Coeur d'Alene evening press. (Coeur d'Alene, Idaho) 1907-1929, 1908-03-18
SENATOR GRILLS
GOLD GETTERS
LaFOllette Deals Out Double Doses
of Right Doctrine


today Senator La Toilette took cog
nizance of a generally current re-
mark that by eliminating the rail-
yoad bonds from the Aldrich cur
Arency bill the financial committee
mad taken the wind out of Mr.. La
Follette's sails. He declared that
the action of the committee had rem
dered what he would have to say
against railroad securities more per-
tinent than it would have been if
such action had not been taken.
Declaring that the recent financial
stringency in the country was
brought about by the influence of
Standard Oil' and ]. p. Morgan,
Senator La Toilette, who practically
closed the debate on the Aldrich bill
entered upon d denunciation of men
high in the financial world
There were no commercial rea-
sons for a panic.' said Senator La
Toilette. There were speculative,
legislative and political reasons why
panic might serve special interests.
There we're business scores to settle.
There was legislation to be blocked,
and a currency measure, suited to
the system, to be secured. There
was a third term to be disposed of
and policies to be discredited.
"A panic came. believe that it
needs only to be followed step by
step to show that it was planned and
executed, in SO far as such a thing
is subject to control, if once in mo-
ton
Scene on Wall Street.
Al He recounted in vivid language
his view of the events of October "a
when Wall street was in the throes
of the currency stringency.
For the first time since the panic
began 1880 a. m. arrived, and
everybody on the floor of the stock
exchange was wildly seeking money
at any price. Interest rates, which
had been for several days ranging
from 90 to SO per cent, began tx
climb higher. Settlement must b.
made before o'clock. Money mus
be forthcoming or the close of thu
business day would see Wall stree
a mass of ruins, and banks and trus
companies on the brink of collapse
How perfect the stage setting
How real it all seemed.
But back of the scenes Morgan
and Stillman were in conference
They had made their presentation
at Washington. They knew whel
the next installment of aid woul
reach New York. They knew jus
how much it would be. They await
ed it's arrival and deposit There
upon they pooled an equal amour
and held it. Then they waited.
Interest rates scared. Wa
street was driven to a frenzy. Tw
o'clock came and interest rates ra
to $50 per cent. The smashing c
the market became terrific. Sti
they waited. Union Pacific decline
1Oh points; Northern Pacific an
other stocks went down in like pre-
portion. Five minutes passed.
minutes past 2 o'clock.
Then at precisely 2:15 the Gu
tain went up with Morgan an
Standard Oil in the center of II
stage with money-real none
twenty-five millions of money, gi
ing it away at 10 per cent.
And so ended the panic.
Had Money of Every Bank.
They had the whole country tie
rorized They had the money Of Il
deposits of banks of every state
the Union to the amount OF $50
100000. nearly all Of which was
the vaults of the big bank group
1t supplied big operators with mon'
to squeeze out investors and spec
lators at the very bottom of the d
cline. taking in the stock at an enc
nous profit.
In this taking. operators of Nc
gan and Standard Oil furnished a
ditional evidence of the character
this panic. We have record pro
of their utter contempt for CONNIE
ciaI interests. not only for the cou
try generally. but for legitima
trade In New York city as wen.
The Morgan and Standard (
banks. he said. pursued in that N