Arizona republican., 1911-10-12
Empire builder Says Busi- ness of the Country is at a Standstill Because of the Assaults of Politi- clans.
DOES NOT ENDORSE
 MONETARY PLAN
Says That Currency Reform Should be Carried through by Bankers Themselves, Rather Than by Nation al Congress.

SPRINGFIELD. oct. 11-Ch5racter- izirg as "unec1uomic and therefore ureound" the business relations be- tween the Central Reserve aSsocia- tiou and the United States govern mynt proposed by former Senator Nelson \ AIdrich in his plan for currency reform submitted to the Federal Monetary commission, James J UU. chairman of the board of di- rsctorS os the Great Northern rail- road. addressing the Illinois Bankers association here today, urged the bankers of the country to perfect control
 Mir Hin. admitting al the outset that the United States has the most ir.Iastic currency system in the civ Iiz,d world" declared that NIr Ald- rich and his associates had done memorable work that should be re- c.ived with great respect" but that also should be studied with great Care'
 That political connection is inher- ont in the constitution of the pro- posed Reserve association. was Mir HU's chief criticism of the Aldrich plan In this connection Nr Hill as serted that if currency reform was not carried through under leadership of bankers of the country. it would "be taken up by congress and suffer th, same fate that has befallen every other great economic issue after it became the football of party politics
 "I want to make one earnest sug- gestion about this so-called AldriCh plan to the bankers of the country said Mr Hin. Take it up for your selves. perfect it by the light of your business experience and make it your own enterprise. under your own ini- tiativ- and subject to your own con trpl. instead of a creation of federal law. Shape your own association for yourselves. and ask congress for au- thority under wise legislative reEu- lationS. where such may be necessary. to do this thing. instead of surrender ing your rights as well as your 'bli- cations for all time t1 a political power. There is no part of tho scheme outlined which EoI cannot plan and execute for yourselves bet ter than any congress can do i- for you. Your state associations anl the American Bankers association fur nish all the necessary machinery
 Tt is doubtful if any plan creating by law a centralized financial system can pass congress. At the best it must wait for years. Popular preiu- dice and our own history tell too strongly against it. But the assp- ciated banks are free to go ahead and adjust the details of their business in accordance with the workings of commercial evolution Legal perui~- sion to do this would be less diff cult to obtain. because the act would pot be irrevoCable the organization would pot be intrenched behind the law creating it. and the contemplated voluntary association would be and remain always subject to the super vision and open to check or modifica- tion by law if at any dime this ap- peared advisable.
 our monetary system has always been. and for more than a generation has been acknowledged by all we'll informed persons to be profoundly unsatisfactory" Mr HU continued. Yet little has been done to improve it. The initiative shoUd be taken by the bankers. It is in a special sens. their problem They are more familiar with its difficulties and with the methods by which 1t must be solved chan any others. IL is probable that the public necessity will not wait much longer for the remedy which public opinion deems Co be necessary. 1T currency reform is not undertaken and carried through under the leadership of the bankers of the country. it will be taken up by congress and suffer the same fate that has befalleu every other great economic issue after 1t became the football of party politics.
 If the bankers do no tdo this work. not in a self-seel>ing way but as patriotic act performed in the true scientific spirit. the opportunity to control it may be taken away from