The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-01-25
BROADENING" THE SCHEME

The various changes that arc pro.
posed in the ALIrich currency bill arr
received with mixcd emotions bv the
public. The latest change is I'm rcla.
ton TO tue makeup Of ,-hc directorate
of the Central Reserve Association that
stands for tho system IN the same re.
lation that Central National Bauk
might stand; be-, as the Central Ma.
tional Bank has. as name. certain
odum in the public mind. it is sought
to dodge that odium by changing the
name.
In reply to the suggestion that if
tho control of tho National Rcscrye As.
socIation wcrc placed in the hands of
those chiefly who have the most assets
and the greatest wealth to pu, into the
banking business. the control would
necessarily lie in New York aud New
England, 'herc has been change in
the makeup of the association s di-
rcctorate, whereby The financially weak
or divisions of the country arc given
a voice IN the Central Reserve Asso-
eiatlon out OF all proportion to the
resources which they woul,l bring 10
it. leading New York financial pspcr
points ou.t the incongruity Of under
taking To place the control Of the
stronger financial interests in the hands
of tho weaker financial representation.
and its conclusion is that, irrespective
of the number of directors appoE,ioned
20 New York and New England those
directors will control anyway. because
thcv represent by far the greater Dor.
tion OF the financial power that would
be represented in tho hcservc associa.
ton. We thinl, ths. this would be true.
II follows, therefore, that the plan TO
deprive the stronger interests of the
representation which their strength en-
stiles them to, Is deceptive propos-
tion For. since it is true that the
greater interests would prevail. and that
the weaker interests must Weld to
them whenever any autagonistie
question arose between them.
the scheme a. BOW fixed is de
signed TO throw dust i'm the pcopIe's
eyes: 10 make them believe that the
control is taken away from those who
would naturally and inevitably excr.
else the control. and given TO those
who bv reason OF their weakness are
ne' able to control. To plnce tho
stronger at the disposal of tho weaker
Is always deceptive proposition. be-
enusc the stronger win naturally and
inevitably prevail aud there i 90 micro
nskebeIieYe that will prevent it,
In any conjoiniug OF interests. the
larger intercs.'s must necessarily be IN
control, no matter wha.. numerical or
Fictitious strength NAV be nominallv
accorded TO the minority interest. The
whole directorate of concern repre.
sentcd bv. say, 100000 capital might
be placed in .he hauds OF representa-.
tlNeS Of $4,000 Of that capital. and still
the Sr0.0oO interest would Iucyit,bIv
have its wav in managing the affairs
OF tho concern.
Other hetitious propossl, .srcnJ.
ing the Aldrich scheme. such a, for.
bidding .'he ownership of one bank fr,m
owning stock in another. aud forbid.
ding common or affiliated proprietor.
ship irom casting full vote. are Of
the same deceptive character; for p
minority interest undertaking 10 ge.
advantage ~ against the greater ir.er
csis involved. would necessarily be rr..
vented. even though n SHOULD have
Toe tcmcritv 10 undertake il. But IL +.
not IN tho least ikolv .'hut this would I
DC done. The whole matter would no
arTnugcd hv fripr conference or lire.
ton. and the majority interest woull |
prevail simply because it wax tho ma. |
loriiy, and the stronger Interest. AMI
these mskesbifts. .'besc preteuses al |
protecting the people or the weaker
interest against the influence of the /
stronger. are shams and frauds. There |
Is 90 wsy 70 make the stronger suc.
cumb 20 the weaker. aud TO pretend
hat this d, done under the law j. sim.
Ply to introduce an element 81 SETON