Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1911-10-21
MONET AR
PLlNM0D|F|ED
By ALORICH
state 1'''''s 70 ,iss's'22 ifss''ss2 s;s;s ss,s,s
panies Admitted dfft to sly
trict Association and
Notes and Bills Restricted

Washington, d. c., Oct. 2o.-Formef
ISenator Nelson w. Aldrich OF Rhode
Island submitted to the national none
tary commission, OF. which he Is char
man, revision of his plan for none
tary legislation. The commission may
use 1t as the basis Of its recommends
ttons to congress.
plan are substantially the same as
those embodied In Mr. Aldrich's first
proposal sent to the commission last
January, which he said he expected
would serve as a basis for national
discussion.
Important phases which were then
unsettled and those which have since
been evolved are treated In the recon-
mendations sent to the commission to-
day. Most Of the questions are re-
handled with great detail as the result
Of discussions and conferences which
have been going on since the plan
was first suggested.
Briefly. the plan still provides for
the organization Of the national re-
serve association with capital Of ap-
proximatsly $300,000,0O0, in which the
United States government and the
banks owning shares IN the association
shall be the only depositors.
Local Association Of Banks.
The plan for dividing the United
States at first into fifteen financial dis
trtcts remains unchanged. In each dis
trict the banks shall form local asso-
Citations of their own. which in turn
Will be represented in the branches and
finally In the central organization
through a system OF election Of direc-
tors, which 1t Is said, will make 1t inn
possible for any section or set Of bank
ers to control the whole.
& prnyi Sfnnc q x,lnnffor Sfrop.
tors have been changed in the revised
plan with the idea of minimizing the
possibility Of control by any section or
group. There will still be forty five di-
rectors, as In the original plan, six
members ex-officfo, viz: The governor
of the association, his two deputies. the
secretary Of the treasury, the secretary
Of commerce. and labor, ana the con-
troller OF the currency. M
Each IT the afteen financial districts
OF the country will elect ono director;
twelve others viii he elerted by the
and these twenty seven
will elect to the board twelve addition
al members. who shall nc. be officers
Of banks. but may be directors IN them,
and who shall fairly represent the in
dustrial, agricultural. commercial and
other interests of the country.
Limit on the Dirsctors.
The completed plan provides that of
the twenty-four directors II the Ia tier
groups not more than three may DE
elected from any one district. As an in
stance. he effect of this provision
would be to limit the state Of New
York, which has about one-fifth the
banking capital Of .he country, and
which is the seat Of the great financial
to four directors among the
thirty nine who are elected
In the organization Of the executive
of nine members, upon
which it has been said much Of the
active management oe the association
would fall. only one of the five elected
members (the other rour being the gov.
ernor Of the association, his two dep
uties, anI the controller Of the cur
rency ex- officio) NAV TIC chosen from
any one district. The whole board of