New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-08
Another Plank ATTACKED
Credit for Federal Reserve AeI
Where Credit Is Due
To the Editor of The Tribune.

To the Editor of The Tribune.
Sir: Mr.. Fabian Franklin, veteran
journalist and sometime professor 1t
the Johns Hopkins University, in your
columns has shown a misuse, in the
San Francisco platform, of a quotation
from Senator Lodge.
Now, another declaration of the dat
form seems to exemplify an intent;to
deceive, but in this case the mater;s.
for meeting the Justification is readily
available; the means for vindicsting
the claims of justice are contained In
words deliberately made public in the
columns Of "The New York Times" one
of the most ardent of the apoloeists
for and advocates of the policies
Of the Wilson administration. No
one with knowledge worth rasa-
tioning will question the prcmi-
nence Or the strength Of it's champion
ship of Mr.. Wilson'S words and scts
This additional platform assertion r.
lates to the Federal reserve banking
law-the assertion of exclusive Demo-
cratic credit for its enactment, and
that the Republicans opposed it..
A brief quotation from a "Times"
leading editorial would seem to be not
only strictly relevant but decisive be.
yond cavil.
The new platform declaration is that
the reserve act was put through BY
the Democrats and that the Republl-
cans opposed it; and one wonders
whether Senator Glass, as one ID
strumental in the formulation Of
the new platform, may not hare
had hand in inserting this dec
laration-remembering that the orig
inal bill he introduced in the
House while Senator Owen introduced
its mate in the Senate, which original
bills were fierceiy criticized and cp-
posed and later amended to point It
which the original form was substan-
TALLY lost-and whether some feeling Of
resentment might not have been back
of it. But, at any rate, "The Times
on November 10, 1914, made speeifc
assertion. in it's leader on Nelson VI
Aldrich and the Federal Reserve Sys-
tenn" as follows:
"By whatever name you call it that
bill Chat is, the model bill that &C.
companied the report of the Aldrish
monetary commission) was the source
and origin, it contained the spirit sha
substance, of the present Federal ~
serve banking act. Many pr
visions, much Of the language, Of ths
Aldrich commission biz were embodiea
in the new act"
True, the Republicans criticized asl
imperfect and unavoidable, the oriSlsel'
Owen Glass bill, and insisted on ana
fought for the amending Of ft--sst
then Senator Root joining n ~
urgency. President Wilson, =
speech at indianapolis, denounced -
Republicans because they did Aas 4
once support the bill in its crude sE's.
inal form, though later, when il nso
been neutrality-suspicious.. as ~
Tines declares, "much Of the lsnyss
of the Aldrich comns'ssion bill
signed it, thus yielding to Repubi1esp
insistence.
But 'The Times" is equally srss'es
on the point to whom chief credn Z
due for that legislation. It adds;
"Ln any distribution Of praise, e 81 y
acknowledgment Of the eountry's q
to the builders Of the Federal reselss
banking system, the name Of Neisce -
Aldrich, lately Senator from the go
of Rhode Island, must and will
first upon the list Of those to 49,
credit Is DUE
GEORGE 4. BISHOP
Nsv York. July 1, 1920. -