The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-13
RAYNER ATTACKS
CURRENCY BILL
Maryland Senator Severe in
'N Condemnation of Measure
Proposed by AldriCh.
CRITICISM OF ROOSEVELT
DIAGNOSIS CORRECT BY REM
EDY IMPRACTICABLE.

Washington, Feb. 12.-Senator Ray
ner, of Maryland. spoke at length in
the senate today on the currency bill,
condemnng/ the present system of
banking in the United States and in
cidentally declaring that the president
by his methods of fighting the en-
croachments of predatory wealth
had done much to intensity the panic
through which the country has recent
ly passed.
The senate devoted two hours 20 con-
sidering the criminal code bill ana ct
3.57 p. m. adjourned,
Turning to- Senator Aldrich, Mr..
Rayner asked how it happened that
the committee had stricken out from
4. the bill the provision requiring the
i banks located out of reserve Or CEN
trail reserve cities to keep a reserve
equal to fifteen per cent of their de-
posit liabilities and hold at all times
at least two-thirds of such in lawful
money.
The chairman of the finance commit
tee replied that it was omitted in or
der to avoid unnecessary opposition TO
the bill in its main features.
To Avoid Discussion.
There was" he added. ~Hgreat oppo-
sition to this from country banks, es-
pecially inethe south and west and the
committee let il go to avoid discus
sion"
He believed that was a subject that
should be taken up in a separate bill.
will the chairman tell US when he
will take up such a bill?' interrupted
Mr.. Tilman.
II will answer that quickly" said
Mr.. Rayner. ''he will do it when a
tariff bill is taken up"
Mr. Rayner wanted TO know who
asked for this change.
Looking toward the Democratic side,
Mr.. Aldrich said Senator TaliaferrO, of
Florida. had moved to strike it out.
colloquy then took place between
Mr.. Rayner and Mr.. Taliaferro, the
latter insisting that he had just told
the former that he had moved TO
ktril6e out that provision of which he
Jisapproved because in his judgment
il crippled the country banks in loan
ing their money.
Truth of the Matter.
After outlining what he considered
to be faults in the currency system OF
the government Mr.. Rayner said the
truth about the situation is that the
money in this country is not equitably
and fairly distributed and that it is
concentrated at points that dominate
the banking interests of the and: that
the people who need the money and the
agricultural sections of the country
and the country banks and the coun-
try towns and mercantile and farming
interests and honest business enter
priSes, are all unable 10 procure ii
when the necessity arises for its use,
and are all sacrificed to crafty and
appease the demands that are concen-
trated around the financial centeTs of
the country. We will never have any
permanent relief until we strike at the
root of the evil and reform our en-
tire banking system from its fOunda-
tions in the interest of the American
people against the special interests"
Against Asset Currency.
While opposing the Aldrich bill Mr..
RayneT went on record also 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 declar-
ed that the law regulating them is
simply a disguised and stupendOus de-
ception and fraud" He said that the
reserves scheme as now operated
works dishonesty and disastrously
upon the rights of the American peo-
pie and the deposits of money in coun-
try banks with the juggling that finally
carries 1t to the reserve cities contrib
utes to make the worst system in the
, civilized world
4 Mr.. Rayner asserted that the alb
ssence of a provision correcting the
evils pointed out In the reserve system
amounts 10 a designation of the Aid
rich bill and that the measure in its
present form will work more effective
" in the interest of large dividends to
the stockholders of national banks
than il does in the interests of the
American people"
Mr. Rayner continued:
Criticism of Roosevelt.