The Owosso times. (Owosso, Mich.) 1897-1926, 1908-03-27

senator La + oliette Wall street as
means of settling scores on account of
past and proposed railroad legislation,
pointing out numerous facts tending
to show that no panic was imminent.
such as the crop value, steel trade or
ders. etc. Then. after reviewing the
growth of industrial combinations in
the last few years, the senator said
that ninety-seven men. whom he nam
ed, absolutely controlled the business
of this country. Prominent among
this group of rich men were the direct
ors Of the Morgan and Rockefeller
banks, who hold nearly 1000 other
bank and corporation directorships. BY
acting under one guiding head they
could put prices up or down. corner
the money. market and create panics.
The greatest banks Of the country had
become merely banks of promotion.
Fourteen directors of the National City
bank were the heads of fourteen great
combines representing SO per cent of
the nations industry. while the rail-
roads held by that board covered the
country like network" Money could
be artifcially frightened when the
crops were to be moved and loosened
to give spectators their rakeoff. and
any one who should undertake to regu-
late this power would find his business
destroyed and his political backing as
sailed.
To Investigate the Banks.
After a scathing attack on the presi.
dent by Senator Tillman. charging ex-
lecutive usurpation and failure to en-
force the law as to generalization of
checks, the senate adopted Tillman's
resolution requiring the finance COM
mittee to investigate the conduct of
the banks, and especially of the New
York banks, in connection with loans
for speculative purposes and whether
the banks are trying to control legisla-
ton In their interest. Tillman charged
that freedom Of debate had disappear
ed entirely in the house and that no
Republican senator had dared to say
of the president in public what he did
In private. Beveridge replied In the
presidents defense and tainted the
Democrats on their subserviency to
Bryan.
To Restore Coin Motto.
The house by vote of 255 to pass
ed the bill for the restoration of the
motto I'm God We Trust" on gold
coins. Representative Moore said that
the president had assured him that he
would not oppose this course If the
house so willed.
Holds Roosevelt Responsible.
Representative Willett OF New York
created some little stir in the house by
a fierce attack upon President Roose-
welt, accusing him of being responsible
for the financial panic. which, he said,
was not yet over Notwithstanding the
statements which had been made to
the contrary. He described the presi-
dent as placing himself above the con-
stitution and pretty much everything
else and asserted that. though not a
lawyer. he criticises the decisions of the
United States supreme court; though
not business man and never having
been engaged in a profitable personal
business. be undertakes to direct the
most minute affairs Of the business
world"
Railroad Bonds Out Of Bill.
Just In advance Of the sensational
speech Of Senator La Toilette of Wis
consin attacking the Aldricb currency
bill the one feature Of that bill which
had been most widely criticised was
withdrawn by the finance committee
with the consent Of Senator Aldrlch-
namely. the provision accepting rail-
road bonds as security for the emer-
gency currency. Opposition to this