Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1912-01-26
llNDBfRGn ANSWERS
Shows by Wall Street Pub.
lieation That Aldrieh j.
Bill Is Wron9 !.

the St. Cloud Journal Press on the
Aldrich bill, would show that Con-
gressmanL nLjndbergh is far from beirg
Ia aoe,ord With the bill, contrary to the
thought OF Mr.. B0nynRe, who said
that with the bill in its present form
Mr.. Lindbergh would no doubt, pretty
we'll agree. rhe letter reads:
Hon. Aivah Eastman,
st. Cloud, Mimi.
Ny dear Mr.. Eastman:
Noticing in your editorial an i'm
partial sc0mment upon the discussion
held in 81. CIoud. On the Aldricb bin
and suggesting that the other side be
presented, aud practically inviting
me to answer, WHICH of course will,
I am prepared to answer now but as 1t
requires close analysis to discuss it
in it's true meaning, II WOULD take too
much space for a newspaper article. /
shall discuss this question sOon in con-
gress and will then bring the subject
out in its details lI1luding some suR-
gestions within the plan that may he
utilized to advantage by having the
Government serve as the Reserve As
ISOLATION and exercise the powers in
favor of the public that this Aldrich
plan proposes to give exclusively to
private trust control. It would be
folly to give control to q private
monopoly which we should later have
to take over with An imcumbrance.
Our present plan is enough OF an in
cumbrance. We must do no injustice
in q re.adjustmeut. The Aldrlch plan
IS radically wrong ard it should not be
adopted even if Wall street would not
control. But shall show and those
familiar with the conditions lying
back Ut it know that Wall street woul1
control. Observe the following, which
I quote from Financial America, "a
Wall street publication, in Its issue of
January y, 1912.
with the leading popular features
of this report We shall not ueal, in
consequence; but With the attempt
made by ex-senator A'drich and his
colleague to make 1t appear to the ma
t,on at large that the proposed Reserve
Associativn-if established will be con-
trulled by the banks OF the country
other than those in New York City,
or, in other Il 0rds, by interests other
than those of the country's most
powerful tinanciers-. the grsBt majority
of who are to le found IN the city
mentioned ard interested heavily in
its banking ii1s, sutton, We intend in
his editorial TO express our views
frankly, and; we trnst, with tho 0mo
omen. mindedness which our readers
have full cause to know has always
characterized our opinions heretofore
on the currency and banking ques'
tlou."
''Superticially examined, ex-senator
Aldrich's mathematical computations
would seem to lend color to tho belief
that he has accomplished that object.
None know better than he, however,
the utter impossihilitv and the abso.
lutte untrutnfulness of such an infer.
ence. He knows that no curtailment,
no restriction of voting power IN the
proposed Reserve Association can curb
or check the d d,ruination ;yes ''domlna-
tion 10 the word of the banks of this
citv over the banking interests OF this
country as they now exist or as they
may be affected by the recommenda.
tions of the National Monetary Com
mission. That domination fixed and
permanent because of the solidarity,
strength and resources of the hanks
in this city because this, city is the
reserve centre in the final analysis, of
all the banks in this country; because
through this circumstance, thousands
ana thousands Of the banks through
out the country look up to and are In
ffaenced by the banks in this city,
what ex-Senator Alditch, the ec,nm Con-
missions chairman, hopes to gain by
pres N t in 8 recommendations con.
structed artifcially to appease certain
degree of public opinion and intended
to create an impression that the con
troll of Reserve Association will he
vested in men and banks from sections
OF the country not logically entitled to
it in view of what we have just
stated, is difficult to ascertain. He
knows that his restrictions on the
banks IN the East will not lessen their
power on their control of the country E
banks and banking system, just a. truly
as ne knows that calling sleeps tail
a sheep does not make it q sheep. Then,
why stoop to political subterfuge
that can. fool no thinking citizen, and
which must return as a. boomerang!
Why not lCok facts Sluarely in the
face, recognize them, and admit them
candidly; and publicly? If tha interests
in control of the great banks IN the
East have reason to control the Reserve
Association. it will he only matter
of brief duration until that will be &C.
complished. They are masters of the
situation today. A Reserve Associa
tion will not change that condition
and tits q condition and not q theory.
a. is the whole recommendation OF TIT
commission. Let the project e
through, and when the interests Of tnt
nation need financial guidance OF
direction, we predict the votes of tbt
Eastern banks-New York and New
England.in the Reserve Association will
be the majority; for they will bt
followed by the men from the othe'
sections, who have had to rely or
New York's leadership for their vo,y
axisfanca ON former occasions O1