The sun. [volume] (New York [N.Y.]) 1833-1916, 1911-06-15
ALDRICH PLAN DISCUSSED
PENNSYLVANIA BANKERS HEAR
TALKS on NEW SYSTEM.
Dr. I. Piatt Andrew. assistant secretary
of the Treasury. Tells COn> eniiOn
That scheme WIN Be Adopted I'm.
UOrtancr Of Trust Company section.

PHILAptLPHf,. June 1.-THE Aldrich
plan for currency reform was the chief
matter discussed to- day at the convention
of the Pennsylvania Bankers Associa-
ton. The bankers wanted to know ~,
about the scheme. and those who und".-
took to discuss il. among them Dr. \.
Piatt Andrew, Assistant Secretary of
the Treasury. seemed to have no doubt
that the plan will he adopted. and that
its aioption will put our :don"tl"v sys-
tenn on n stable basis
The session this morning was ih' last
of the convention. which came together
for the first time Yesterday morning at
the Bellevue Stratford Hotel THIS after
noon. after they had wound up their
business tn. bankers took "a boat ride
up the Delaware and had a chanc" to
see many Of the waterfront industries of
Philadelphia They got back to town at
about $50 O'Clock. and then most of th"'n
started back home
DIR. Andrews address received vc'v
close attention William \ Law. prc,i-
dent os the association. at the session of
the convention Yesterday. had declared
that monetary rsforin is the most serious
matter at present confronting the people
Of the United States and the bankts
were req dy TO hear what Or Andrew. who
has been closely identified with the for
mutation of the scheme. would say about
il His address. coming near the close Of
the morning ses.ion. kept most of the
delegates III their seats up 10 tn" Last
minute"
b- Andrew said that bankers are
ALWAYS ready to look for panarea for
financial troubles AZ Tho close OF every
panic hut that a. soon as the disturbance
drops ont Of sight they fall back into the
idea that the panic was the result of a
certain set of causes that cannot recur.
Vet the supposedly impossible has
occurred and reCurred. and As recently
as the autumn of 100, the business of the
country came to a standstill. two-thirds
of IN" banks suspended cash payments
and rulti,tides Of substitutes for money
cane into circulation
Or Andrew added that there was no
reason in the physical world for the
panic, crops were good. there was no war.
no labor trouble. no widespread catas-
rophe When IL was all over one fact
was clear and that was that the United
States Is the only important country in
the world where such general cola pses
.,,l ,,.,,>i;oaIl,, ooo,,, r,,,,a,., -,
-, ''o'',"'' '"s."''u i'"Sh
had any Shch general susf ension OF pay
ment since the Napoleonic wars. and in
France there has been no similar suspen.
sion s;pco ,s,s sav. !, ,;r., ., war n
-, VI ~
Ahui"" auoeo 'ha' 'he premium on gold
IN the United States in 1907 stood for two
months where il stood in France for only
,o,,r woo. -. =, ,ba Era,oo p,,,ss;a, ,
I.-I.,',i - - s.,,.. ""'
." CASES VI 'a'i're are known IN
foreign countries as they are here. but
the collapse Of a firm or n bank does no,
moan c.noral d,s,ress
ar,,,'iIa 49, ,..,.,
'''i w. ~" "i'eu "'a'ee general
'lhahoIal panlc- nav" long since lscone
ohSo'"'e laid Dr. Andrew, "aud ccnd;-
'ion. e,ch a. .yi.t.d ~ This co,,ut,,, l.,-.
tho, ro,,, ,.,,.,. ,.,a.l.,,,,
.'',,.' ''.'' ,''' - a. ''S''o geo by Euro
pedhS d 'nooh'l I"h"h-ln!c ana no' PER
'aInnG 10 thoroughly d"yc!ored coun-
tries
a cararrI surrey ,r condition. :, IN
o,,., ,.a.,,',,;o. ~ '''''O", III "'
ganlz.,lou and coor.raficr ororo .L..,,