Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-10-11
Menaced by Politics.

That political connection is inherent in the
constitution of the proposed Central Re
serve Association was Mr.. Hills chief crit
icism of the Aldrich plan. In this connection
Mr.. Hill asserted that If currency reform
was not carried through under leadership
Of bankers of the country, it would "be
taken up by Congress and suffer the same
fate that has befallen every other great
economic issue after it became the foot
ball of party politics"
Mr. Hill also made a plea for agricul-
tural reform, declaring that unless this
is done the farm will fail and the foun-
dation of all our prosperity be under
mined"
II want to make one earnest suggestion
about this so-called Aldrich plan to the
bankers of the country" said Mr.. Hill.
Take il up for yourselves perfect it by
the light of your business experience and
make it your own enterprise, under your
own initiative and subject to your own
control. instead OF a creation of federal
law. Shape your own association for
yourselves. and ask Congress for author
ity under wise legislative regulations.
where such may be necessary, to do this
thing, instead of surrendering your rights
as we'll as your obligations for all time
to a political power.
Do 1t Better Than Congress.
''rhere is no part of the scheme out
lined which you cannot plan and execute
for yourselves better than any Congress
can do ii for YOU. Your state associations
and the American Bankers: Association
furnish all the necessary machinery.
1T is doubtful if any plan creating by
law centralized financial system can
pass Congress. At the best il must wait
for years Popular prejudice and our
own history tell too strongly against it.
But the associated banks are free to go
ahead and adjust the details of their
business in accordance with the workings
of commercial evolution. Legal permis-
sion 10 do this would be less difficult TO
obtain because the act would not be ir-
Tevocable, the organization would not be
intrenched behind the law creating IL and
the contemplated voluntary association
would be and remain always subject to
the supervision and open to check or
modification by law if at any time this
appeared advisable"
System Not Satisfactory.
Our monetary system has always been
and for more than a generation has been
acknowledged by all we'll informed per-
sons to be profoundly unsatisfactory -
Mr.. Hill continued. Yet little has been
done TO improve il. The initiative should
be taken by the bankers. 1t is in a spe-
cial sense their problem. They are more
familiar with its difficulties and with the
methods by which il must be solved than
any others. II is probable that the pub
lie necessity will not wait much longer
for the remedy which public opinion
deems to be necessary.
If the bankers do not do this work,
not i'm a self-seeking way. but as a pa
triotic act performed in the true. scicn-
tific spirit the opportunity to control il
may be taken away from them. Changes
so made not directed by intelligence and
experience. but by political considera-
ing interest as they would be injurious
to the country. The present may be the
last opportunity that the bankers will
have to perform this signal public serv-
ice and TO direct and safeguard for the
future the occupation in which they are
engaged"
Mr. Hill told the bankers that the sub
ject OF his address was the bankers re-
lation 10 wealth production, exchange and
distribution, and, discussing the distribu-
tion OF wealth, he commented upon the
unsatisfactory business condition OF the
country, and declared that great bust
nesses, particularly the railroad opera
lions. We're at a Standstill because sc
many important business interests are