Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-11-21
CURRENCY REFORM
MUST BE KEPT
A0N-PART|SAA
President Of the American
Bankers Association De-
clares That This Could Be
Attained II Bankers Work.

tby ksentus Berale a. 2. f.oeac1 wire
New Orleans. Nov. 2i-If the pro
posed plan for the reform " the cur
fency and banking system OF thu
Il United States he kepi non. partisan
lie enactment into law will be al
easy accomplishment And Il coult
be kept a non.paftisan iasue n ths
t.000 bankers here would work zeal
oualy TO that end upon their return
lhome.
so declared y. o. Watts. president
Of the American Bankers association
70 addressing the convention of ia
members here loday NJ. Watts
Hrayed he satc, from the beaten path
OF precedent 70 discuss the theme
which has been made the keynote
OF the Convention Proceedings.
Surely there Is 40 good reason
Why the question should become a
PARTISAN one" he said There II no
party principle involved In such a CO.
operative agency and nothing but
prejudice or the extremity for an
Issue which certainly does not exist
In this day. could cause either OF the
two great polisicai parties 10 treat
the subject differently from what
they should propose for EDod health
OF pure food, or river improvements.
or the building of a great canal. II
by any chance a drifts unavoidabiy
by the bankers and business men In
TO partisan alignment. the only hope
81 making Il al effective issue TO the
party opposing the plan would lie IN
its ability TO appeal TO prejudice
through talk Of Capitalization and
control by special interest. Neither
proposition could be maintained be-
fore the thoughtful citizenship Of this
country, and when the light OF reason
entered, the party making such an
appeal would suffer as such parties
have always suffered In the past.
We can show thai Instead OF be-.
ing Capitalization the proposal Is do
GENERALIZATION. the power coming 20
the central agency for all banks IN
hist such a way as the power ~ plac-
ed in the chief executive OF the nation
The president becomes the composite
or American ideas and wien not
80 there occurs shifting of author
ify. SO the Central Reserve associa-
ton would always BE- the composite
of the shareholdlng banks. and, there.
fore, standing for the best in our
business life.
The Currency commission and az.
Hears OF .your association have been
in number OF conferences with the
chairman and members OF tho Nation.
al Monetary commission. and those
HAVING Tho saaunu.lAfllt. - $50.
a plan showed remarkable willingness
TO hear and adopt any suggestions
tending 10 Keep the control away from
speculative marts. keep II apart from
political control or prevent It's being
at any time polItIeal issue, keep
the Investments OF ckarnclar that
would make any control os little vaiue
compared TO such an outlay rs neces-
sary 10 acquire II.
Those expressing fear on tae
question OF control seem 70 deal only
In generalIties instead OF giving some
good reasons for the belief that any
selfish interest would seek control. OF
that u sought Il could be attained
Ihe plan expressly prohibits the hold
ing OF shares BY any Individual or
other than banking corporations. so
that direct stock control Ia forever
impossible. and. therefore. 10 get even
Indirect control Il would be necessary
Tor such interests 10 purchase control
of the majority Of the shares OF more
than half In number and amount OF
the twenty thousand independen.
banks OF the country. The uac OF
such a stupendous sum ~ necessary
10 highly impractical. Tho sugges-
ZION appears foolish to those analyz-
Ing the situation and 10 be serious
reflection on the good senss OF those
n mind when special control Is men.
Undoubtedly those lnlagasss which
according TO passing gne66h and hur-
Fied coinDoaItinn are dhEisnased as
wall Street. favor the Netional Re-
serve association for any plan of
monetary rat0rm making for stability
and prosperity anh relieving the best
bankers OF New York from the great
strain Of crop moyemtnts, trade ex-
paneion aud panlcs. Pasaine the rel. |
ativeiy small number az stock gam
DierH around New York's Stock ex-
ahengo, wo md there banks, business !
hoHaes. Industrial and railway cor
porations vitality lntercsted IN every |
section OF the country and who have
earned what one aptiy oppressed dur.
nR the year IN saying That hts lnhtl. |
ution and allied interests 5n4kes dol |
airs osii Of the general prosperity OF |
ne coanlry where they eofid make |
,niy pennies out Of aIiSciai privilege
y real wall stree, prefers prosper |