Omaha daily bee., 1911-11-11
CURRENCY REFORMERS TALK
Local Fnanciers Appear Before Taft
Monetary Commission.
ALL AGREE ON REFORM PLAN
However, There u diversity Of
Opinion as 60 How Directors OF
Reserve Associations shall
he Named,

| All the Omaha business men on the
| stand before President Taft's national
monetary commission at the Rome yester-
day morning expressed themselves in favor
OF the Aldnch-V -Vreeland plan OF currency
! reform, with it's NatlonGi Reserve asso-
| citation. They were Luther Drake T. G.
! Byrne Frank l.. IIaller, J. L. Baum. H.
| r. Could former Senator J, II. Mlllard
/ ~ p. Updike and J. a. Sunderland.
Senator q. NJ. Hitchcock was invited
| TO take the stand. but declined. saying
| he was 30 pretudiced against the plan
that he woule not make a good witness.
Judge Walter /. Smith OF Council Bluffs
also declined TO be questioned, saying
II was. more important that the commits
sion should get the opinions OF the bust
ness men.
T. G. Byrne and ]. A. Sunderland, while
agreeing IN the main with the provisions
OF the plan, objected to the proposed
appointment by the president of members
Of the board Of directors of the National
Reserve association. All the directors
they said, should be elected by the as
aociation, except tho comptroller of the
| currency. who should be a director ex-
offlcio. Even 10 a president should not
regard party In making appointments. he
would be accused Of doing so and this
would work to the dotriment Of the plan,
they thought.
Robert NJ. Bonynge of the commission
assured them that the commission was
still undecided as to whether 1t would
be best for the president to appoint.
Choosing the Directors.
Aside from the matter Of the method OF
| choosing directors none Of the witnesses
had any suggestions 10 offer toward the
tmprovement OF the plan. r. l.. Haller
and N. II. Updike said they trusted the
bankers with their money and they would
also trust them to work out the scheme
for better financial system.
I'VE are willing to put our financial
affairs in the hands of specialists" said
Mr.. Haller. when Senator Aldrich ap-
peared before the Commercial club to talk
on currency reform there was distinct
prejudice againt him, but nc shed his
horns successfully In his address to US
His report was the most exhaustive and
his plan the best that has ever been pre-
sented to us.
TN this matter ! cannot imagine CON
Rpiracy among bankers against their GUS
toners. l don't fear any banking trust
because the antitrust laws are being en-
forced in 4 way TO warn the bankers to
keep out Of trouble.
When a commission as competent as
this has thoroughly threshed out the
matter, the business men generally will
accept their verdict"
Mr. Byrne appeared particularly in
oensed by Wall street methods lie said
there would have been no panic in 400
u the national banking laws had been
enforceG in New York In that year. lie
was reminded that the first run" was
on the Knickerbocker Trust company, a
state institution
! II. r, Gould of the United states Ma
tional bank favored including state banks
the National Reserve association. He
also favored the appointment Of directors
by the president, declaring that he
couldn't imagine a president small enough
to make the appointment political mat
ter.