The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-02-13

I
! floor in the Senate yesterday during most
OF the time given 10 the consideration OF
| the Aldrich currency bill
| The Maryland Senator arraigned the ac-
| ton OF the committee in leaving out Of
the bill the section which in Senator Al
drich's original draft Of his measure pro-
vided for increasing the amount Of re-
serve which the banks are compelled to
hold Ia their vaults for emergency use 10
two-thirds of their required legal re-
| serves.
| He also scored the Presidents tendency
to condemn all men who are concerned in
large corporate interests. regardless Of
whether they conduct their business with
a regard for morality or not
Senator Tnman opened the third day Of
debate on the bill by proposing an amend
ment. to be taken up later. TO prevent the
banks from retiring in any one calendar
month more than 100000 OF the new
currency proposed by the Aldrich bill. He
said that the Finance Committee had ap-
parentIy overlooked the necessity Of plac-
| ing any limitation upon the amount OF
withdrawal in any given time, thereby
leaving it to the discretion Of the banks
to contract the circulating medium Of the
country at will
Scores One on Republicans.
When Mr. Rayner was discussing the
action Of the Finance Committee in elm
mating from the currency bill the section
relating 10 reserves, Senator Aldrich took
occasion to say that he had not op-
posed such section. but il had been
attacked In the committee. and he
had thought It best TO allow II TO 90
out. with the idea Of keeping out OF
the bin anything likely 10 lead 10 pro
Ilonged discussion in the Senate. He said
that the committee had thought it best
to consider a separate measure for that
purpose, which perhaps would be re-
ported to the Senate.
Senator Tillman asked when such a
measure would be reported, and Mr.
Rayner volunteered to answer for Mr.
Aldrich.
Whenever a tariff bill is presented"
said Mr. Rayner. They will both come
in together" Laughter followed this re-
mark. and Mr.. Rayner added, with
vehemence: Both viii be presented to-
gether. and as the tariff bill will be pre-
sen,ed In the interests Of protectionists,
SO the other will be presented in the in
terests Of the national banks and against
+ the rights OF the American people
Tales Told Out of school.
T Mr.. Rayner then asked who had been
responsible for the elimination Of the re-
serves section from the bill. Inadequate
reserves, he said, were universally ad-
mitted to have been one Of the causes Of
the recent panic. Mr.. Aldrich replied that.
, without meaning 10 disclose the secrets
Of the committee, he would say that SEN
ator Taliaferro, Of Florida, had been ''one
Of the strongest opponents OF this pro-
. vision"
A coIoquy not without asperlty then
] ensued between Mr.. Rayner and Mr..
! Taliaferro. the latter remarking that he
had already impaired 10 the former his
y part in the elimination Of the section.
Mr. Rayner remarked that he did not
understand that the Senator from Florida
I had been influential enough 10 sway the
committee. Mr. TaliaferrO replied that he
could not have done so without the assist
ance OF the majority members Of the COM
mittee, and declared that he believed that
the present reserve laws were sufficient.
: drawn upon in times Of stress.
! Had TO Increase Reserves.
- This brought Senator Culberson TO his
I feet. and Senator Bailey also supported
d the contention of Senator Rsyner, reply
ing to a statement from Mr.. Aldrich TO
the effect that the reserves in the coun-
| try banks had been adequate az the time
Of the panic. with the statement that
these reserves were larger than they or
dinarily are simply because the country
: banks unable TO get the money which
! belonged TO them in New York. had called
in all the money they could secure from
| their customers
Senator Rayner's address was in part
as follows:
Knows Bill VIII Pass.
IT realize the fact that the bill that
has been reported by the Committee on
Finance will pass this body, and my sole
object now is to explain the vote that l
: shall east. We have the consolation OF
; knowing that even If this bill passes, it
- is simply and solely an emergency
measure. brought into existence by the
occasion that produces IT, and intended
: | only as a temporary remedy for the evils
3 that it is supposed to prevent and coun-
: teract.
: "I shall assume. for the sake Of argu-
ment. that our national banking system
will continue for the present and for
d some time in the future, and. therefore,
J. considering that the bill is wholly lnef-
s fective for the purposes for which II IS
n designed, l conceive it 10 be my duty to
state that regard the system so full OF
y errors and imperfeetions that / believe
the day must come when We shall be
compelled to change some of its essen
tial features, and adopt entirely new
$ plans and provisions that shall be &C
g ceptable to the people and commensurate
f with the needs OF the country
/, safe Currency Real Seed.
81 have a greater solicitude for a per-
# fectly safe and sound currency than
) have for an overabundant currency,
s The currency Of the United States in or
u binary times is absolutely ample for the
use Of the people as a circulating me-
dunn. We have to-day nearly three
thousand million dollars of currency out
standing. and il we deduct the gold that
is IN the Treasury for the redemption OF
greenbacks, and the gold and silver and
greenbacks held for the retirement Of
:. the national bank notes. and the redemp-
= ton fund and the general fund in the
:. Treasury and the amoInt Of currency
held by the various national and State
| banks there is still nearly two thousand
millions Of dollars in actual use as a ctr
y culating medium. There is no country
: In the world that has so large an uneoy-
cred currency as we have in the United
q States. We have larger uncovered pa
q per currency than Great Britain. France