The Spokane press. [volume] (Spokane, Wash.) 1902-1939, 1908-01-28
ALL FRAMED UP TO
FORCE AIDRICH BILL
ONTO THE COUNTRY
Special Correspondents to The PresA

Special Correspondents to The PresA
WASHINGTON, d. c., Jan. 90
1t has all been framed up TO ram
the Aldrich currency bill through
congress. whether or no. II is q
little matter between Aldrich and
Cannon, and they have agreed.
In order to avoid any slip in the
house the bill is to be referred 10
the ways and means committee in.
stead Of the committee on banking
and currency. of which Mr.. Fowler
is chairman. Mr.. Fowler has bill
of his own. and does not like the
Aldrich bill. Ii is an everlasting
certainty that the Aldrich bill never
would emerge from the Fowler
committee if sent to it; so 1t won't
go there.
There is a good deal of opposi.
ton to the Aldrich bill in the West.
Even the bankers are not unit in
it's interest. The impression is
strong that the bin is drawn in the
interest of the eastern bankers. The
fact that Aldrich drew and sup
ports the bill. might make this
clear to a half-witted mole.
But more important than any sec
tional point Of view is the fact
clearly demonstrated by men like
Congressman Stevens of Minnesota
that the bill is sl framed as
to furnish money for Wall ST specu-
lation, while doing nothing for the
legitimate business OF the rest of
the country. There is just one
place in the United States where
money is borrowed at usurer's rates
all the year round. and that place
is Wall st. 1t is borrowed by brok-
ers from banks and trust compan-
les to serve as margins for specula-
tive deals in speculative stocks;
and this draw money from all parts
of the country.
Therefore the Aldrich bill. by
furnishing currency subject to s
per cent tax, furnishes a currency
which responds to the feverish de-
mands of Wall SITS gambling oper-
ations, for which money is often
worth 20 and 90 per cent. but does
not help in any way the legitimate
demand for money at reasonable
rates of interest to move the crops
or do real business.
Secretary Cortelyou is opposed to
the Aldrich bill. He says IL fails
in the important need of proper
regulation of the banks reserves.
Ones Of the vicious incidents of the
present system is the fact that
money supposed to be on deposit in
a western bank as reserve for the
payment of depositors, is permitted
to be sent to New York, where it
falls into the trap of speculative
usury. The law, according to Cor
telyou, ought to be amended so as
to make bank reserves actually re-
serves.
Another rotten place in the Al
drich bill is it's attempt to make
railroad bonds the basis for cur
rency. Under the present law there
is no limit to the power of finan-
ciers like Hartman issuing rail-
road bonds as freely as stocks. And
as a matter OF practice 1t is easily
shown that bonds are, and have
been, loaded on railroad properties
until they are just as questionable
in many cases as the stock ltho-
graphs which the spectators and
promoters have put out by the bale
There has been some talk of an
insurgent movement in the house;
but the party whip is ready, and the
insurgents are a bit timid The
democrats seem quite willing to let
the republicans go ahead and hang
themselves.
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