Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-15
Mr.. C. C. GLOVER
BELIEVES ALDRICH BILL WILL
BECOME A Law.
Thinks It the Only Measure That
Could Be Passed at This
Session.

Regarding it as absolutely essential to
the continued prosperity of the country
that currency legislation be enacted at
the present session OF Congress and pre-
dieting that the Aldrich bill would be the
only measure that could possibly be
passed, Mr.. c. c. Glover. president OF
Riggs National Bank and one of the
most prominent and influential figures in
local financial circles. today declared to
Star reporter that he is heartily in IA
vor Of the prospective law introduced by
the senator from Rhode Island. Not
only did Mr.. Glover advocate the plans
proposed by the measure for providing
emergency currency. but he said he would
gladly see the amount Of $jOOO0O. O09
specified in the Aldrich bill. increased
even to the amount of 81 900. 900 600. Nor
is Mr.. Glover content with mere word-of
mouth praise of the bill. but he was the
pioneer among Washington financiers in
the movement to have Congress pass an
emergency currency law, and he has been
most active in actual work looking to
the success OF the measure which is now
in process of most thorough discussion
before the Senate.
Remembrance of the Panic.
II have a very clear recollection of the
conditions which obtained all over the
United States only few short weeks
ago." said Mr.. Glover today land there
are constant reminders in the reaction
which we see from day to day even up
to the present time. There is no necessity
for discussion of the causes which led
to the panic. 1t is matter of history
that every one became frightened be-
cause there was not enough money to go
r~s
fered one recourse in times of stress. and
everything possible was done by the
United States Treasury. The Panama
canal bonds were thrown into the breach.
but even that money did not remain in
circulation long.
out providing the, emergency currency.
Immediately we should See bankers all
over the country reaching out for all
available money. Loans would cease and
in the midst of what promises to be one
of our most exciting presidential contests
we would be face to face with a depres-
sion the extent of which / would hate to
forecast. At this time the Urea sury would
be powerless to render aid. and with all
lines Of trade in stagnatibn. exports of
necessity falling off. who would be rash
enough to predict that gold importations
could possibly be heavy enough TO fore
stall disaSter?'
Speaking then in decomposition of the
enactment Of the Aldrich bill. Mr. Glover
said the mere fact that there had been
provided a way of obtaining currency
when it is required would cause a wide
spread relaxation and a complete restora-
ton of confidence He also expressed the
opinion that no bank would ever seek an
issue under the act, and that this alone
would be the best illustration of the abb
solute success of the enactment.
Prevent Asset Currency Schemes.
Taking up some of the arguments that
have been advanced by bankers who are
opposed to the Aldrich measure, Mr.
Glover continued: ut has been claimed
that such an enactment would prevent
for all time the passage of the asset cur
rency scheme: that the extra currency
could not be driven back from circulation
and that imitation would ensue; that the
rate of interest provided is so high that
banks would find 1t Improbable; that the
banks could not furnish the required
classes of securities. and that The cur
rency could not be issued quickly enough
because of congestion in the department
following an inundation of securities to
be examined in a time of sudden need.
One answer can be given to ali these
propositions, namely, that every part and
parcel of the objections will automatically
disappear as soon as the opposing bank
Ing interests realize the Importance of
having barrier between themselves and
possible money shrinkage."
Asked whether he thought the .ldrich
bill will be enacted into law. Mr.. Giover
answered positively in the affirmative He
made the point that it is not party
and called attention to the fact
that neither party attempted to make
political capital from The recently dis
turbed financial condition. when IL
comes to VOTE he said. republicans
and democrats will unite I'm support of the
BILL and the emergency currency law will
be written into the statutes