Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1908-02-19
BILL
BAD, VIEW OF
SEN. ONE
DEMOCRAT WOULD PROTECT
PEOPLES MONEY
pENouNcEs STOCK GAMBLING AS
oLARINe EVIL
Scion from Missouri Asserts Repub-
llcan Policies Are Responsible.
Urges Return to "Jeffer-
sonlsnlsn"


BY Associated Press.
WASHINGTON, Feb. 1s.-Speaking
in the senate today Mr.. Stone of Mis-
souri, declared that while the recent
financial panic was in part due to a
shortage OF available currency the con-
eentration of the mony at given points
had much to do with It.
There was. he said, too much of this
money In New York. The Aldrich bill
he regarded as merely makeshjft In
meeting the needs of the country.
81 am opposed" he said, ito con-
ferring this great additional favor and
power upon national banks. The idea
of a corporation usurping and using
the funds of a nation has always been
obnoxious to me. The power they can
exercise upon the political and indus
trial well being of the nation is enor-
nous, and although it is no doubt en-
tirely true that the national banker Is
as patriotic as the average citizen,
yet money and business with him, as
with others, are generally selfish and
srasping things. and dividends are
often regarded as of more Importance
than patriotism"
objects to Plan
He objected TO giving the banks
power to regulate In any degree the
volume of the peoples currency by
expending or contracting 1t as may
happen to suit their whims or their
interests.
Stone declared that he would prefer
to curtail the powers of the banks
because the government is now de-
pended upon to give stability to the
currency. II shall vote for the emer-
gency treasury note instead OF the
emergency bank note" said Mr.. Stone.
State banks and trust companies
should not, he thought be denied the
same privileges as the national banks.
Mr.. Stone favored a law demanding
that reserves should be kept in the
country banks. If that had been done,
he believed, tho intensity of the recent
panic would have been lessened..
He spoke in favor of guarantee
fund to insure the deposits in national
banks. He also wished to see banks
receiving government deposits required
TO pay interest on them.
Referring to a suggestion that the
treasury department should be con-
trolled by board Of directors rather
than by single secretary. he said too
much power was placed in the hands
of an Individual. He denounced stock
gambling and declared that 1t took out
of the market too much money
that might be available for lending
for commercial purposes. The recent
lican administration, although the par
~ had always declared that it brought
prosperity upon the country.
AIR. Stone referred to the silver issue,
saying its purpose had been misrep-
resented and that 1t had been expected
that the parity of all money would be
maintained under that system.
Need More Money
I'VE recognized the crying necessity
for additional money" he said. THE
contention that adequate increase of
the volume of money would revive in
dustries, enhance property values and
labor wages had been demonstrated by
the history of the last decade. The
enormous gold supply had done what
it was expected gold and silver would
do.
but the Republican party has fas-
tened a taxing system under the oper-
alton of which the grasping ,monopolies
are created to plumber the people" he
added. II prophesy that many moons
will wane before they will again point
10 a Democrat and sing the song of
the souphouse.' The full dinner pail
will not be again blazoned as an en-
blem of triumph on the Republican
shield"
This panic, he said, would have been
worse had the Democrats initiated the
example of the Republicans in 1896
when they seemed bent upon making
things worse than they were. Banks
then. he said. coerced their customers,
as did corporations their employees.
Now Democrats have striven to allay
excitement TO restore normal condi-
tfons. When the country is again con-
trolled by the party of Jefferson and
jackson he expected to see industry
revived