The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-11-25
BRANCH BANKS INCLUDED

The National Banking act, upon
which the country has depended for so
many years for its currency and for
the regulation of the National banks.
eXprcsslv prohibits the institution of
branch banks. This law would still he
in operation in case the Aldrich bank
ing trust scheme were inactcd into
law.
But the Aldrjch scheme expressly al
lows Of the establishment OF branch
banks, contrary TO the best opinion of
the bankers of tho United States who,
without exception, are opposed TO IN.
| cooperating the idea of branch bank
ing in our currency system.
The Aldrich scheme divides the
country into fifteen banking districts,
in each Of which branch of the Ma
ttlonal Reserve Association shall be
established. 1t is further provided
that the directors of the National Re-
serve Association may readmst the
districts from time to time and add
new districts at their option. Their
power in this is absolute, and with no
supervision whatever. So that the di.
rectors OF the Reserve Association
eau put in branch banks at any time
they choose and besides, add to their
uumber.
But, can they decrease the number7
1t would seem by parity of reasoning
that, if tbcv are allowed complete and
unrestricted supervision with respect
TO the number of these banks, that it
will be quite as open TO them TO
restrict the number of the banking dis
tricts as TO enlarge them. They arc
clearly at liberty 10 expand the num-
bcr and this expansion would allow OF
the addition of an unknown number of
branch banks. If they arc also at
liberty TO decrease the number, then
the opportunity to concentrate all in
very few branches, or perhaps event.
uallv in the one Central Reserve
Association. would effect precisely what
the country has been fighting against
all the time. viz, concentrate the
whole banking and currency system
into one general head, which would
have, not only the sole power 10 issue
currency. but would, IN fact have all
the banks OF the country at its mercy,
taking them one by one, aud cstab
hsbiDg a complete supremacy aud
monopoly, this by aid OF the National
resources, ns well as BY aid of all the
bank assets IN the country.
Mr.. Aldrich attended the meeting OF
the American Banking Association at
New Orleans. and was widely qucs.
toned upon the provisions and prob
able workings of his proposed currency
system, including the National Re.
serve Association. His answers at this
time were good deal more satisfac'
tory and complete than they have
ever been AT any time heretofore.
But those very answers tended TO
establish thc facts that have been
claimed, that the ones in charge of
this Central Reserve Association would
have such opportunities of combin.
ing and moneymaking AS no men
in the history of the world have ever
had before. Mr.. Aldrich S own answers
tended strongly to bear out the claim
Of Senator Cummins, that the men re.
ceivinc this power from the Nation
could well afford TO assume the Ma.
tioual debt in return for the favor thus
conferred.
There is no doubt but that the
powers and privileges granted to few
men under the Aldrich scheme would
place the whole country at their mercy,
and would be so extremely valuable,
that there is hardly money enough
available TO recompense the public for
the vast financial privileges that would