El Paso herald. (El Paso, Tex.) 1901-1931, 1911-02-04

in the United States. The reason for
this is that the business Of this coun-
try has assumed such colossal proper
lions that any disturbance here is re-
Elected more or less sharply in Eu-
rope.
Financial Library Published.
As the result Of the commissions
effort, there has been gathered and
published an unrivaIed library Of in
formation pertaining to the worlds
monetary systems. No such mObiliza-
ton Of fiancial information has ever
been effected anywhere. Valuable
works in foreign languages have been
translated. The commission has pub
lished about so volumes, large and
small and they have been sent TO col
leges. financial papers. banks. finan-
cial writer's, business mems organiza-
ttons and the like The effect Of this
distribution Of information has served
to quicken the discussion of monetary
questions in the United States.
From-the beginning Of the existence
OF the commission, it has been gen
orally supposed that it would report
in favor OF some form OF central bank.
This Is because of the fact that there
has been a growing agitation OF the
central bank question in this country
and because the commission devoted
much study to the various great cen
trails banks OF the world Senator
Aldrich, in laying before the commits
sion a tentative plan for the Reserve
association of America, disayows pre-
senting plan for a central bank As
to whether the Reserve association OF
America is a central bank is subject
on which difference of opinion is ex-
pressed. At any rate it is the purpose
OF senator Aldrich to achieve the uni
fication Of our present banking insti-
tutions into one comprehensive system,
to concentrate the reserves and use
them in any direction where needed.
Now. the country's banking system is
one Of isolated units. Under che plan
OF senator Aldrich there would be co
operation and concentration.
The AIdrich Plan.
Senator Aldrich's plan resembles in
a number of respects the plan OF none
tary legislation favored by representa-
tive Charles n. Fowler of New Jersey,
former chairman Of the house banking
and currency committee. Like the
Aldrich measure, the Fowler bill dis
carded the notion of bonds as the
basis for note issues, and made gold
and commercial paper the basis. Under
the Fowler bill, the country was to be
divided into 20 zones, and an associa-
tion OF banks formed in each zone
Senator Aldrich in his plan divides the
country into Is districts with an as
ISOLATION Of banks in each district In
some features, the two plans run quite
closely parallel. though by no means in
all. For instance, under the Fowler
plan. a fund was provided for the guar
antee OF notes and deposits, but there
is no provision of this kind in the
Aldrich measure Retirement of the
greenback is proposed under the Fow-
Ter plan, but not in the Aldrich plan.
Already, the Aldrich plan has its
critics. It is said one Of the objects
in setting forth. the plan is TO sound
public opinion. After the session Of
congress closes. a subcommittee Of
the commission will go about the coun-
try, meeting commercial bodies. bank
ers and others to learn what are the
chief objections 70 the Aldrich plan
and what the chief points wherein
changes are demanded. In any con-
sfderations of a central bank plan, or
any plan of Capitalization akin to a
central bank, two things will receive
chief attention: First. how to keep the
system out Of politics; second. how to
keep it out Of the hands of suca finan-