The Washington herald., 1908-03-03

ieat In the Senate.
There have been so many defections
from the expected Republican support OF
the bin that there is great danger that
a majority viii not support the measure
when it comes to vote.
That this Is recognized became ap-
parent yesterday, when the plans Tor its
consideration were changed. senator Al
drich has met SO much unexpected op-
position on his own side OF the chamber
that he dares not press the bill 10 a vote
at present.
Two weeks ago there was talk Of calling
for vote so soon as certain Democratic
Senator's had made speeches upon It. The
opposition, however. has been growing
steadily. so that now Mr. Aldrich VII
not ask for vote in the absence of q
Senator or two upon whom he relies to
bring many of his colleagues into line.
There are predictions that the bill VIII
De abandoned in the course Of few
weeks, but such a conclusion is prob
ably premature. The reorganization OF
the forces for the bill VIII be undertaken.
and efforts viii be made TO win over some
OF the opponents. The opposition on the
Republican side Of the Senate Is largely
among Western Senators, who are .unwin-
ing to vote for the bill while their con-
stituents maintain their present attitude
toward It.
MOrEan's Interest Factor.
The fact that J. PieTpont Morgan spent
much time in the privileged gallery of
the Senate during the first two days OF
the debate Is causing some worry 70 the
Republicans. That this fact was not lost
upon the minority they are well aware.
and while Mr.. Morgan exercised the priv
Hege OF any American citizen in entering
the gallery, it has been suggested that
his presence there will not be forgotten
by the Democrats in the approaching
political campaign. especially II the bin
should pass.
IF the purpose OF this bin is not 10
stimulate interest in and the value of
railroad bonds. why is it here2"
This was the keynote OF the somewhat
unusual address which Senator William
Alden Smith. OF Michigan, made in the
Senate yesterday in opposition to the
Aldrlch bill.
The Senator from Michigan. who Is
serving his first term in the Upper House.
occupied the floor for over an hour. and
while he disc1simed any intention of i'm
pugning the motives Of those who are
behind the Aldrlch bill. and paid Senator
Aldrieh the compliment Of believing that
he desires only TO serve the interests of the
American people. he arraigned the bin
more strongly than had yet been done
on either side of the chamber. and drew
from the chairman of the Finance Com
mittee a more extended reply than has
been accorded to any other critic of the
bin by Mr.. Aidrich.
Fear Federal Ownership.
That government ownership of railroads
might result from the enactment of the
bill, and that railroad managers whose
securities had been accepted as a basis
for currency might plead that fact in op-
position to the reduction of rates by the
Interstate Commerce Commission, were
ialso charged by Senator Smith.
He declared that it would put q pre
MUM upon political activity on the part OF
railroad officials. and that 1t would affect
the standing of American railroad securi-
ties on foreign exchanges.
The passage Of the bin IN its present
form, he said. would be a dangerous pol-
icy for the Republican party on the eve
of national election. and ne suggested
the possibility OF the present adminIstra-
ton being succeeded by a party that
does not believe in legislating for special
interests
Senator Smith concluded his speech with
an lmpassioned plea for individualism
and determined stand against the So
cialistic tendencies which are becoming
apparent in American politics. Individ-
ualism has always been the chief virtue
Of American institutions he said. and in
this country the individual has reached
the maximum of development The Aid
rich BILL he said, provides -the first step
of serious character in favor Of the gov
ernment ownership Of railroads..
Exclude All Railroad Bonds.
Senator Beveridge. Of Indiana. asked
whether Senator Smith would include or
exclude all railroad bonds as u basis OF
currency.
Il would exclude all railroad bonds or
securities of a quasi-public character"
replied Mr.. Smith. His reason was that
there are no means or ascertaining the
value Of railroad securities.
Mr.. Aldrich interrupted 10 say that the
bin conferred the necessary power for
ascertaining the value of railroad securi-
ties.
In reply. Mr. Smith read from the cor
respondence between Chairman Aldrich
and the Interstate Commerce Commission.
in which the latter pointed out that it
would require force of 200 men to ascer-
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