New-York tribune., 1911-01-12
ALDR|CH BANK PLAN
Continued from first page.

Continued from first page.
tenn Of bond secured currency and his
conversion to the principle that the
credit OF the country affords a wiser and
more equitable, as we'll as more elias
tic. basis for circulation the Senator
from Rhode Island regards as likely to
disarm all intelligent opposition 10
measure proposed by him, and he Is con-
vlnced that the business world will ex-
anime his proposition on it's merits and
without prejudice. It is worthy Of note
that opposition to the plans of the Sena-
tor from Rhode Island has, in the past,
largely emanated from those who were
convinced that he erred in his advocacy
Of a fiscal system based on a bond Sc
cured currency. Because OF the charac-
ter and extent Of the national debt the
fact that II was secured by bonds which
enjoyed the circulation privilege and
what seemed the inevitable embarrass-
ment OF the government il ii undertook
TO substitute for the existing system one
fetal value. Mr.. Aldrich long hesitated
TO subscribe TO so radical change as he
now contemplates and as others advo-
Gated
The extensive Investigations of the
Monetary Commission, It's study Of the
fiscal systems of foreign countries and
the cumulative evidence Of the merits
of circulating medium based on the
business credit OF the nation have all
pointed in one direction, however, and
Mr.. Aldrich, With an openness to convic-
ton and breadth not given 70 many
men. has frankly changed his view and
espoused the cause OF those who. like
The Tribune. have from the first advo-
Gated some form OF credit currency-that
is TO say a currency based on the busi-
ness credit Of the nation. While il would
be unjust even to intimate that Mr.. Aid
rich has expressed such view, IL is
certain he feels confident that those who,
because Of their conviction that the sys-
tenn with which he was identified was
wrong. have regarded his ideas With a
certain distrust, will now prove as broad
minded as he himself, and, appreciating
that candor which has led him to con-
cede the correctness of the views which
they have held from the first. and to
model his proposed system in accordance
Herewith, will concede TO him equal
sincerity of purpose and will lay aside
all prejudice in their examination Of its
merits.
Will Welcome Criticism.
Senator Aldrich IL no less appreciative
than heretofore of the difficulties which
confront the government in supplantins
system by which it has granted the
circulation privilege in return for an en-
hanced value of its securities. but he
believes he has devised a method by
which the change can be effected with
out injury TO the finances of the govern
ment, and with the incalculable advan-
tage Of establishing the national debt on
a sounder and more enduring basis. IL
IS characteristic of the Senator from
Rhode Island that he is willing to make
nuDllt lar III duNdli1t VI NAD NliAA' LII
Congress to act thereon the details Of
the system he has devised. His sole de-
sire is to achieve a reorganization OF the
financial system of the country which
shall remain as a monument TO his long
service in the Senate, and he appreciates
TO the full that if the criticism which his
proposed bill is certain to incur results
in the Improvement of its details and in
the suggestion of methods whereby the
end NAV be better accomplished, ii will
only make the new system the more sat
isfactory and the more enduring, and II
is to that end that he has decided TO in
troduce his bill before March 4.
The intimation that Mr.. Aldrich might
adopt this course has led TO some mis-
understanding on the part of certain of
his colleagues on the Monetary Commits
sion. but this seems certain to be dissi
mated when it is learned that the Sena-
tor has no purpose of presenting his
measure as an expression Of the views
of even majority Of that commission,
but solely as his own conclusions in
concrete form and in order that all who
have criticisms to offer may have an
opportunity before the necessity arises
either for a complete report by the COM
mission or of action thereon by Con-
gress.
In conclusion it may be well to add
.nr 1vuIoIrIOMc AND SALES