Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-11-22
Former Senator Receives 0ya-
ton When He Appears to Ad-
dress Convention of Ameri-
can Bankers Association,
DOES NOT CLAIM THAT
HIS PLAN IS PERFECT
Any Wise Amendment to Mon
etary Commissions Draft of
Remedial Legislation viii Be
Accepted in His Opinion,
IBy Morning Journal Special Leased Wire !

IBy Morning journal Special Leased Wire
New Orleans, Nov. 21.-Any wise
amendments that yet may be suggest
ed to the national monetary commits
sion's revised plan for the reform of
currency will be accepted by the
commission.
SO former senator Aldrich, chairman
OF the commission, told delegates to
the thirty-seventh annual convention
Of the American Bankers association
here today.
Mr.. Aldrich was eheered Tor five
minutes when he rose to speak and
the bankers gave him a rising vote
Of TN nks for his active interest in
the plan when he had finished.
He pleaded for the elimination of
politics in the consideration of the
subject and expressed confidence in
the early passage OF remedial legis-
lation."
"Now and then" he said, there
appears some person. who, for poll
tical reasons calls the association plan
central bank summons the
ghost of Andrew Jackson and talks
of a second bank of the' United
hN'tN4s EhNdAlA Aht'NtAhN NA'~
acter of the people of the United
States If this sort of fakirs have any
important pert in the solution of the
problems with which we are con-
fronted.
"'rhe proposed reform not only af-
fects vitality the business Interests and
the bankers of the country, bat even
more so the farmers--the great pro-
ductive forces which make for the de-
reiopment Of the country more than
does any other agency.
And. too, ii affects the wage earn
ers, the masses who are SO vitally i'm
terested in everything that pertains to
the distribution OF credentials and
capital. and who, under our present
monetary system, have no means OF
safeguarding themselves against loss.
In his annual address President
Watts gave enthusiastic endorsement
to the Aldrich plan.
Speaking on the "RelatiOn OF the
National Reserve Association to the
Government" A. Piatt Andrews, as
sistant secretary of the treasury said
other government is so i'll adapted as
this government to act as its own
banker He said this government is
not equipped with machinery to in
sure balance between outgo and in
come, then explained the lack of unity
in law making and expenditure fixing
which places upon no individual or
one committee entire responsibility Of
balance
IF the plan is adopted" he said.
the governments general funds and
all future revenues will be deposited
with the national reserve association
and the annual disbursements
amounting to a billion or more of dol
lars will he made through that insti-
tuition and its branches. The govern
ment accumulations will thus be
kept at the continuous disposal of all
the banks and through them in unin-
terrupted service Of the public and
never again need the government bal
ance serve as disturbing factor in
business"
Il the proposed plan for the reform
Oh the currency and banking system
q the United states be kept non-par-
usan, its enactment into law will be
an easy accomplishment And 1t
could be kept a non partisan issue Il
the 1000 bankers here would work
zealously to that end upon their re-
turn home.
SO declared f. O. Watts, president
OF the American Bankers association
~ addressing the convention Mr..
watts strayed, he said, from the beat
en- path Of precedent, to discuss the
meme which has been made the key
note Of the convention proceedings,
surely there is no good reason
why the question should become q
partisan one" he said There is no
party principle involved in such CO.
operative agency and nothing but
Df0mHtpa nr hn for is
sue. which certainly does not exists in
nus day, could cause either of the
TWO great political parties to treat the
subject differently from what they
Should proposals for good health or
pure food, or riSer Improvements, or
'ne building of a great canal III by
"hy chance it drifts unaVodably by
we bankers and business men into a
partisan alignment, the only hope OF
n'aklhg II an effective issue to the
purity opposing the plan would lie in
US ability to appeal to prejudice
through talk Of Capitalization and
vohtrol by special interest. Neither
proposition could be maintained be-
lofe the thoughtful citizenship of this
Vountry, and when the light of reason
Nulcred, the party making such an
appeal would suffer as such parties
fN always SuTtefed III lne past.
We can show that instead Of be-
ing Capitalization the proposal is de-
Capitalization, the power coming to
.he central agency for all banks in just
such q way as the power is placed in
.ne chief executive of the nation. The
president becomes the composite Of
american ideas, and when not so
se'lere occurs shifting OF authority
80 the central reserve association
would always be the composite Of the
shareholding banks. and. therefore,
life
o. ne currency commission and Of
I'oers OF your association have been in
number Of conferences with the
hairman and members Of the na-
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