Milford chronicle., 1922-11-03
Republican Gen
esis-DernOcratiC
Deviation

One of the great pieces of legisla-
ton for which the Democrats claim
full credit is the currency law and
the establishment of the Federal Re-
serve System. That they are entitled
to credit for passing this law no one
will gainsay. But that they are en-
titled to full credit for the measure is
disputed by the Republican party.
Looming high in the galaxy of Am
erican public fnanciers now dead and
gone are the names of Senator Nelson
! w. Aldrich, of Rhode Island, one time
Republican Chairman of the Senate
Finance Committee, and Charles A.
COnant, economist, who died in 1915.
Aldrich throughout his career in
the Senate was prominent in the dis
cussion of every great financial Ques-
tiOn that arose in Congress, and he
was Chairman of the National None
tary Commission created by the cur
rency act Of May 80, 1908. 1t was he
who proposed the plan for national
reserve association, and it was un-
der his direction that the greatest in
vestigatiOn of public financial meth
ods yet recorded was made. The re-
suits Of that investigation are to be
found today in twenty large volumes. /
The report deals cOmpendiously with
the banking systems of Great Britain,
Germany, France, Italy, Russia, The |
Netherlands, Austre-Hungary, Japan,
Belgium, Mexico, Sweden, Norway, /
State Banking systems, the U. S. sys-
TEN before the Civil War, and many
other phases of the question.
Charles COnanf tho
who drew the plans which in 1902 put
the Philippine Islands on sound fl
nancial basis, and the Conant dollar
is the unit of exchange in those is
lands today. Just prior to his death
COnant wrote to the New York Times
(Dem.) saying:-
''The Times has already paid tri- I
butte to THE CONTROLLING ;
SHARE WHICH MIR. ALDRICH {
HAD in framing the plan of the Ma {
tiOnal Monetary Commission, which !
became the basis of our Federal Re- {
serve Law. 1t is well that the clash {
OF partisan claims in this matter S
should be stilled in the presence of kC
death and the truth admitted that
the principle of a central banking c
system owes it's early recognition to v
the open-mindedness of Mr.. AL C
drich." t
Most of recall how firmly the Dem S
Gratis were opposed to the currency F
aw proposed by Mr.. Aldrich so long il
S they were in the minority, yet a o
minority powerful enough to block La
hat measure. Not until they took p
yer the control of Congress did they h
lace the cap-stOne on the Aldrich al
.ructure and then claim credit for cl
lie whole edifice. al
The Democrats in the following al
declared that under their hi
lrrency law there would never again W
2 an industrial depression-that the
lys of panics were over And, in all pt
that would have been the CT
Use had they adhered to sane admin al
tratiOn of the law. But it was DEM P,
,ratic defation as carried on by the th
sderal Reserve Board, controlled by th
appOintees, that created re
e acute agricultural depression of pc
2O-21, which reacted on the entire wi
untry. The Democrats could not
e their own tools. They had a sys- Sc
m that would work, but they didn't an
ow how to work it.
And referring to Conant's achieve ci7
ent, it is to be remembered that it Vi
IS Democratic Governor of the in
Islands under whom the my
ances Of those possessions were O0l
wrecked, namely, Francis -
rtOn Harrison, Tammany appointee
Mr.. Wilson. General Wood is at this
ry moment confronted with his
rdest problem in restoring business
bility in the Philippines, a task
ich he is abIv Derfornoins