the country. the National
Monetary Commission has long been
a. refuge for lame ducks" Ex-mem-
bers of the United States Senate.
who have been repudiated by the peo-
pie. have been foisted upon the None
tary Commission at the same salary
i-s7.50e n year--that they received
while in the Senate. The tendency
to distribute these soft berths among
discredited politicians has drawn no
small amount Of criticism on the
present administration
The Monetary Commission is a
doomed organization to-day. From
the murmurings in Congress the hand
ling of currency and banking quo
tations by Congress netx winter Will
not stop with the abolition OF the
Monetary Commission. Serious atten-
ton. from all indications, will be
given to reforming the banking laws.
and when that time comes the Al
Author Il Handicap.
The fact, Is, despite the partlality.
of probably a majority OF the mems
bers of the Monetary Commission for
Alarich, the Aldrch plan has been
laboring under a handicap since ita
inception. because of the political
reputation of its author One of the
big thorns in the side OF this propo-
sition is the National Citizens League, II
the nurpnap which tn r1rap1nfA
the cause of sound money and cur-
rency legislation. The plan Of Al
drich to establish under Federal sane.
ton a national reserve association,
has received the bitter condemnation
of the National Citizens League.
IT Is generally expected the None.
tary Commission will report it's tind-
ings and recommendations early Id
the next Congress. Before next De-
cember rolls around however, the
National Citizens League will pre-
sent a plan of Its own There viii
be large number OF improvements
of the Aldrich idea in this plan. it
Is said. including number of sug-
gestions of the bankers of the roun~
try to the Monetary Commission.
which the latter organization ignored. II
The league has begun a systematic
campaign to interest the public and
Congress in their plans Professor
], Laurence Laughlin. OF Chicago.
chairman OF the executive COMMITTEES
of the league, has been In Washing-
ton, and has been given encourages
ment by numerous senators and rep.
resentatives Of both political parties.
in carrying on the work of the league. VI
Therefore the prospects are excellent
for a moer progressive and Demos
cratic national banking and currency y
system than. the Rhode Island sanasesss