New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-09
Correspondent Contends It Was Repu-
dated at Chicago.

To the Editor of The Tribune.
Sir: ! read your article published on
July 4 under the title OF Democracy and
Banking Reform" with a great deal OF m
terest, Notwithstanding l do not coincide
with your conclusions You quoted from
the first paragraph, beginning with we
oppose the so-called Aldrich BILL" and
ending with protection from control or
domination by what is known as the
money trust" and you devoted your
comments 10 that portion Of the Demo
cratic platform. You stated in the edi-
torial your belief that It is a mere empty
phrase" by quoting the following, Such
q systematic revision Of our banking laws
as will render temporary relief in locali-
ties where such relief IL needed" and you
state that the man who wrote II has not
the least idea OF how the relief is TO be
accomplished" How do you know that to
be true7
At tho Chicago convention Mr. Root, in
his keynote" speech said that "the Re
publican party established a monetary
commission. which had reported TIL for
tho establishment OF new system OF re-
serve association, over which the people
would exercise control. The President has
recommended the conclusions Of the COM
mission 10 Congress, where the proposed
bill is under consideration" The bill re-
ferred 10 was signed by Nelson ". Aldrich,
chairman, and others, and dated January
8. 1912 Mr. Root expressed the opinion
that 1T is for the interest OF every bust
ness man in the United States that the
party controlling the government shall not
be changed until the policy has been car
ried into execution" This latter statement
makes direct issue regarding banking re-
form between the two political parties.
Now, when the convention adopted its plat
form II stated a . follows: The Republican
party has always stood for n sound cur
rency and for safe banking methods. We
need measures which will prevent the o.
currence OF money psnics and financial dis
turbances."
Further, I'VE challenge successful crin-
clsm of sixteen years OF Republican admin
istration under Presidents Mckinley,
Roosevelt and Taft" Yet a delegate 10 the
Chicago convention called out that we had
n Roosevelt panic in 1907 I am unable TO
say whether the man was a representative
OF the gamblers of Wall Street" or not.
After the above quotations from the plat
form with reference to banking reform II
went on to state that we need better
currency facilities for the movement OF
crops In the West and South. We need
banking arrangements under American
auspices for the announcement Of our
foreign trade. Investments OF individual
banks whether organized under state
charters, must be carefully protected. and
our banking and currency system must be
safeguarded from any possibility OF domi-
nation by sectional. financial or political In
huences."
Sectional may mean New York; financial,
money trust" Political the Democratic
party, OF course. At no place In the plat
form will you find any reference TO the
Aldrich BILL No mention OF the Monetary
Commission, which Mr.. Root claimed had
made a most thorough and exhaustive
study of the financial systems of all civil
lized nations" "orN their relations TO our
business" He left out OF consideration the
cost OF that commission to tho people of
tho United States. amounting to s25C,0Oo;
also the fact that when that commission
departed from the shores of the United
States they were drifting away from the
spot where they could obtain the most
useful information regarding the panic OF
1907, which caused the investigation to be
made, without people ever supposins that
they would shut their eyes to the truth,
and thus protect crooks from exposure
who were engaged in the banking business
In the panic centre OF the nation.
II the platform committee and the Re-
publican convention combined did not by
that intended slight mean to repudiate the
Aldrich bill and the commission, along with
the American Bankers Association, which
recommended their views to Congress, ao-
companied by President Tafts Endorsement,
then nothing ever before or since will have
been repudiated in the house of its friends
as was the Aldrich monetary bill.
WILLIAM LESLIE BASS.
No. 1882 Putnam avenue. Brooklyn. July 8,
1912.
a.