The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-16
to the bill as socialistic in Its tenden.

CieS
Rcsponse to Socinlistic Demands.
This. is he said, the first attempt
to give a government board the right
to manage grvu. business, which is
more important in its intimate rela-
tions to all the people than any other.
If the attempt is successful, il will
be the first and most important step
toward changing our form OF gov
crnmcnt from a Democracy to an au
tocracy. No imperial government in
Europe would venture to suggest
much less enact, legislation of this
kind.
The creation of this board clearly
is favorable response to Socialistic
demands"
Mr.. Aldrich quoted from writings of
Woodrow Wilson an extract in which
he said: only a great commanding
bank, everywhere known, whose notes
really and always represented gold,
could supply paper worth its face
value in all places. or keep exchanges
from chaos"
Quotes Wilson'S History.
Mr. Aldrich also quoted from Mr..
Wilson's history OF the United States:
1T tthe Constitution expressly for
babe the States TO issue bills Of credit.
did not give the Federal government
power to do so and was meant practi-
rency which was not. at least based
directly upon gold and silver"
This should be fight in the open"
said Mr.. Aldrich. The party In power
has no accredited mission TO fly In the
face of the concurrent Judgment Of the
people OF every commercial nation,
| based on universal experience"
Mr.. Aldrich was the only speaker at
to-night's session of the conference.
Dangerous and Unscientifc.
The Glass owen currency bill was
attacked as dangerous and unscien-
tihc at to days session. Professor E.
II. A Seligman. of Columbia. Univer-
the National Currency Bank OF New
York. and Professor Joseph Frank
Johnson, dean OF the New York Uni
versity School of Commerce. led the
4 assault.
| Professor Seligman said that the
great, successful banking systems of
| Europe were framed. not by politicians.
but by the Joint efforts OF bankers and
theorists and for that reason Germany.
! France and England were a generation
i ahead or this country in these matters.
we cannot refrain from expressing
regret" said Professor Seligman. that
In this country aione the question
should BIO approached. not from the
point of view of the interest Of the
whole country, but from the view OF
one political party. We have not been
able to rise above party.
Voices disappointment.
II must voice. In the name of the
Academy of Political Science. my very
pronounced disappointment that il
some Of the fundamental features Of
this bill no attempt has been made te
follow the teachings OF sound theory
The bill sins In a glaring way in som,
OF the fundamental principles o.
science"
Mr.. Vanderlip defended the prnci
pie OF a central bank opposed t.
the twelve regional reserve associa
lions contemplated In the Glass Over
bill. He said the best minds In Con
grcss must know that were 1t not TO
a party platform they should provide
for central bank.
Professor Johnson charged the bill
az dangerous II see no escape from
the conclusion" said he, that thu
Glass Owen bill, IL II becomes law
viii soon bring this country into
period of dangerous credit extension
Professor Johnson predicted that th
situation would ultimately lead to
panic.