The Detroit times., 1911-01-20
ALORICH PLAN WAS
WRITTEN IN ]. P.
MORGAN S OFFICE
ellison Gardner Says New York
Enancier Took Taft and Rhode
Island Senator by Storm and
Forced Bank Scheme on Them.
Arrived in Washington Sunday Night
and Arranged for Presentation
To the Public.
BY gibson GARDNER.

WASHINGTON. Jan. 20.-The truth
Is out. Aldrich's bank scheme at last
has come to light. 1t is not cen
tral bank. as Mr.. Aldrich says. II Ia
q much more ambitioss scheme than
any central bank.
The proposed bill might we'll be
called "a bill &c turn over all I'M
portant powers and duties of the Uni
ted States treasury to syndicate oi
national bankers controlled by j. p.
Morgan and SUCCESSORS
A charter for this and other pur.
poses to last for half century Is the
basis OF the bill.
The proposed federal banking trust
would be given power TO control oil
issues and Withdrawals of paper
money. They would discount bonds,
receive and use without paying In
terest all government deposits and
have the power to create banks for
foreign business as well as To monop-
olize all fiscal business In the United
States.
Nothing would be left for the treas
ury department except bare admin
istration duties. The secretary Of
the treasury would become q sort OF
chief clerk for the reserve associa-
ton Of America"
In Il ssimpler form the proposed
national fiscal trust Is to be corpor-
alton with capital of 100000, 900. TO
which all national banks subscribe.
There Is to be central organization
and number OF honorary officials
composed of national bank presidents
and prominent finanders. but the real
control goes back to a board OF nine
members, five OF whom are to be APP
pointed from among the bankers, and
the other four to be government off,
cials.
4 In, words of one syllable, this means
control, BY j. Pierpont Morgan. Of
course, the Morgan Interests would
name the five private directors. and
would be tools Of the Morgan In
terests.
The proposal is one of such stipend
GUS impudence that the country VIII
have difficulty In comprehending all
that Il means. The memorandum
breaking II to the country Is filled
with technicalities. and is calculated,
IL not intended, to hide the real char
acter of the scheme. There Is lot
of talk about a division of the coun-
try into districts and an organization
OF the bankers within the districts,
but O careful reading OF the original
memorandum makes II clear to the
least expert mind that the old idea OF
a mere central bank was kindergar-
ten game compared to the proposition
which is now brought forward.
II is significant also that tire mem
orandum Of a bilp'--for that Is the
form in which this scheme appears
does not come as report from the
monetary commission, which mas been
drawing pay and issuing pamphlets for
SO many months. I. learn at frst
hand that members Of the monetary
commission hadn't even heard OF this
proposed memorandum for bill until
Ii was sprung upon the public Tues
day.
The remarkable memorandum was
In fact brought to Washington by j..
Pierpont Morgan, Sunday night. He
arrived in his private cal, went TO
the residence of Senator Aldrich, who
has been ailing, and after conference
with the Rhode Island senator. 1t was
agreed that the memorandum should
be given to the public before Aldrich's
departure for the south.
II is understood that Mr.. Morgan
was insistent upon this against the
advice of Senator Aldrich, Mr. Nor
gan evidently being fearful lest the
senator's illness might prove fatai.
and might interfere with the originai