Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1903-09-10
LEGISLATION
Wall Street Element Persistent in
Demands for Credit
Currency.

Wall Street Element Persistent in
Demands for Credit
Currency.
The new currency and financial bill
which is being concocted by the sem
atorial coterie and has the presidential
sanction will meet with considerable
opposition both from republicans and
democrats before it becomes the law,
if it ever does command a majority Of
both houses of congress. The self-ap-
pointed subcommittee of the senate
finance committee, consisting of Sem
ators Aldrich, Allison, Plat : Comm
and Spooner, have undertaken to pass
a bill to help the trust magnates, the
Wall street spectators and the New
York bankers out of a tight place. The
bill they are now SO intent on was drawn
early last summer by the most able
attorneys of the money power. 1t was
attempted to be rushed through the
senate during the closing days of the
last congress, but democratic opposi-
ton developed and Senator Aldrich, it's
sponsor, had to abandon it. The Pc
culiarity about that bill and the pres
ent one that is to take it's place is that
but few outside of those interests above
mentioned appear to think it necessary
or desirable.
When the object of the bill is consid-
cred, which is to give the New York
banks the right to keep the $3.50, 000, 900
treasury surplus and to replace United
States bonds, which the treasury now
holds as security, with other city or
railroad bonds and to not only continue
the deposit of the internal revenue COL
lections in the favored banks, but to
also deposit likewise the custom re-
ceipts, it is no wonder there is nc pub
lie demand for the measure. The bill
which is now being concocted by the
senate committee has another feature
that will be opposed by many repub-
licans and probably all the democrats,
namely, to blow the national banks to
issue credit currency.
There is no demand from the people
-puolilCSS luGu, ldl UtGIS VI W"OlhluRIuGu
for more currency, and it is certain
they are not favorable to legislation in
the interests of the New York bankers,'
which compel them to pay taxes to be
loaned to the banks.
Representative Hepburn, of Iowa, one
of the few men of ability on the repub-
lican side of the house of representa-
tives, was in Washington a few days
since, and an interview with him pub
lished in the New York Post indicates
proposed legislation:
INF. Hepburn says that there is no
scarcity of currency and declares the
view, that there is a great draft on
New York for money to move the crops,
not well founded. The only danger, he
says, would come if the producers of the
west became distrustful of the eastern
banks and so withdraw their money too
rapidly. This, he believes, is prevented
by the present rigid system of bond-se-
cured circulation"
But the senatorial c~oterie, who have
also persuaded President Roosevelt that
help must be furnished Wall street, will
be backed up in all they claim by the
whole trust interests. Every banker,
state or national, will be urged, by the
most adroitly worded appeals, to join
in bringing pressure to bear on con-
gress to pass the bill and the provision
for asset currency-rubber currency, as
Representative Cannon, who is slated
that the country banks will have an OPP
portunity to get some of the spoils. Mr..
Cannon is said to have modified his
views, and If not favorable to this rub
Der currency" at least will not oppose
1t. Threats of defeating him for speak
er may have caused this change of senti-
ment. 1t was not difficult for the New
York bankers to get Secretary Shaw into
the conspiracy, for all his manipulation
of the government funds has been in
the interest of Wall street. What has
induced President Roosevelt to favor
the Wall street programme can be
judged by the exigencies of his political
ambition.
Those voters who believe that legisla-
ton in the interest of Wall street and
the bankers is against the interests of
the people will have to bestir them
selves and make it plain to their rep
resentatives and senators that they will
hold those responsible who vote for such
legislation.