The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-03-07
Makes Able Address Be
fore Members of Bust
ness Mems Club.
LEGISLATORS
ARE GU e SITS
Two Hundred Guests at Ban,
q,let in Honor Of National Cit
liens League-Resolution
Passed Indorsing Work Of
League to Have Enacted
Better Banking Laws.

The dearest abi,s: exposition Of the
"Aldrieh Plan" ana the popular move-
mcnt for soundcr banking system yet
heard in Richmond was made by lor. Fl.
Ihrkcr Wits Of Washington. 10 the
mcmbcrs OF the General Assembly and
city bankers. brokers and business men,
assembled last night AT the banquet
given by the Business Mems Club in
tic American National Bank Building.
Not only was tho address "a masterpiece
from tho standpoint of the active bnnE-
cF. present, hut TO the laynlcn and bus
ineSs men II wns lucid. interesting
definition of subjec. ordinarily CON
Siiered too dry Tor the layman's cousId
Grafton.
liinGeit tho dean Of the department
~ commerce and financ. of George
Washington University and former seq
rotary OF the National Monetary Com
mission. Dr.. W!llis has added TO NJ
teen years study of the subject the
telling power OF transmitting tho
knowledge acquired IN a logical. fasri-
mating manner, For fully furty-iivc
minutes he held the rupt attention OF
the 200 men gathered around tho nan
Puet hoard, opening to them hitherto
unsApiorcd vstas of tn. fnapcinl SIT
ratton and awakening an interest In
tho breasts OF all in question tnAt
concerns business and banking equally
close.
4 better Banking System
sound banks. hut al unspund bank
ing syFtan," was tho mea; contained In
ihs cocoanut opened By DR. Willis in
his rcvicw o: tho present banking al
fairs VI the United states This also
s. the fundamental idea back OF tho
National citizens League Tor the pro
motion % i better banking system. an
der whose auspices the addresses and
lsrqnet % last night were arrang ed.
Nf;%r alYttSfsfully drawing on s'!c f Il
gathering OF representative business
men and lcgisla tors. the league was for
tunate in securing tbs services OF
speakcr so well fitted to hold the inter
csi Of tho gathering was DR.. Willis
While other countries have been de-
'e!opinS th2!r monetary systems 10
keep abreast of the altered condit ons
through the years. said d.. Willis the
United States alone has, with almost
iInpsTceptinle changes. the same bank
ing systam adopted nifty years ago ua-
der the stress Of civil war cond tions
TINS result Of this stand-pet policy,
said he. has not only been the recur,
rent panics OF each decade, out the
Placing OF the American business man
at disadvantage with his foreign
competitor because OF the inferior
credit system in vogue here.
In striking contrast with the stasna-
ton of the United States. DIR Willis
cited the progressive banking system
OF Canada. whose political and national
conditions are almost analogous TO
those OF this country. While political
ana banking prejudices make the Eng
fish. French and German extreme cen
;talzation systems impossiblA in tho
United states there is nothing really
In the way OF progressive legislation on
the part OF Congress TO relieve the ex-
;sting situation
Power of Wall Street.
Following a deineation OF the hiy
tory OF the present national bank sys-
tom. how it was devised TO keep ND the
price of national bonds during the Sc
Ferest days OF thu Civil War. and how
II became worn out years ago, DR.. VIII
Us graphically described the manner
In which the cash of the country has
become centralized In the three central
reserve cities-Now York, Chicago and
81. Louis-in direct contrast to what
the system was supposed to do. Tho
cash OF America, said he, is bound I'm
IN Wall Street.
AS an Offset to the existing unsta BILE
system, DR.. Willis outlined the mis-
named Aidrich plan. which Is virtual,v
he said system for cooperation In
hank that shall stand in the same rela-
ton to banks that the banks stand 10.
ward their customers. This plan .bo
result of fifteen years study by bank
ers, is being advanced in Concr.ss bv
the National Monetary Commission.
with the full approval of the National.
Clti1ens' League. This central bank,
said Or. Willis, can in no way come into
competition with the $4,000 banks ~
the United States, as il is to lend rnonny
to banks alone. and in no case TO indi, !
vIduals
with convincing logic DR.. willis 80
futed the three principle objections ~ |
"" Aldrich plan The first, said he. "a I
the popular belief that 1t is the con-
ceftion or senator Nelson Aldrich. This.
Pr Wills said. quoting Horace GreeIev
is important. if true" He showed
conGlusively that it was not true. how
ever. The second objection-that tho
proposed system will call for the cen
REALIZATION OF the cash of the countrv
was secuted by the statement TINT tbs
new nlan will provide for responsive
cchtraiihation where VIC now have ir-
responsible Capitalization. The third
the danger of inflation--was treated IN !
q similar manner.
Legislative Addresses.
Preceding DR.: Willis's address. vb,.h !
was delivered after the coffee. severoi,
legislators were pulled to their feet
for extemporaneous speeches by tho.
clamor OF the guests. Amid roars Of
appreclative applause. Delegate g. ~
Love, of Luncnburg. delivered his fam.
Gus eulegistjc tribute to Virginia wo-,
mon. which won for him the crown or
orator supreme at the banquet tend |
cred the Legislature by the Richmond
delegation at the beginning Of the ses-
sion. lie was followed by Delegates