Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-04-13
URGES the AlDRIcA BILL
GLOVER FAvoRS AN
EMERGENCY CURRENCY.
Declares That the Moral Effect OF
the Proposed Law Would Prevent
boarding Of Money.

Should Congress adjourn without enact
ing an emergency currency law. such as
is proposed in the pending Aldrich bill.
the United States will be confronted with
panic next fall that will be serious In
its effects upon the trade and commerce
of the country.
This is the substance of statement
made by Charles c. Glover, president OF
the Riggs National Bank Of this city. who
appeared before the House committee on
banking and currency today to urge
favorable action on the Aldrich BILL
I'VE had a panic last fall" said Mr.
Glover because money. becoming scarce.
rushed to cover. We will have another
one. in October and November if meas
ure' is not passed by Congress providing
emergency circulation that may be pro-
jected into the banks. and by them ols-
tributed where 1t is most needed.
The Secretary of the Treasury went TO
the relief Of the banks last fall to the pest
Of his ability. His action was wise ana
courageous, and to him the country IS IN
debted for a course that prevented wide
spread disaster and ruin. But the Treas
ury will be in no condition to AFFORD ade-
quate relief in an emergency this year.
Additional circulation must be provided
Unless Congress in its wisdom sees fit to
act by passing legislation along the lines
laid down in the Aldrich bill appreheno
grave trouble In the United States late III
the year. What we need is an emer,
gency bill to correct conditions that Will
soon come upon US"
Mr.. Glover declared that although there
was an abundance Of money to De oo-
tanned at this time. business conditions
were far from satisfactory, and they
would grow worse unless assurance was
pix hv M n ii,
THAT measure provides for emergency
circulation up to $500. 100000 said Mr..
Glover. II am of the opinion that only
a small part of this circulation would be
Congress.
Moral Effect of Legislation.
"The chief value of the Aldrich bill is
the moral effect It would have on the
business of the country. It would restore
confidence 1t would in my opinion. erect
barrier between the people of the United
States and the deplorable conditions that
can be seen ahead in the event OF another
panic in the fall. With the assurance that
$500. 900 600 of currency could he secured
in an emergency money that usually seeks
cover in stress of circumstances would
seek investment instead of being boarded.
as was the case last fall. and as is always
the case when danger signals are holsted
in the world of finance and commerce.
In reply to questions Mr.. Glover said
that he was opposed to the La Toilette
amendment in the Aldrich bill prohibiting
national bank from loaning funds to
corporations in which the officers or d.
rectors were interested. Mr.. Glover ex-
pressed the opinion further that railroad
bonds as q form of security for circula-
ton should be restored to the bill.
He was asked IL he favored municipal
bonds as security for circulation. He
replied in the affirmative.
Representative Prince of Illinois. a
member of the committee. made the
statement that in the recent financial
furry bonds issued by the city Of New
York had dropped in price from Ill to
Is.
DO you think it is proper for the
United States he asked. ITO accept as
fall in a short time from Ill to 65?"
II do" replied Mr.. Glover. 'Those Sc
curities are all right. 1T is not fair to
judge the value of these securities by
panicky condition"
Would Increase the Amount.
Another amendment suggested by Mr..
Glover. was the increasing of the amount
Of emergency currency to be issued under
the Aldrich bill to $1,000 600. Goo Chair
man Fowler asked Mr.. Glover where he
would get the gold to meet this currency
issue.
question and with a show of annoyance
declined to answer. He was upheld by
several members Of the committee. After
the slight friction had passed Mr.. Glover
entered upo1 a general currs ICY discus
sion.
Another Banker IL Opposed.
s. A. Harris, president of the National
Bank of Commerce OF Minneapolis, a
member of a delegation representing some
Of the business interests of Minneapolis
and st. Paul, opposed the Aldrich bill in
its present form. 1t would greatly cur
tail the ability Of the banks, he said, to
accommodate the borrowing public-the
business men. They also objected he said
to the La Toilette amendment prohibiting
bankers from lending money to any firm
or corporation in which Its directors may
be interested. as this would take away
from the directory of the banks the best
elements in their community. He did not
agree with Mr.. Glover as to another panic
and said that he saw nothing In the Inn
mediate future that need cause alarm. He
thought there should be no legislation at
this time.
D. 8. Culver, ca shier of the German
American National Bank Of st. Paul: ].
n jackson, representing the st. Paul
Jobbers and Manufacturers Association;
F. b. Wells, representing the Minneapolis
Chamber Of Commerce; George H. Par
fridge, representing the jobbers and manu-
facturers of Minneapolis; George c. Pow
srs president of the Second National Bank
of ST Paul. and F. NJ. Prince, pre- sident
of the First National Bank Of Minneapolis,
all opposed the Aldrich bill. They said
they saw no necessity for an emergency
currency bill at the present time. and
favored a we'll considered permanent bill.
Favors the Fowler Bill.
Charles s. Hamlin, representing the
Boston, Mass, Chamber Of Commerce and
formerly assistant secretary of the Treas
ury, said that the Boston chamber was
unalterably opposed to the passage of the
Aldrich bill, as its members feel there is
no emergency justifying legislation of this
character "Ninety-eight per cent Of our
people," he said. believe In the princi-
pies of the Fowler bill.
John 8. Sears, vice president of the Ma
tional Shawmut Bank Of Boston. and here
at the request Of the Boston Chamber of
Commerce and the Boston Merchants As
ISOLATION. also strongly antagonized the
Aldrich bill, particularly the La Toilette
amendment regarding loans to corpora
tons.
ALLEGE INJUSTICE.
Wrong Number Given by Man Ar
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