Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1908-03-17
Sixtieth Congress.
Washington, Mar. II.
SENATE.

Charging that che system" created
the recent financial panic for its Own
profit, and declaring that law making
railroad bonds security for circulation,
would enable the Standard oil and Nor
gan interest in New York 10 control the
country's financial system, Senator La
Toilette, his afternoon, vigorously a.
lacked the Aldrich bill. He declared
that commercial banking Twas being
eaten up with fuancisl banking" and
charged that national bands had used
their interest in trust companies as a con-
venent power 10 many ways. He as
serted that the Morgan aud Standard oil
interests were being knit together and
said that in go far as the country was
concerned, they we're monopoly and
practically one group.
Fourteen directors in the national
city bank (the Standard Oil institutiou)
be said, are at tie head of fourteen great
ombinaiious representing IS per cent.
of the capitalization Of all the industrial
trusts of the country, and declared that
there was 'fndisputable proof Of the
community of interest that controls the
industrial life of the country"
There have, through reorganization,
multiplied their wealth beyond their
own ability to know its amount with &C
curacy," he exclaimed.
Alleging that the railway lines repre-
sented on the board Of the national city
cover the country like net work, he
criticised the Treasury Department for
its failure to recognize the necessity of
requiring national banks in the greater
cities to classify their returns, SO that it,,
and the country at large, could be adj
vised definitely as to the banks opera
lions.
The Senator accused the railroads OF
sounding false alarm and cutting down
train service and side tracking freight,
all for the purpose of creating public
opinion against The passage Of the rate
lsw.
OF the panic, which he charged "the
system" with having Manufactured, he
painted picture in mock herOics, Of
how Rockefeller and Morgan stepped
into the breach last fall. "How beauti-
fully it all worked OUT be said.
ave have proof of their utter con-
tempt for commercial interests, no! only
for the country generally, but for legiti-
mate trade in New York City, as we'll
Did they give aid and support to
the distressed merchant and manu-
facturers? Alas, no. They pursued
the Course of the Specializing bankers.
They ministefed to the needs Of
Wall street, quite deaf to the appeals of
commerce. Tneir course was tina; Of
men who were playing with the credit OF
the country for purpcse." The Sena-
tor said that there we're many and
moving ressous back of this railway
bond proposition, and declared that once
the BONDS were made legal for cur
rency issue, the good faith of the coun-
try would be pledged 10 defeat any leg
islation that suggested disturbance of
a four per cent. div dend upon the stocks
When Chairmsn Aldrich of the
finance committee presented TO the SEN
ate this afternoon The report of his CON-
mittee, which among other things
eliminated from the Al1rich fioancial
bill the provision relating TO railway
bouds. he announced that tue committee
believes it necessary for an emergency
circulation to secure the broadest basis,
but that in view OF the sentiment OF the
Senate, it was deemed proper to elimi-
nate from the emergency bill, all mat
ters that could raise question between
the railways and the people.
Replying te Mr.. NelsoO, he said his
committee siill had under cor liberation
the provision relating to bank reserves.
II j. learned that the determination Of
the COMMITTEES to eliminate railroad
bonds from the class Of securities re-
ceiyable by the Treasury as security for
the proposed emergency circulation wss
finally reached yesterday at a conference
between the Presiden: and Senator
Aldricb.
HOUSE.
The House sgreed TO a joint reso-
luton today, removing the famous