The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1913-05-04
CARTER GLASS
HAS OPPOSITION
Proposed Banking and Cur
rency Chairman Declared
Objectionable.
ALDRICH PLAN FAVORED
H. C.. MilEken Epuperates Reasons
Why Virsinian Should Not
\ Be Appointed.
ALDRICH PLAN FAVORED
To the Editor of The washington Her.

To the Editor or The washington Her.
add
IT maintain the Democratic members
of the Ways and Means Committee
should not appoint Representative Car
ter Glass chairman OF the Banking and
Currency Committee for the following
reasons
I'D Because he advocates a measure
which is not only unsound and unset.
entific, but one which was expressly con.
demned by the Baltimore platform. The
proposed Owen-Glass measure is tho
same thing in principle as the Aldrich
plan, as both provide for a bankers con.
trolled reserve bank.
Cd Because, while holding a commits.
sion, from the last House, he proved
himself an unfair and dangerous investi-
gator. for he sought to prove the neces-
sity for monopoly and combination In
bank control, and thereby disprove the
benefits of competitive bank control, an
economic theory which the Money Trust
Steel Trust, and Sugar Trust inyesti-
eating committees established by abun-
dant proof. The last House wisely ex-
pended, in my opinion, several hundred
thousand dollars in educating the public
on the benefits of competition. and the
present House cannot justify those ex-
penditures If IT appoints Mr.. Glass chair
man of that committee, for he by his
own acts attempted to discredit the i'm
portant public service performed by
those three committees.
90 He favors plan Of bankers
monepolistic control which the President
has declared will not meet the require
ments, no matter how honestly con-
ceived.'
Platform Is Explicit.
THE Baltimore platform is explicit in
its condemnation of. the Aldrich plan.
The party leaders who drafted that plank
did not condemn merely the name, but
the principle, of the Aldrich plan-the
principle of a bankers controlled head
OF our credit systematic preserve bank.
There is no difference in principle be-
tween the Owen-Glass measure and the
Aldrich plan. as both provide for a bank
ers' controlled reserve bank. a thing
which is prohibited in all other countries.
Both provide for the tying together of
hundreds of banks in control of the re-
serve associations. Tle one ties them
together by districts, while the other ties
them together on a larger scale. Each
plan will create monopoly and when you
create weak monopolies in some districts
and powerful ones in other districts 1t
will be an easy matter for the powerful
ones to control the weak ones.
President Wilson in his speech accept
in5 the nomination under that platform
used this language:
President IL Quoted.
Vast confederacies of banks and rail-
ways: There are not merely great trusts
and combinations which are to be con-
trolled and deprived of their power to
create monor olies and destroy rivals:
there is something bigger still than they
are and more subtle, more evasive more
difficult to deal with. There are vast
confederacies (as 1 may perhaps call
them for the sake Of convenience of
banks, railways, express companies. in
surance companies, manufacturing cor
porations, mining corporations, power
and develop companies and all the rest
of the circle, bound together by the fact
that the ownership of their stock and
the members of their boards of directors
are controlled and determined by COM
paratively small and closely interrelated
groups of persons, who, by their informal
confederacy, may control. if they please
and when they will, both credit and en-
terprise. Their very existence
gives rise to the suspicion of a money
trust a concentration of the contro! of
credit,which may at any time become
infinitely dangerous TO free enterprise.
In the foregoing statement the Pres
ident stated conditions which actually
existed at the time and the Money
Trust committee produced the sworn
proof Of their existence. Further on in
the same speech the President outlined
his remedy in these words:
Ma mere bankers plan will meet