The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-12-23
FINANCE AND CURRENCY.

| Try II maze 4tlEiN Sall5laClolllN
showing for tue Treasury Department; /;
aud Tor the Postoffice Department 1t
showed that for the first time in TWEEN
| ty.scvou wears. there was an actual
surplus instead OF deficit.
The President congratulates Congress
upon the fact that the credit OF tins
Government was shown in the sale of
toe Panama Canal three per cent bonds
10 be better than that OF any other
government. in spite of the restriction
that such bonds we're rot TO be used as
basis for currency issues; aud good
word is spoken for the efficiency AMI
economy Of the Treasury Department.
In the matter of monetary reform,
the President makes An emphatic call
upon Congress TO deal with this ques
tion. HIS pleas arc directed especially
20 tho report of the Aldricb Commis
sion, which, he says. has done its work
with tboroucbness and precision, >
SAYS the President: 1.-The recognition
of the gross imperfectious aud marked
iuadequacy of our banking and cur.
rency system, even in our most quiet
financial periods, is of long standing !;
and he continues: Later there has
u1aturel recognition OF the fact that
our system is responsible for the e1-
traordiuarv devastation. waste. aud
business paralysis of our recurring
periods Of panic The President
dvells upon the fact that the work
of the commission has been public for
some time. aud that there has been a
good deal of discussion of the projected
plaus of the commission, both in the
press and IN financial bodies. He re-
Trains from committing himself TO the
Aldrich scheme. however. saying that
''the "details Of the report arc still he.
ing considered He therefore merely
coumcnds the immense importance of
the subject 10 Congress, and urges
prompt consideration and action. In a
spirit OF mild approval, the President
expresses bis satisfaction "that the
plan to be proposed promises to en-
brace the main features that. having
met the approval of great prepou-
derance of the practical aud proyis
ional opinion of the country, arc likely
TO meet equal approval in Congress.
lie docs not say just what these fca
lures are. and he is evidently reluctant
TO commit himself TO the plau either
in general or in detail. IN further Jis
cussiug the matter, however. he thinks
F,r 10. al IL
cided not to report in favor of Cen
trail National Bank. but instead pro-
poses the ingenious AMI novel; plan
OF National Reserve Association. But,
"cyactly how the management of that
association should he organized is a
question still OPEN saws the Prcsi-
dcu,. That. Of course. is the great
question in the formation Of any such
association; aud the difficulty OF keep.
ing the money OF any given associa-
tion district within that district would
seem 20 be an iusupernblc obstacle 10
this portion of tho plan: for, in spite
Of the fact that the present law con.
templates that the National banks
their own vaults, every one knows that
this is not done. The money is sent TO
Now York Boston. PhiIs lelphia, or
some other large place where there is
demand for it. and where interest can
bc had upon il. Just so IL would be iu
the proposed Aldrich plan. The Prcsi-
dent speaks for the perfect equality o.
all banks Of the country possessing
the requisite standard both National
and State, unlcr this plan; but here,
again. details have 10 be worked out
Though he does not see how such cvolu.
tion can develop impartiallv Hif the
banks Of ono system arc given or per
mlttci any advantages or opportuni-
ties over those Of any other system 8"
Here is another weakness i'm the Aid,
rich plan which the President uuerriug
ly points out.
In the fiual consideration OF this
question, the President very Justly say :
that lit would be siugularly uufortu.
nate if this monetary question by any
chance become party issue That
is danger that should be avoided. il
possible; but tho Aldrich plan itself
seems 10 bc so clearly and plainly Il
political proposition as parties 60. that
! II looks TO VIC as though il would have
10 be dropped altogether as plan
and that a new system must be con.
struc.ed. utilizing the facts and ma.
/ ierial collected bv the Aldrich Com
mission 10 as full an extent as posi-.
! bic, IN reorgauizcd scheme. IT is
plainly idle 10 expect that Congress
viii agree TO the Aldrich plan; for. 10
! begin With. it brings right into discus
sion political party propaganda which
the President very properly asks "a
! have absolutely eliminated from sny
consideration OF this question. II is
10 be hoped, a. the President uTgcs
/ that Congress viii take up this prob
| lem anil solve II: but he is certainly
wise in not committing himself to The
| Aldrieh plan.