The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1911-11-21
THE .ALpR1cH CURRENCY PLAN

TIL. .ALDRICH lkNJ-NSl lL:iN
During ,h@ las e." weeks 'hs
Times has given considerable space
to opinions on M proposed -Alof!ch
plsn for reforming ihe banking and
curreno" laws Of the nation. More
VII. ie si.en as the matter is consid-
cred by those who are competent 20
express opinions on the question or
assign reasons ior its advantages or
Disadvantages. i IS the purpos: OF
the Times 20 give It's readers a.! the
Information j; can obtain On poth
sides ct this plan 50 tina: q better un-
de.standine Of the real merits Of h
question nay p" secured. After This
Information Is given. the people in
terested IAN write their own editor
:els-tna; is, ;htE, cs" form their own
opirio..S.
Th.r. has probably not i.een e
, g :nipcr.an; ISSUE before ihe pub
lie in wears: certainly none o. greater
fnanc!a. n~nportaace since the re-
sumption Of sp-cia sa:asr; il 1873.
wr:ie ;ae .iid-lch plan does Tot uP-
e.. o. destroy tn" p7.scn: banking
and curTcnc: systems. il does pre-
pose To huiid n combined addition TO
both tina, will completely change n
results Of both systems. Whether
this change will make the financial
system CT the nation better OF ~ors=
IS the result sough: II the discussions
Of the A!drich plan. Speaking be-
fore the Trans-Mtssiss!ppi congress
q, Kansas City on this feature Speak
.er Clark said:
Would We nc: be acting the
"a 81 --I ~es~:1$;o NAV "a
wait long enough at least to hear
both sides in this important and
~far-reaching matter before max
ing up u minds?
That there are rwo sides to the
question is admitted by everyone who
Is no, 10 narrow TO believe he alone
Is possessed OF infinite wisdom.
James J. Hill! is emphatic in the state
men, that the plan will allow even
greater GENERALIZATION Of financial
power in In hands OF a few han is
possible under the presen; plan. AT
drew Carnegie. VINO ike Mt. Hill. has
come iron! the bottom. Of the fnan-
cial ladder 20 the sop. is a firm DC.
lever in the pian. A few days ago
he said:
W.. spend o4r tiE!e in discus
~ i!- -
entire structure Of credit open 10
disastrous panics. These could
easily be avoided were our bank
ing system provided with what
other civilized nations have,
namely, a means Of calling upon
our bank reserves by allowing a
cooperative association Of the
banks to issue legal tender cur
rArcS. IN >;psc nf sfvoea W. pooS
this reserve power at once. Money
panics don't hurt the rich. I. is
the people who depend for their
dail:' bread upon their earnings
who bear the cruel burden.
On the same day Mr.. Carnegie's
statement was made public Speaker
Clark in a public address. said:
am utterly opposed TO the
creation. charte.ing or authoriza-
ton ot any institute which VIII
deliver into the hands Of a few
me the powers Of life and death.
not only ove- the bankers Of his
country. but over every business
IN the land.
These quotations indicate the d.
versity Of opinion that prevails
among tnoee who in p court Of law
would be admitted as expert witness
ses IN finance without other gualia-
cation than their reputation. II g
remedy al the panic trouble in this
COUNTY, can pc found. !: should be
provided without unnecessary delay.
Ye; the solution should not be some
Clap trap affair that Is popular be-
cause 1t has caught the popular fan
c.. Rather should y re the natur-
ri amt fe1thero$fva psSul$ ~ a oo--
p%renensive inquiry into all the ram
iflcations Of the proposed plan, SO far
as 1t IL possible 10 ascertain the re.
!. sul. Of legislation in advance Of its
|. enactment.
. There is i..,le danger that q
!. Will rush through any currency legis-
/. latioE l1tii there has been an express
sion OF views by every member who
! haowvo- thinks he knows-any-
.. thing on the subject. The trouble
. will be that the greater portion OF this
/. speech-making will he intended 70 ze,
: votes back home" h: the use of PAT.
riotic periods and tcsr.bringing par.
aeraphs. The solution of the fnan-
4. rial problem is cold blooded and II
the merits OF the case are preserved,
: there Will he nc chance for the dis
play Of p~yrotechnics. For this reason.
and because the proposed change in
the currency: system effects not only
every bank and banker, but every
individual who does business with a
3, bank either as borrower or depositor.
the question should be settled at
home and the representatives in
. Washington merely told wha. the
people want.