The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-01-18

srat1oa ~ experts. bankers and bust
neea men; and
3. That, although the Democratic
pArty'o rational platform Is opposed
20 tAs sc-caiied Aidrich plan OF bank
ting reform. there In nothing In its
declarations which 10 incompatible
with that degree Of centrslisation or
co-operAtion In our banking system
whsch 10 20 obviously necessary: and.
T. That In preparing legislation
the Democratic platform should not.
therefore be construed TO be opposed
- the eseahaisAmbent of a banking
syDtsFn OF such q character as to ac-
cord with the most intelligent and
pnkstoksc thought OF the country; and.
3. Be Il resolved further, That
the secretary Of this meeting is d.
recfAd 20 forward copy OF these
resolutions 20 the members OF tbs
= banking and currency committee Of
&ha house OF representatives and also
- each member OF the house Of rep
ke&antAtives and Of the senate
Frufa Fundamental Standpoint
The special guest OF the conference
was Professor c. W. A veditx. who
holds the chair OF political economy
IN 0eo-Ee Washington university, and
his address on the funamenssis
economic laws with relation TO the
BANKING currency system Of the coun-
try, was heard with marked Inter
ess. Professor vsditx has studied the
financial systems OF the old world for
ten years and treated his subject from
the standpoint OF practice and theory
He characterized the currency sYs~
tern OF the United States as the worst
possessed by civilized country on the
kiohe; one that combines with dia
eciscal Ingenuity all the worst o.
European systeyns. and takes no &C
count Of the welfare Of the business
community. He diSclsiu1ed sponsor
snip for any particular reform scheme
Nor haa ne one Of his own to boost
His idea was that the bankers and
business men should ga together and
maze FIRST a careful Diagnosis and
then compound a remedy. The pres-
ent national banking systeryl Ia fifty
years old and was created by Sec
Rotary Chase As a temporary expedt-
ent 60 make a market for war bonds.
with sttls attention 20 a permanent
banking system and It's functions, with
TIRE result that the system does not
onay not meet the ordinary needs If
shs country. but E totally Inadequate
IA times Of ssreas or disaster
Congressman Uninformed.
One great handicap. he declared. in
she move a. reform the system was
ire iarneutsbie ignorance Of con
K~esssnen Of the fundamental eco
nossie saws, He ala rot believe any
perfect system Of currency would he
secured until the only banks were
hanks Of neecy clouds. and the only
notes sh@s from angels hRrps" but !
ss did believe we can improve on the
present rystesT. The thing TO do r. Ia
diagnose tire case and remove the
cAase~-doss't tam per with the syrnp-
TOMAS Preserve all we can Of the +
exissfnx syxseYa because business fears /
ra6icaissfr. Aldrich may be a xcoun- +
tret ost despite the Democratic plat
rSrfH we are not investigating Al
srfch- re are Investigating the sys-
fsm- Tia present syst@n ls sneles- /
tic rigid, NOT capable Of meeting the |
demands OF business f7uctuAtton. /
watch he compared to the human
crwanfsra ard the Arterial system in
er&wfrss bscod when blood wac need
&C. The United states" he deciar- I
81. "sssncs alone as the only nation ,
on earth that ts constantly subject
10 financial psntcs due to iss monetary
swxsesn. We need modified re- |
serves Make ali the banks part Of a /
Material system SO they can place
sacney whsre and when X IL needed.
H. Do Away with this dependency on
government aid In time Of need, rs
IN hassh a rational rediscount system,
With q central control Of reserves
Summing cp. Professor vedltz out
fined the remedies under four heads:
L. Mehs'fxed reserves
y. Redsecount of commercial paper.
4. Control CT the movement OF cur
rencv.
e. Central reserve agency 10 con
troll and prevent the extra legal re- /
lief In the past which has helped to
mitigate disaster resulting from our
financial system
Held In Palm RnoTu.
The dinner conference was held
in the palm room Of the Jefferson
hrtsl. with an environment Of menu.
decoration and good company con-
ducive 60 disparsiorate discussion NJ
any existing problem. Representative
bankers from Virginia. West virginia. !
North and South Carolina were In
yfted. hut only Tirginiane were pres
ant the others s. ding tei~grarns Of
regrets Richmond. DauviIle. Farm
Vile. Lyrchhnrg. Norfolk, Petersburg.
South Boston. Chase City. Newport
News and Staunton were ably repre- |
seAtes Tire Richmond chamber ~
commerce was host for the occasion.