The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-11-26
Men of National Promi.
nence Say There is No
Warrant for Action.
TO USE SPEECHES
AGAINST THEM.
Prominent Republicans Criticize
Administration. and Denouncc
the President and Cortel-
you for Alleged Domi-
nation by j. r. &.
Morgan.
Especial to The Times -Disp.tch., !,

(Special to The Tfmes-Dispatch.)
WASHINGTON, D. c.. November c5.--
The Republican members of Congreaa
In Washington admit that the Demo
Gratis will be in position at the com.
ling session to administer some hard
blows to their opponents, owing tos
the policy pursued by the President
and Secretary OF the Treasury in is-s
suing s5O.000,000 of bonds and $780,
| 100000 OF Treasury certificates in time
i.of peace to relieve the money mar
| ket.
One of the most distinguished Re.
publicans in the United States. man
| whose name Is household word. said
tonight that there was no warrant
| In law for the issuance of the Treas.
Jury certificates. and he doubted
whether the Secretary OF the Treasury
had authority to issue the Panama
bonds, but the money was needed to
build the canal. His opinion was ex.
pressed conftdentially. hence his name
Is withheld
The chairman of almost the Lead
| ing committee of the House OF Repre-
sentatives, who has always been re-
| garded as stalwart of stalwart Re-
publicans, expressed the same opinion.
privately. of course. and said further:
| All the Democrats will have to do
this winter will be to go through
the Congressional Record, ana get the
| speeches made by Republicans in 1893,
attacking Cleveland. and hurl them at
us. They will have us on the hip
/ from start to finish.'
Denouncc Morgan Dominntion.
Four other Republicans OF promi-
nence. including one Senator and three
| representatives. expressed similar opin-
4 ions 1t is "a fact that fur more has
been heard from Republican sources
! In criticism OF the President for his
course than from Democrats,
4 The fact that the President declared
n that the proceeds of the sale OF sthe:
4 hundred million of Treasury certtti-j
Gates should be sent South ana west
to aid In the movement of crops, and
then, after J. Pierpont Morgan had
4 conferred with him for two hours until
midnight, and after Mr.. Morgan had
conferred with Mr.. Cortelyou until p
lo'clock III the morning. the announces :
Iment was made that New York bankers
|twere to be allowed to have at least
a large block of the certificates, is de-,
Inounced with force by Republican
members that is nothing short of as
i ltonishing. 1t Is also admitted that
every step taken for relief has been
advised by Mr.. Morgan and other,
4 bankers.
ifsassNSIe liC united
sliplan of currency leglslation, which
would command fair Republican sup
SIrort also. reform of the currency along
\ Democratic lines would be nleusurablyl
lIncar. 81
1t looks as though the plan suggested
i by Mr.. Bryan for the reliet OF the
4 financial stringency through the res
toration OF confidence by having the
4 government guarantee dapositors
against loss is not likely to receive
the hearty indorsement of the Demo-
4 cratic minority In Congress. nuns
ber OF Democratic Representatives. .in-
terviewed by The Times-Dispatch COR
respondent yesterday and to-day. dis
approve the plan. or express an opin-
lon Indicative Of disapproval. though
they are not yet ready to flatly OPP
u pose the guarantee principle
4 Mr.. Lamb Opposes System.
4 Representative, John Lamb. of the
i RichmQnd district, who is here to-day,
4 said lie was not prepared to indorse
the scheme proposed. at the same time.
i however, declaring he could not coIi-i
demn it without further, study, at least.
4 "'rhe truth OF the whole matter is
the government should not he in the
banking: business said Captain Lamb.
Our financial system is wrong from
4 the bottom up. IT is useless to talk
/ about beneficial currency legislation
4 so long as nothing more is proposed
i than amendment OF the present sys-
tenn. OF course, it might be that legis-.
5 lation amending the law in some par-i
| ticulars would work a benefit, but I
cannot for .the life of me see how the
country is to be benefited without a
radical change of system"
i Let the government go out of the
4 banking business ultogether'' said
\ Captain Lamb. "and there will not then
be any necessity OF this talk about its
4 guaranteeing deposltors against loss.
IsLet the general government coin gold
Z and silver brought to the Treasury,
but there is no necessity In tho world
Z |for governmental banking. Above all,
lat is the duty OF Democrats to fight this
i proposition forsone central national
i bank. Andrew Jackson killed the old!
bank. and in doing SO established q,
4 .Iprecedent and laid clown principle
which the Democratic party has fol-
Ilowed to. this day.. ss
Sims In Same Attitude.
s"rhc government has no business'
4 being in the banking business" said
4 Representative T.syy. Sims. OF Tennes.'
Il see. 7.lf the government Would eontlne
4 ITSELF to coming all the gold and sit-l
liver presented, stamping II ms being OF
4 a v certain weight and tneness and
4 would leave to tho banks the duty OF
Y Issuing notes, the problem, would be;
I settled. 1t might be said that the
notes OF IL bank would not circulate
! outside of the community where the
( bank issuing it was known. | think,
d this; would solve thef problem as to
how tu avoid Il, scarcits&of circulating
/ Imediunl.T The very fact that the notes
Il would circulate freely in the locality
!, Where issued and where the salvency
I OF the bank was known, while bAinG
q received with doubt IN distant loeali-
Ities, where the condition OF the bank
:. was unknown, would have tie tend denry
I Ito keep each con,lnunsty supplied with
ample circulating a.edtnns 70 transact
Y s|local business. Aud u would mati,tain
this strict supervision OF banks 50 an
tt| to insure, as FAR as possible, tie SOUNDS