The Washington times., 1911-07-10
ALOR|CH LABEL TO
Be STRICKEN FROM
MONETARY REFORM
Former Senate Leaders
Name Cannot Grace New
Legislation.
LOSS OF CONFIDENCE
. IN HIM is CAUSE
6enators Realize His Connection
With Proposed Law Would
Result in Its Defeat.
By JOHN SNURE.

Nelson Wilmarth Aldrtch, of Rhode
Island. long leader of the Senate of
the United States. is not going to
be allowed to wind up his public
career with the satisfaction of seeing
a great piece Of permanent monetary
and banking legislation put on the
statute books bearing his name.
The one time potent boss of the
Senate has so far suffered loss of
public confidence and SO far descend
ed in power from the heights he once
occupied. that the monetary bill
which was submitted to the none
tary commission under his name will
never be allowed to go through Con-
gress until it is so fully reorganized
as to be practically a new measure.
and until the name of Aldrich has
been erased from it.
To Abolish Commission.
Indications are that the national
monetary commission is going to be
abolished early in the coming session.
Senator Cummins' bill for the abolish
ment OF the commission is likely to
be enacted, providing it is not an
nounced that the commission pur-
poses to wind up it's affairs on its
own motion without much more de-
lay. Not only is the commission.
with its magnificent roosting places
for lame ducks" going to be
abolished or in some way eliminated.
but what is more. Congress is 60
ing to give serious thought to re-
forming the country's banking and
currency legislation just about the
time the hand of Nelson w. Aldrich
passes from the hold on the levers
in this connection.
Mr.. Aldrich, 1t is well known here. |
has an ambition to wind up his career
with the authorship of a reorganfzed |
system of banking and currency laws. !
He went out of the Senate amid |
showers of criticism.
The effect has been such that a none
tary plan, which is now being con-
sidered by the monetary commission,
has been under a handicap from the
very minute Aldrich's name was at
tached to it. The recent announcement
of the organization of the National Citi-
zens' League to promote the cause of
sound currency and banking legislation
brought out clearly the fact that the
connection of the name of Aldrich with
the national reserve association plan,
was recognized as big stumbling block
in the way of having such a plan or
any central banking plan adopted.
League to Make Own Report.
The monetary commission is expected
to report the first Of next session, that
is. early in December. But in the mean
time, the National Citizens League will
make public a plan of it's own. The 1
plan will embody a number of i'm 1
proVements on the so-called Aldrich (
plan, mainly such as have been sue-
gested to the monetary commission by
the bankers. State banks, trust COM
panies. and savings institutions will be
into the organization.
The league is already beginning a :
campaign to get Congress and the pub l
lie interested and within the past week, I
trot j. Laurence Laughlin. of Chicago. a
chairman of the executive committee of s
the league, has been in Washington,
with many Senators and |
members Of the House for the purpose I
u heIplng stir up interest in banking e
lnd currency legislation at an early il
To Take Up Reform Proposals. o
In the last week, leading Senators b
1ave given It as their opinion that I
monetary legislation will be taken up
It the outset of next session, and will
'e thoroughly discussed. Efforts will be $
made to get the House to do likewise. II
t Is not likely legislation can be had y
'efore the Presidential campaign. but t
he way is going to be well paved to- A
ward It. The outcome IS apparently 4
,oing to be some form of a centraliza- b
ion of the country's banking system, a b
ystem In which the whole banking S
reolt will be organized, so that panics t
vii become either wholly unknown or d
7el-nigh unknown. Moreover it looks a
s II 1t would be non-partisan and nom
actional legislation.