The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-05-25
.|ND0RsES THE
ALDRICH PLAN
Secretary MacVeagh Talks on
Monetary Reform to Missouri
and Kansas Bankers.
PAYS HIGH TRIBUTE TO
THE RHODE ISLAND MAN
Central Reserve Association
Declared to Be the Best
Remedy Proposed.

KANSAS CITY. May 2i-Secretary
MacVeagh ct The treasury department,
speaking before the assembled Bankers
associations OF Missouri and Kansas here
tonight. Endorsed the plan for monetary
reform proposed by former Senator Aid
rich. and made 2 plea for all bankers
to suppor' IT in public spirited. non
partisan Way.
While ne paid a high tribute TO Mr.,
Aldrich as a monetary retormer, Secre-
tary MacVeagh was frank in saying he
did not agree with the tariff views OF the
former senator from Rhode Island. and
added that he thought Mr.. Aldrich him
self might have changed his opinions
some.
t"Let me say a word about Mr.. AID
rich" said Secretary MacVeagh. 1T is
proper to diiferentiate Mr., Aldrich's mon
etary views from Mr Aldrlch's tariff
views, have not agreed with his tarln
views. not even a little. but | never
pretended to him that ! agreed with
him, and he. as well as anybody else
that cared about my views. knew did
not
1--WE must get away from Mr.. Aldrich
as tariT builder before we can un-
dcrstand him as Il monetary retoriner.
As a monetary reformcr he Is assuredly
one OF the best examples. do not say
nc has always been so. He has long
been interested in monetary questions and
legislation. but IL is only during me
last four or five years that he has he
come what he iS--a thoroughly enlight-
ened student and builder.
Expects Criticism
after hearing mo say these things
about Mr. AIdrich, some OF you VIII say,
Well We are sorry for MacFeagh. lie
is another, good man gone wrong. Tho
.,t ,tmnsDherD of Washington has been too
much for him.
"a for me- 1 ,hink-snd ] expect al
ways 10 think-thst the west knows more
about real politics in a minute than the
cast-includIng Washington clty-Enows
in a yea: But at the same time there
are 8 few things that western man com, 31nS
ing from the cast TO the west may ma
II worth while TO bring with him.
IAN the losses and the personal and
family dIsappointmcnts and discomtorts
and suffering must be charged TO the
bankers One may say that the govern
n1ent is rarity responsible also, but the
covern,neot would legislate II the BANK
ers wisely advised II.
"Th,. nation puts into tho hands Of
the bankers the care and control and
organization Of it's financial interests. In
all periods tbe E osIk'1g nh% been TpfrgnE fornn
lated bv the bankers. II is not enough
TO say that the bankers suffer from the
inadequacr Of their system. because the!
suffer too much and moro than any ono
Banking System Of Today
The banking system OF America today
said Secretary MacYeagh. Is now an un-
organized mass composed OF 25.Ooe units.
A central reserve association. ne saln.
would bring them all into workable
organization II would only be a question
OF organization and not at all ono OF
generalization. That the proposed sys-
tcm would be a central bank Secretary
LAS to apprchcnsions that the central
rcscrye association may become poiltl :
cal institution. or fall into the hands OF
n few noncyed men" Mr.. MacVcagh con-
tinucd "ict ME say they arc wholly m
necessary II can never become a poUti.
cal agency II is easily removed Tor all
time from any remote possibility OF be.
ing controlled by any f'w men or any
! InT banks II cannot he owned by i@ss
| thar all the banks that create II,
| I'm con sIuslon Secretary MacNcaRh
cornaelpd the bankers To deal with cur
reucv reform In a thoroughly non paru-
II hope banking and currency reform
! viii escape the misfortuncs o! becoming
| - nartv question" said he. The out
| Iooi, Tor cscnpe is excellent. There Is no
evidence N sight that the parties VIE
divide upon 1t.