Courier Democrat. (Langdon, N.D.) 1891-1920, 1903-10-08
FINANCIAL LEGISLATION.
Extra Session of Congress For
That Purpose.
SOME REPUBLICAN, OPPOSITION.

No Demand From the People For This
Legislntion-Wnll Street Is Peraist-
ent-scnatorial Coterie Working In
interest Of Bankers aad Corpora.
tions.
The new currency and financial bill
which is being concocted by the sena-
torial cotecie and has the presidential |
sanction will meet With considerable |
opposition both from Republicans and |
Democrats before it becomes a Jaw, If |
it ever does command majority Of |
both houses OF congress. The self ap-
pointed subcommittee of the senate
finance committee. consisting of Sena-
tors Aldrich. Allison, Platt of Connect
cut and Spooner. have undertaken to
pass bill to help the trust magnates,
the Wall street spectators and the
New York bankers out of Il tight place.
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 oppo-
sition developed. and Senator Aldrich,
its sponsor, had to abandon it. The
popularity about that bill and the pres
ent one that is to take its 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 $50, 100000
treasury surplus and to replace United
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 no 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 Republic
ans and probably all of the Democrats
namely, to allow the national banks
to issue credit currency.
There is no demand from the people
business men, farmers or working
mentor more currency, and it is GER
tain they are not favorable to legisla-
ton in the interests of the New York
bankers which compels them to pay
taxes to be loaned to the banks.
Representative Hepburn of Iowa, one
Of the few men Of ability on the Re-
publican side of the house of repre-
sentatives, was in Washington few
days ago. and an interview with him
published in the New York Post indi-
Gates the feeling in the western states
on this proposed legislation:
''Mr. Hepburn says that there is mo
scarcity of currency and declares the
view that there is great draft on
New York for money to move the crops
is not we'll founded. The only danger,
he says, would come if the producers
Of the west became distrustful of the
eastern banks and so withdrew their
money too rapidly. This. he believes,
is prevented by the present rigid sys-
TEN of bond secured circulation"
But the senatorial coterie 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. Ev-
cry banker, state or national, will be
urged by the most adroitly worded ap-
peals to join in bringing pressure to
bear on congress to pass the bill and
the provision for asset currency-rub-
Der currency, as Representative Can
non, who is slated for speaker, called
twill be SO fixed that the country
banks will have an opportunity to get
some of the spells. Mr.. Cannon is said
to have modified his views. and If not
favorable to this rubber currency" at
least will not oppose it. Threats of de-
feating him for speaker may have
caused this change of sentiment. 1t
was not difficult for the New York
bankers to get Secretary Shaw into