The Washington herald., 1911-03-11

units. and in times of stress it is 'sauve
qui peut.'
The Aldrich plan, if adopted, will give
US central guiding power upon which
tic various groups will rely. and they,
IN their turn, will extend their benefi-
cent influence TO the subsidiary units.
Banks will be in a position TO capitalize
their good name in the form OF accep-
tanCeS covering commercial transactions
thus Supplementing the lOaning power
OF banks. 1t is proposed that this fea-
ture be confined TO d certain portion of
the capital of the various banks, and
with this power additional aCcommoda-
tiOn can be given: whereas at the pres
ent time the legitimate demands of trade
are met by refusal. with fatal conse-
qUcnCes.
Method of Organization.
THE feature of the Aldrich plan which
is bound to command respect is the
method of organization. whereby the
control of the institution will be taken
CUt of the hands of the politician, out
of the hands of the financial interests,
and out of the domination of any other
important interest and will be abso-
lutely under the control of the CONNER
Cial community.
Everywhere the plan meets with
approval, and particularly in the West
Mr.. Fanderlip, president of our bank.
who is now touring the Western States.
expressed himself in a letter a few days
ago to the effect that he was surprised
how much attention and careful study
the plan had been given by the Western
bankers. There seems to be, out in the
West, general sentiment that our
ha mixing TTOUhlas bo
end. and, this being the case, public SEN
timent will be such that pressure will
be brought to bear upon our legislators
to undertake the necessary enactment
with whatever notifications may be
found necessary. No plan can be per-
fected in its incipiency. and there is
no doubt that notifications will have to
be made from time to time as ex-
perience will dictate.
The commercial interests of this coun-
try are so diversified that it is absolutely
impossible to find a remedy for the ills
to which we have been subject so long
all at once, and experience will show
where the plan is weak and where i'm
provements can be made. At first blush
however. along the lines of general prin-
ciples, the plan is what We think we
want. It will put an end to the con-
centration of money at points where it
can only be used for speculative purposes.
and will be placed in such parts of the
country where it is needed"
Champions AIdrich Plan.
Mr.. Vanderlip has spared no effort to
preach the doctrine of the Aldrich plan
the country, paying particu-
lar attention to the South and Southwest
He has addressed banking meetings
throughout the South and jumped all over
Texas, always talking on the Aldrich
plan. He has found, he reports, an
amazing knowledge of the provisions OF
The proposed law throughout the sections
where he has talked. Moreover. he re-
ports. the commercial interests are united |
for the plan.
Mr. Vanderlips efforts, II Is believed |
represent an organized campaign Of ex-
oloitation on the part Of the conservative
banking interests of the East. The fact |
hat the First National Bank of New |
York, OF which Charles Dyer Norton, sec
retary to the President. will become vice |
president April l. and which is a constant |
and bitter rival of the National CITY
Bank for first place in the banking world |
of this country. is in accord with Mr.. |
Vanderlip's work augurs well for the !
support of Mr.. Aldrich's plan
Washington bankers are united In sun |
port OF the plan. Several of the mora |
prominent younger bank officials have |
to make q thorough studv Of /
the proposition within the next few
weeks, with view TO spreading the doc 1
trine in this part OF the country. Eariy
next month Mr.. Gardin will pass through |
Washington en- route to Charleston. s. q |
where he Is TO address tie annual meet !