Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1908-02-26
BILL FOR RELIEF
OF WALL Street
HAYES OF CALIFORNIA THug
CEARACTERIZES THE ALDRTCE
BILL IN A SPEECH BEFORE
THE HOUSE.

WASHINGTON, Feb 26.-Repre-.
sentative Hayes of California todaw
addressed the house on the fiuaucE-
al question He held up the curreucyr
system of the United States as .'ths,
worst used today by any country"
He denounced the Aldrich bEBg
and ridiculed the proposition for a.
central bank
The trouble with the currency or
the United States, he declared, waas
/ its inelasticity.
The socalled currency system hss
characterized as patchwork" Has
said that under the present systera
we can but wonder that we haVxs
been able to accomplish wonders
with so few financial upheavalg" -
Only the ability and integrity az
the American bankers and business
r,en, he said, had made that possE--
/ BILE.
Coming to the question of eaE--
! trail bank of issue, Mr.. Hayes decIar-
ed that "the proverbial SNOWFALL hzss
as much chance to live in hades AS al
central bank has to be establishes
at this time in the United StaEss-
Andrew Jackson, he said, did grEa1E
and glorious thing when he Destroy
ed the United States bank.
Mr.. Hayes characterized as ga fab
\ ha hat
United States bond behind the ua-
tional bank note that made it @M
! good as gold the world over. ThusMa
notes, he said, will be as good zas
gold everywhere as long as the gDE@
eminent and the banks expressed aa
Willingness and the ability to redeerm
them on demand in gold or its equfwA
a!ent, "and you cannot change thFgss~
he said, mo matter how many ox
what kind of bonds you put behIn@
them"
The bonds, he said, may lleTrs pro-
tcct the government from loss. hua.
| they have no influence in keepSnxx
the notes at par. He considered auyy
hond-secured currency "as not uuRw
inelastic but unscientific, hungISs-
some, unnatural, dangerous ana ura--
desirable from every point or IfaYr--
Congress, he declared, ought to Eeg-
fslate to change the bond-secslrenn
notes into more desirable currez-
cy, instead Of planning to perpesu--
ate them and possibly greatly. ezn,-
large their volume"
AS regards the Aldrich bin. NJ
Hayes said 1t has all the evils ANA
weaknesses of a bond-secured cur
rency and many others that CUR
| present bond-securey currenqA Eass
not -a
In the face of thfs welI-kRuwna
fact" he inquired, "shalT we, vflSYea
in the possession of our senses zRdg
with eyes wide open, vote to tie uro
the currency of the country sfiEE
closer to Wall street2" n
The Aldrich BILL he decIareds,
should be entitled "a bin for thn
relief of Wall street." and the uea--
/ PIE, particularly of the West ana
South. would be no better. on than
they would be without the PROPOSES
law. The Aldrieh bill, he said eurs-
ther, would make the people more
dependent than ever upon Wam
street. and he never woullF vote Tor,
such proposition He sai,tr tfa,-rs
was vague suspicion in the "a ahaa
Of some that one Of the large paz
tiyes behind the proposition I'd arlSur
hanks to issue circulation on state
municipal and railroad bonds -fs .oy
find q market for these bonds al x
fictitious price with the %. k uR
Uncle Sam upon them.
The bill he declared, II it shoaEH
become law. would make certain.
the use of the United States treasury-
tc further the schemes Of the stsnEx
gamblers of Wall street. He predzes-
dicted that the proposed AftIrfch
plan, instead of preventing panfcs or
mitigating their severity, wuaiM
have tendency to bring them ON
"and continue them when they hzea
once come upon us" The pan. Har
said, upless violently amended. wazs
vicious, dangerous and ineficient -
While favoring in many parnca--
lars the issuance Of clearing HOUSE,