The Bridgeport evening farmer., 1911-02-16

Hon. Leslie NJ. Shaw. Ex-Secretary
Of the Treasury. who should be-. and
doubtless is. we'll informed upon the
question of currency reform. has
been interviewed upon the Aldrich
banking scheme He says that ga
pirate ship would be just as danger
Gus, though sailing under false col
ors". and that Senator Aldrich's new
scheme Of currency revision contained
nothing unexpected. except the name
and some complicated and involved
machinery" He continued:
It is the same central bank which
he and all the interests have favored
for years. newly christened. Is any
one credulous enough to suppose that
Wall Street will be unable to control
each and all of the fifteen groups?
Country banks will send proxies to
their city correspondents, and there Is
not a city of any magnitude in the
United States but contains one or
more institutions controlled by Wall
Street
Where will the executive committee
reside? At Washington. By whom
is it to be appointed? BY the direc-
tors or by the governors. Who will
elect the directors? The interests .
Who will appoint the governor? The
President. and he can remove him for
cause. Therefore. he cannot remove
him without cause. Can he find a
man big enough for the position who
is not already allied to wall Street?
If he does find such a man and APP
points him. subject to removal for
cause. who will give assurance that
the appointee will not find it neces-
sary to ally himself with Wall Street
or Wall Street will cut the ground
H., IL, f0r a
will be found? He will have to "be
good" or go.
Suppose a bank at Spokane needs
help. It will submit its commercial
paper to one committee after another
until it finally reaches Washington
Here it will be passed upon again; and,
if accepted, currency will be shipped
This ought to reach Spokane before
the receiver makes his final report.
but help need not be expected under
thirty days.
The plan is not intended, however,
to help Spokane, If Spokane wants
help it should ask it's New York cor
respondent. and It's New York CORE
spondent can get help from the cen
trail institution.
A steel plant is being built at Seat
tie; it owns large deposits of iron in
Nevada and in British Columbia. and
very large coal deposits In the vicinity
Does any one doubt that if this COM
pany develops into a rival Of the
United States Steel Corporation its
credit will be good and unlimited at
every bank in touch with the central
institution until it has become some
what extended, when suddenly. and
at critical and opportune time. its
paper will be no better than was the
paper of the Tennessee Coal and Iron
Company in 1907? History will re-
peat itself and another possible COM
petitor will be absorbed.
Such an institution can fix the price
of cotton. wheat. and every other pro-
duct. 1t can encourage the banks
to loan Is cents per pound on cotton
or discourage their loaning more than
Z cents. 1t can establish or ruin the
credit Of any individual or corporation
dependent upon credit. Such an in
stitution. whatever it's name sputs the
business Of the United States of
America absolutely and irretrievably
in the hands of Wall Street.
And such is quite probably the in
tention of the Aldrich scheme. 1t is
very significant fact that Mr. Da-
wilson, of j. P. Morgan & Co.. strong
ly advocates adoption Of the scheme.