The free lance. (Fredericksburg, Va.) 1885-1926, 1908-02-15
RAPS CURRENCY BILL
Senator Rayner Points 0ul
Faults of Aldrich Measure.
DIFFERS FROM PRESIDENT
Declares One Day Of Imprisonment
weLla Do tSe Werk Better Taan a.
Heavy Fine For Rich @s'-,s-so~s.
Wall Street. Centyeis the t.e g.

Wall Street. centssls the Lse g.
Washington. Feb i3-S~ul;cr Isa
der Rayner MAJ. the nrsJ Dcl.1c. ~
So fGg 10 make a speech ia OF losi. o.
- tae Allr.ca currency 0iii. aid. --scl
lie senate az considerable H.. D ol
that measure. outlining wkat Dee ca
sisered were its chief faults sri Gu
soliag himself with the assurance that
Il Is at best but an cAers n. y
measure.
NJ. Esyner said he realized tha,
the bill would pass and he hopcl it
would pave the way for 2 complete
reformation. several years later. OF
the cnths banking system OF the
country.
The truth about the situation" h
said. is that the money In this coun
Try is not eQuitably aad fairly dis
tributed and that It is concentrated a,
points that dominate the bauA.n- in
terests Of the land. and that the peD
pie who need the money ana the acri
cultural sections OF the country. enl
the country banks. and the country
towns and mercantile and farming in
terests. and honest business enter
prises, are all unable 20 procure q,
when the necessity arises for It's use
and are all sacrificed to crafty and
appease the demands that are concen.
trated around the financial centers of
the country"
Mr.. Rayner went on to record him
self against a credit currency. an asset
currency and a central bank OF issue.
The great trouble with the pending
bill Is with the reserves. he said. and
he declared that the law regulating
them is simply an undisguised and
stupendous deception and fraud" He
said that the reserve scheme as now
operated works dishonesty and disas-
trously upon the rights OF the Ameri-
can people.
II the country and city banks have
on hand only per cent and ~ per
cent respectively OF the reserve de
posits. Mr. Rayner wanted to know
who does have the money. Answering
his own question. he said he supposed
the stock market has il u a large ex
tent Continuing. be said:
$50. gentlemen OF the south and
west when you want 10 move your
crops, do not apply 70 the banks. be
cause they have no money. but apply
TO the New York stock exchange for
permission 10 do so. Is Il not frightful
that this lniquity should continue. con.
demned by every intelligent fnancier
and honest man in the land7 You will
understand that in the seasons when
money Is easy the reserves go TO New
York as quickly as they can for inter.
est. and then when the hour OF con.
traction comes. the New York banks
are unable TO send the reserves home
again because the money is all loaned
out
Il appeal TO this body not 70 pass q
bill which peremptorily declined &c
make any change whatever in this
system OF reserves. and permits this
laundering and fragrant injustice &c
permanently disgrace the statutes Of
the United States.
And now / say. with great defer.
ence and respect. both for the ONCE
and for its occupant. that the presi
dent OF the United States has also
with the best intentions. unconsciously
contributed 10 the misfortunes that
have Overtaken US. unite with him
In the warfare that he Is wagine
agaist the violators OF the law and the
oppressors OF the people.
Il differ, however. with the presi
dent in his method OF assault. Male
factors should receive penal punish
ment and a whole generation Of limo
cent people ought not 10 suffer for the
sins Of their oppressors. One day of
Imprisonment would do the work bet
ter than all the heaviest fines that can
be levied upon the Institutions they
represent"