New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-06
ADVOCATES ALDRICH PLAN
National Reserve Association a Remedy
for Monetary Ills.
To the Editor Of The Tribune

To the Editor Of The Tribune.
or: by far the most important OF all the
great national needs to-day is the adoptIon
OF an improved national banking system
for this country that would place II on a
par with its leading commercial COMPETITORS
OF the world. our stock OF money nor can
TIA Is three times AZ large and our stock Of
gold Is six times as large az that of GER
many, yet the latter nation weathers finan-
cal storms which produce panics I'm this
country, at which times merchants sec the
denominations Of years suddenly swept
away. Multitudes Of workers are then
thrown out Of employment for panics fall
with greatest cruelty upon the la borng
classes and make them the chief sufferers.
This state Of affairs is wholly due to the
fact that i'm times Of panic our banking
machinery utterly breaks down, and. no
matter how wealthy they are, depositors are
unable to get their money. This IL partly
due 10 the fact that. under orr present
wretched banking system. one-hfth Of the
banking capital must always be dead. The
proposed monetary reform aims 10 remedy
this
IT IL a national disgrace that this country
containing the greatest natural resources
Of any of the civilized countries, lie fire.
quently visited by financial panics such as
do not occur elsewhere Even Canada and
Mexico sometimes escape pancs when We
do not
The remedy seems 10 Ie in the proposed
National Reserve Assocla ton. by means Of
which the now unavailable reserves of the
banks will he modified. The plan recon-
mended by tho Monetary Commission. in
favor Of which bankers are almost unani-
nous will make every dollar Of lawful
money always do it's full work. and will di-
vorce vicious speculative finance from It.
Ultimate commercial banking This is "A
great national economic question to be CON
sidered without appeal to partisan politics
Tho Insurgent Republicans and the so
called Progressive Democrats 50 far do not
seem 80 have been able to comprehend the
broad. benencent purpose OF tn" Adrich
plan ~ shown IN a speech In Washington
be Governor Woodrow Wilson. who sounded
n note Of warning against this plan.
Senator la Toilette also. in his speeches
throughout the Middle West has quite ms
informed his audiences I'm stating that TN"
Aldrich plan viii SO rivet th" ceutraIiHeo
control Of business and industry upon the
American people that it may not b" possible
successfully 10 contend against IT hereafter.
lie thus shows his utter lack or compre-
hcps,on OF tho fact that the Aidrtch plan IL
in strong contrast with the present lame
banking system. admittedly the worst IN
tho world II It r. not lack Of comprehcn-
sion. Mr.. la Toilette is open TO me charse
~ yiIruI intent to excite the public even II
rssor, to misrepresentation becomes neceS-
sary. 49,
IIoveycr despite all misrepresentation
.,,,r,s Of business interests in and out OF
,,o,oross VIII be made with Increasing force
- M, ,h,s excellent bill through, that II
may AZ soon as possible repIac" the p'eS'''
panic. breeding system .......,J.,.
''''' THEODORE JUSTICE.
pbuadeIuhia July ., 1872.