The Washington herald., 1908-01-28

question.
lie submitted to d general cross-hre
Of questions from members on both sides
and while he displayed unusual knowledge
of the financial situation both here and
abroad il cannot be said that he added
many new converts to his way of think
ing. His bill Is entitled. ITO establish a
simple and scientific monetary system,
founded upon old-guaranteed bank
notes and silver, with uniform banking
and bank reserves in gold coin or It's
equivalent, TO guarantee all deposits and
notes issues, and 70 fix certain rules and
regulations whereby the financial opera
tions Of the government shall cease TO be
a disturbing factor in our trade and
commerce"
Has Dispatch Read.
He prefaced his remarks by having read
a Washington dispatch purporting 10
give the details of the bargain alleged TO
have been made between the Speaker and
Mr.. Fowler by which he was reappointed
chairman OF the committee They we're
20 the effect that Mr. Fowler promised
the Speaker not 10 press his proposed cur
rency bill but To accept a Senate propo-
sition.
The whole article" declared Mr..
Fowler. lis absolutely false. and. I be-
leve, maliciousIy false. The only thing
that was said on the occasion Of the in
terview with the Speaker regarding the
appointment of the committee was the
remark by the Speaker that he believed
FlHi VrE 70 OF
any measure before the holiday recess.
and my answer that not only would that
be- unWise, but that any measure at
tempting TO deal with existing conditions
either before or after the holidays would
bee both unwise and useless"
proceeding Ia discussion of the causes
ot the financial furry Mr. Fowler said
that the United States had two-ffths of
tine entire banking forces of the world
and that the system of bond-secured cir
culaton was the worst In existence.
If it We're a good one, he asked
would not some other nation in all these
years have discovered its virtues and
adopted it for lis own? Japan indeed
did use it once over night. The people of
tfat country discovered that il did not
serve them and abandoned it,"
Would End Troubles.
IF we had had the kind Of currency
We ought 20 have had" Mr.. Fowler CON
tinued, and If the banks OF this country
could have sent their credits into the
country districts. If they could have con-
verted their book credits subject 10
checks into current credits. which passed
without Endorsement, we would never
have had the troubles of this last sum
mer.
THE next question that We want to
consider in this country is one of re-
serves. and I want TO say that there is
In my opinion nothing in this country
that is fit for a reserve except gold,
and that in any country. whatever
is the standard of value the reserves
should be coined out of that standard
Of value. (ApplauseD All over this coun-
try the men who have national banks go
10 the State banks and place their ma
tional bank notes in the reserves That
was what came of it in 1885. when within
period Of twenty-four or forty-eight
hours, at the latest the credit of this ma
ton would have been lost.
Mr.. Cleveland had the Intelligence and
the courage TO grasp this monster by the
throat. and appeal to that great fiEancier.
Rnce Of cur national honor by holding and
controlling the exchange until we could
recOup our gold. J. for one. thank God
that man like Grover Cleveland was
President that year. applause
Subtreasury scheme had.
''The subtreasury system in this country
has been a curse TO commerce ever since
Il was established, and has been more Of
"a curse in the last few years than ever
before. do not know Of anything in
this country that is constantly arousing
sectional feeling so much as the distribu- |
ton Of this money in the time of stress. /
The United States government should de-
posit its money every day by check and /
draft just like any other business in /
stitution does. and should cease TO be a |
distributing factor in the commerce Of the !
United states. tApplause.)
What happened in New York?' he |
asked.
The people of this country never will /
know what happened 10 this country /
This man Morgan, a giant Of giants. the /
Hercules of finance a b8uker-statesman /
Eanker-patriCt a man with a great
heart. as well as a great intellect. stood /
Ike a Gibraltar protecting the nineteen /
billions Of resources of our banks. pro-
tectiHs the occupations Of twenty-five |
million American men and women. pro- |
tecting the national welfare against the /
consequences OF q more destructive. ter /
rife, and appalling Cataclysm than has /
ever swept over the commerce Of any
country. Is it wise to remain in a posi- /
tion where you must yield TO some one /
man? And who will take his place when /
he is gone
Need Wiser system.
rs il not time that we had a scientific 1
sound. wise system, one that can stand /
alone, one that can stand the strain of /
contracting credit when the hour comes %
A central bank, Mr.. Fowler said, will not |
DO for the business Of this country. I'll
was not suited to the conditions. The
country was too partisan: our political
institutions were not suited 10 the sue /
cessful conduct of such a bank In con-
clusiop Mr. Fowler assured the House
that il might bIAld up its army and navy.
but what the country must have in time
OF war is currency that will sustain them.
Mr.. Fowler was applauded warmly at the
close.
Burton Asks Questions.
Mr. Burton. OF Ohio. was relied upon
by the opponents of the bill to puncture
the bill with his questions, but IN his
peroration, 20 one of Mr.. Burton's ques-
tions. Mr., Fowler skIlfuIly lodged the
issue by challenging the gentleman
from Ohio 10 name a credit currency
plan that had failed
Mr.. Cochran OF New York nut moro /