The Sentinel=record., 1911-05-25
REFORM OF
CURRENCY
SECRETARY OF TREASURY ADvo-
Gates ALDRicH's PLAN FOR
MONETARY CHANGE.
Says Western People Should Separate
Senator's Money PLANK From His
Well Known Views or
Tariff.

Kansas City, Mo. May 2i.-secre-
tary Maeveagh Of the treasury depart
ment, speaking before the assembled
bankers associations Of Missouri and
Kansas, tonight lndorsed the plan for
monetary reform proposed by Senator
Aitiriea and made plea for all bank
ers to support ii in public spirited
non-partisan way.
While ho paid high tribute 10
Mr.. Aldrich as monetary reformer,
Secretary Macveagh was frank In
saying he did not agree with the
tariff views of the former senator
from Rhode Island and added that ho
rhougt Mr. Aldrica himself might
have changef his opinion some
I'VE Of the west. he said, ~are
liable to be thinking Of an Aldricn
tariff bill when we are considering an
Aldrich monetary plan. But this
would be cnstly mistake
Secretary Macvsagh said the plan
of the monetary commission must be
considered dispassionately He assert.
ed that 1t had taken long time to
convince bankers that banking was
not a private business, but a public
one. ResporisHhilaly for panics, he
saAa rested with the bankers them-
selves.
"All the losses and personal lis
appointments and discpmforts and
suffering must be charged 60 the
bankers" he said. ~One must say
that the government is partly respon-
sible also. but phe government would
legislate II the bankers wisely advised
IT,"
Taking up the elements Of banking,
Secretary Macveaga discussed cur
rency and reserves and traced the
study Of the currency problem in the
United States down TO tire work OF
monetary commission and the suggSst-
ed plan for the creation Of the reserve
association I America.
The banking system OF America
today. Secretary Macveagh saki. Is
an lmorganized mass composed Of
$4,000 banks. A central reserve associ-
alton, he said would bring them all
into a workable organization. II
would only be a question OF organi-
zation and not at all one OF centraii-
atom, g'fat the proposed system
would be 4 central bank. Secretary
Macveagh denied.
As to apprehensions that the
reserve association may become u
political institution or fall into tho
hands Of few moneyed men, Mr..
Macveagh continued. "Iet me say taey
are wholly unnecessary. 1t can never
become political agency It il easily
removed for all time from any remote
possibility Of being controller BY any
few men or few beDSs. It cannot be
owned by less than all the banks who
create IL
Banks should be chartered, he said,
so that any OF them could carry on
any legitimate branch Of finance. It
was futile and unnecessary. he said.
that one bank should be savings
bank another commercial bank and
another a trust company. He indorsed
a broaf plan OF banking which would
permit an expansion to meet all needs
of business.
En- conclusion Secretary MacVeasa
counciled the bankers to deal with
currency reform in thoroughly non-
partisan public spirit.
Il hope banking ana currency
reform will escape tae misfortune et
becoming party question" he said.
~The outlook for escape Is excellent.
There is no evidence II sight that
the parties viii divide ueon III