New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-01-21
SPEAK FOR AND AGAINST
ALDR|CH MONETARY PLAN
Mr.. VreeIand Defends 1t and L.
M. Shaw Attacks 1t at Re-
publican Club
OTHERS JOIN IN THE DEBATE
Will Prevent Panics, Says Man
Who Helped Draw Tx
Secretary Sees Huge
Money Trust.

The Saturday luncheon OF the Republican
Club yesterday dragged well Into the even
ing over discussion OF the Aldrich cur
rency reform plan. which was defended by
Congressman Edward Il. Nreeland. Vice
chairman OF the National Monetary Com
mission. which drew up the plan, and at
tackled by Leslie NJ Shaw. former Secre-
tary Of the Treasury.
Paul Warburg. OF the banking firm OF
Kuhn. Loeb a Co. and Deputy Controller
= u Fisher took sides with Mr.. Nreeland,
while Charles y Fowler whose chief de-
light during the last few years I'm Congress
was I'm taking a fiing at Uncle joe can
non. trained his fowlng piece on nearly
all monetary systems save his own. which
he thought would solve present hnancial
problems.
The Monetary Commission plan SAID
Mr.. Yreeland will establish banking
system and system OF currency TO carry
on the countrys vast, increasing business
II will make rates lower, establish as
count market. establish uniform interest
rates and prevent panics.
The trouble with the present system Is
that IL falls apart when panics are impena-
Ing, and each unit must take care OF itseh
We want coordination and uniformity we
now lack leadership in our fiscal policy
This was shown in the panic or 1871
which some believe was created Tor the
purpose OF absorbing the steel INDUSTRY Vi
this country. why. gentlemen, man VINO II
may he said is almost a violent candidate
for tho Presidency has said that the panic
was conceived for this very purpose. II
,bis &c true. he should be summoned before
Corgress TO expose Il. II II Is true no CON
demnation is too severe or too great for a
system that permits panics TO be created ior
gain"
The former Secretary Of the Treasury
said ne believed the panic was created LOT
the absorption OF the Tennessee Coal ana
Iron holdings
ANY security" said Mr.. Shaw In TINS
respect, rs good in New York while the
hanks say II is. The Tennessee Coal ana
Iron securities were good until the DahhS
said they weren't I'm not crtticisins any
onn but the panic was taken 10 Nashihe
ton. And I'm naming no names nut hau
q certain man I'm Washington had his sup
poscd nerve with him when certain COM
nIttee called upon him, he would nave
,atd. WAS Tennessee Coal and Iron good
rt,ety DAVIS ago? Has anything happened
since 70 change its securities? And when
tbev told him no, he should have said: You
on hack and tell those banks that any
bork OHIO calls In any Tennessee Coal and
Iron loan will he called by the Secretary OF
the Treasury.
When the applause that greeted this re-
mark ended. ne added:
And then would there have been a
panic" a., ,,.,
Mr. Shaw viewed with horror the plac-
ing Of the Aldrich plan in the federal stat
r,os He saw visions Of huge money
trust dominated by one man who could pay
~ ,ho national debt. make and unmake
Presidents. and control and fix the prices
~ cotton wheat and other necessities. Ana
wal street. he said, would control every
thing! :,
Mr.. Shaw is the best stump speaker III
AmerIca." said Congressman Nreeland III
closing the discussion, "and his arguments
are IKE the glare OF a sesrchlight In the
skv II looks substantial, you so up 10
bring It down. and you get nothing
He then took Mr.. shaws statements one
by one, and quoted from the Aidrich pian
IN an effort 10 show that the former Capi'
net member had reached false conclusions