Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-05-25
Endorses AIdrich's Mon
etary Reform Plan
In Speech Before Bankers Of
Kansas and Missouri.
Can't Agree on the Tariff, but He
Thinks Money Views Are Sound.

RSS0eldllonS OF MISSOURI ana kanSa!
here tonight endorsed the plan fol
monetary reform proposed by Senator
Aldrich and made a plea Tor all bank
ers to support it in public spirited
| nen bipartisan way.
While he paid a high tribute t.
Mr.. Aldrich as a monetary reformer
Secretary MacVeagh was frank il
saying he did not agree with the
tariff views of the former senator
from Rhode Island, and added that
he thought Mr.. Aldrieh himself night
have changed his opinions some.
Let me say a word about MIR. Al.
drieh." said Secretary MasVeagh "I'
IS proper To dfferentiate Mr.. Aldrich'
monetary views from Mr.. Aldrich's
tariff views. | have not agreed with
his tariff views, not even little bit
] never pretended to him that | agreed
with him; and he as well as anybody
else that cared about my views knew
that | did not
Whether Mr. Aldrich entertails
With quite his ole enthusiasm the
tariff views with which his name is
ST. conspicuously associated | do not
know. 1 half suspect ne does not
lnew at any rate that he was fright
ftiiy weary Of the job Of fighting a
tariff battle in the old log rolling way
and that he hungered for the none
tary questions where one enters the
world of ideas.
But we must get away from Mr..
Aidrich as = tariff builder before we
can understand him as monetary re-
A.
IS assuredly one of the very best ex-
amples | do not say that he has al
WaYs~ been so. He has long been in
terested in monetary questions and
legislation but it is only during the
last four or five years that lie has
become what he ia thoroughly en-
lightened student and builder.
Il am saying these things and max
irg these determinations between the
two Aldrichess because he is a part of
the discussion. / am trying to put
%ou right as to his relations to this
question because his personality en-
tcrs INTO the case. We of the West
are liable to be thinking of an AL
drlch tariff bill when we are consider
ing an Aldrieh monetary plan But
- q Nti y IpSbiN MISTAKE.
After hearing me say these fine
things about Mr.. Aldrieh some of YOU
viii say we'll we are sorry for Mac
Neagh. He is another good man gone
wrong. The atmosphere of Washing
ton has been too much for him. AS
lor me, | thiHk-and l expect always
to think@that the West Knows more
asout real polities in minute than
the Bast-ineluding Washington CITY
Knows in year. But mt the same
time there are a few things that a
Western man coming from the Eas
70. the West may find it worth while
to bring with him"
secretary MacYeagh said the plan of
the Monetary Commission must con-
sidered very dispassionateIy Hesdeciared
mat II had taken a long time to CON
vince bankers that banking was not a
private business but a public one Re-
sponsibility for panics. he said rested
with the bankers themselves.
All the losses and the personal family
disapointments and discomforts and snf
fering must be charged to the bankers
ne said pe may say that the gov
eminent is partly responsible also: hui
the government would legislate If the
bankers wisely advised it. The nation
uts into the hands of the bankers the
care and control of the organization
of its financial interests In all periods
the banking and currency systems of fine
world have been formulated by the hank
ers. 1t is not enough to say that the
bankers suffer from the inadeduaov of
their system. because thy suffer to much
and more than any one else"
Taking up the elements of banking
Secretary McVeagh discussed currency
and reserves and traced the study OF
the currency problem down to the work
of the Monetary Commission and the
suggested plan for the creation of Tho
Reserve Association of America
The banking system of America today
said Secretary McVeagh. is now an un.
organized mass composed of 25 900 units
central reserve association. he said
would bring them air into a workable
organization. 1t would only be ques
ton of organization and not at all on,
system would be central bank, Score
tary McVeagh denied.
"As to apprehensions that the Contra
Reserve Association may become a 20
litieaI institution or lall into the hand
of few moneyed men" Mr.. Mcveagl
continued "let me say they are wholly
unnecessary. 1t can never become a DO
litical agency, 1t is easily removed 70
all time from any remote possibility o
becoming controlled by any few men o
any few banks. 1t can never be owned
by less than all the banks who create it.
Banks should be chartered, he said, s.
that any OF them could carry hpn an.
legitimate branch of finance. 1t was fut
lie and unnecessary, he said, that on
| bank should be should be a savings BAN
another commercial beank, and anothe
a trust company. He endorsed a broa
plan of banking which would permit a,
expansion to meet all needs of business
In conclusion Secretary McVeagh coun
seled the bankers to deal with currenc
| Continued on Page Twelve.)