The Butler weekly times. (Butler, Mo.) 1881-1918, 1911-12-14
WASHINGTON LETTER.
Special Washington Correspond
ent of The Times.

Washington, D. C.-The Aldrich
currency system is near enough to be
taken seriously by the country. The
Aldrich monetary commission is hold
ing daily sessions. Banks favorable
to the scheme are bringing what pres
sure they can on the members of both
parties to get them to view the Aldrich
idea favorably. A million dollar fund
is being raised to finance campaign
in support of the proposition.
Ex-senator Aldrich processes to be-
lieve that he will be able to rush bill
inaugurating the Central Reserve
association through at this session
of Congress. The fact that his idea
is looked upon with disfavor and
alarm by the small bankers and the
people of the country does not dis
courage him. He has passed JOKER
laden tariff bills for tine trusts in the
past in the very teeth of the opposi-
ton of the entire country. Apparent
ly he thinks he can do the same thing
with the currency plan, which he
feels would be fitting browning
glory to his achievements as states
man. But he may be disappointed,
as he is reckoning without the progress
sive Democrats and Republicans in
both Houses who stand ready to be-
gin campaign Of education of the
people to the tremendous menace of
his scheme, at the first opportunity
that offers.
Another Aldrich Joker
One feature of the Aldrich currency
plan which has been largely over
looked, is so characteristic of the
author that it may discredit the whole
program. 1t virtually permits the
central reserve association to discount
railroad and other corporation Sc
curities.
This is one Of the concealed jokers
in the Aldrich plan. To mis.ead the
public, Mr.. Aldrich proposes that the
central association, as he calls it, shall
discount for banks any commercial
paper properly endorsed by the dis
trict association to which the bank
belongs. In his public discussions he
mentions no other form of discounts
than commercial paper. But there is
in reality this added provision: That
the central association shall discount
the direct obligation of any bank, up
on certificate from the district as
ISOLATION that the bank seeking this
discount has deposited with the as
ISOLATION securities satisfactory to the
association, which will be dominated
by Wall street banks.
The profits the banks can make on
straight commercial paper, which has
a value of it's own, are restricted to
legitimate profits. But corporation
securities have chiefly manufactured
value, and the Aldrich plan would en-
able banks loaded down with undi-
gested securities, put out from Wall
street, to draw good money from the
Central association by depositing
these securities with the local associa-
ton. This is distinctly an Aldrich-
esque proposition.
The Presidents Message
The only definite thing in Presi-
dent Taft's message to Congress is
his attempt to prove that the farcial
tobacco trust decree is a most excel
lent enforcement of the Sherman anti
trust law. He would make the peo-
pie believe the tobacco trust decision
practically solves the trust problem.
He complacently assumes that this
decision is certain at some indefinite
period to restore competition, and
soften the evils of illegal monopoly if
it does not indeed completely eradi-
cate them.
Once again, therefore, the President
is found advocating in a message to
Congress a cause that is not popular
with the people, for the merest tyro
in the study of trusts recognizes the
tobacco trust dissolution" as a VIC
tory for that monopoly. That even
Wall street so considers it is evil
denced by the fact that the securities
of the trusts are higher after the
dissolution" than before.
The punishment inflicted upon
the American Tobacco Company for
being in existence in violation of the
law" declares Chairman Stanley Of
the Steel Investigating Committee,
see u,orfh hundreds f,f millions Of /