New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-25
SECRETARY MACvEAGH
URGES ALDR|CH PLAN
Opposed to Tariff Views, but
Entirely Agrees with None
tary Reform Project.
NOT CONTROLLED BY A FEW
Would Be Owned by All the
Banks, Which, He Says
Should Be Placed on a
Common Basis.

Kansas city. Mo, MAY "a 0ee'
NacVeagh Of the Treasury. speaking pc
fore the bankers associations OF Missou'i
ana Kansas here tonight, indorseo '"s
Ndrich plan for monetary reform anu
made plea for all bankers to support -
IN 2 pubic spirited. non partisan way
While he paid a high tribute 10 MI
Aldrioh as a monetary reformer' Secie'a's
Macveach was frank in saying ne ola ho'
agree with the tariff views Of the ioIiiiei
Senator from Rhode Island. and addeu '''a'
he Thought Mr.. AIdrich himself might nave
changed his opinions some He said:
n is proper 10 dinerentiate Mr.. Aldrichi
monetary views from Mr.. Aldrlch .sr
views I have not agreed with MS 'dIlii
,anSed 20 MIN that agreed with him. ana
he as well as anybody else mat care"
sbout nv views knew that DID NOT. III,
Whether Mr.. Aldrich eentertai,na9s wiys
With which his name is so conspicuous!
associated ] DO not know. / half suspect
he does not. know at any rae ma s.b ne
ing a tariff battle IN the old log roillnS
wa. ard that he huneered for tne monea
fary questions. where one enters me "c'l"
gu. we must get away from Mr.. AldIich
as tariff builder before Ne can unuei
stand him as a monetary reformer As q
nonetary reformer he Is aSsureals go on that
the very best examples ] 30 not say t va,
he has always been 50. He has long neen
Interested in monetary questions ana iesls
laon bu II Is only 6 dnT'P bso6 5ne 1hat he he
,s-a Thoroughly enlightened student ana
builder.
z Costly Mistake.
am saying these things and making
these determinations between the two
Aldriches because he is a part OF the dls-
cuss!on. ] am trying. 70 put YOU rlsht as
TO his relations 20 this question neca Use
Of the West are liable - he thinking or
an Aldrich tariff bill when we are consid-
cring an Aldrich monetary plan. But TINS
would be n verv costly mistake.
After hearing ne say these fine things
about Nj Aldrich some Of YOU VIII say
well. We are sorry for MacNeash he =
another good man gone wrong. Ire az.
roosphere Of Washington has been 100
much for him" 4 g for me, | thlnk-and
J EXPECT always TO think-that the West
knows more about real politics IN MIN
ute than the East-includng Washington
city-knovs in a year. But az the same
time there are a few things that West
ern man coming from the East to the
West may find il worth while TO bring with
him
secretarv MacVeagh said the plan Of the
monetary commission must he considered
very dispassionately. He declared that II
had taken a long time 10 ConNlnC" uanh-
ers that banking was not private bust
ness. but a public one Responsibility for
panics he said. rested with the bankers
themselves He continued:
All the losses and the personal and fam
flv disappointments and discomfortS ana
suffering must he charged 10 them. one
NAV say that the government Is partly re
sporsihie. also. but the government would
leaislate # the bankers wisely advised IL
The nation puts into the hands of the
bankers the care and control and the or
ganization Of it's financial interests. In all
periods the banking and currency systems
of the world have been formulated by the
bankers 1t is not enough 70 say that the
bankers suffer from the nadequacy Of the
\ svsten. because they suffer too much and
III moro than any one else.
Tsking IN tia elements If banking. Sec
retary MacVeash discussed currency and
reserves and traced the study OF the cur
rency problem in the United States down 70
the work Of the Monetary Commission and
TIE suggested plan for the creation of the
Reserve Association OF America.
The banking system Of America today.
said Secretary MacVeagh. was an unor-