The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-05
Neither the Aldrich Bill Nor the House
Measure, Which the Indianapo-
Titan Favored, Was Passed.
DEMOCRATS RESPONSIBLE FOR DE-
FEAT OF LEGISLATION.
Architect Rankin to Make Changes in
Plans of the Federal Building
Movements Of Indfanians.
taft Correspondence of the Journal.

Staff Correspondence Of the Journal.
WASHINGTON, March 4-Should a panic
occur next autumn the result will be due
to the obstructive tactics of a coterie Of
Democratic senators who defeated all finan-
cial measures After adjournment to-day
great regret was expressed by Republicans
and by not few Democrats that the Aid
rich bill, or the House substitute for it,
had not been passed. Thoughtful men of
both parties are deeply impressed with the
necessity for legislation of this character
and Senator Aldrich voiced the general SEN
timent in his speech yesterday when he as
serted that there is undoubtedly in busi-
ness circles Widespread apprehension of
financial disaster or trouble in the future"
Continuing, he said: 1T was hoped and
believed that this bill. which takes a step
in the direction of relief, would have pre-
vented disaster. It's destruction by your
action, as sure as the sun will rise to-mor-
row morning, will impair confidence in bus
mess circles. 1t will arrest that develop
ment which is just as necessary for Col
orado and Idaho it is for any section of
the country" He referred particularly to
Colorado and Idaho inasmuch as the sem
ators from these States were conspicuous
In filibustering against vote.
Had Congress enacted financial legislation
ii would not have been the original Aldrich
bill. That bill would. as Senator Aldrich
1t was not well-rounded measure nor
would ii have stood favorable comparison
with the substitute prepared by the House
committee on banking and CURRENCY The
House substitute permitted public deposits
in national banks without bonded security
and 1t embraced, in addition, % per cent of
IIaI
bill come TO the House II would have been
set aside for the last-named measure. and
while the issues of currency might have
been reduced or the tax on them Increased
il would still have afforded greater relief
than the Aldrich bill. Senator Aldrich has
always opposed a credit currency but he
was too keeniy alive to the necessities of
the situation to defeat all financial legisla-
ton because he could not have his own
way, and 1T is not doubted that in confer
ence he would have yielded gracefully and
accepted the House bill Had he done so
the result would have been a distinct fri
umph for Hugh H. Hanna, of indianapolis.
who has given five years of intelligent eff
sound-money organization, to secure a
banking system more in harmony with the
existing conditions. In this work before
Congress Mr.. Hanna has been the power
behind the throne. He has studiously avoid
ed newspaper prominence and has kent
himself in the background as far as circum-
stances have ma Is permitted; haa1 But from the be-
whose advice has been sought by public
men of all stations. from the President
down to the obscurest member. His organ
ization has been effective in helping To
carry the last three Republican Houses and
it is pity he should have been defeated on
the eve of triumph by a half dozen Demo
cratic obstructionists.
One of the first bits OF information re-
ceived by John Hall Rankin when he ar
rived in Washington to-day was that the
public building bill, in which Indianapolis
is interested TO the extent of 100000. had
passed both houses of Congress and that
indianapolis will get the money. Mr. RAN
kin. being one of the architects who will
put this money to good use In making the
new federal building attractive. is pleased.
His firm will at once begin to form ideas OF
what the architecture Of the north front
should be.
Mr.. Rankin already has plan for Sc
curing the sentiment OF the Indianapolis