Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-12
RAYNER AGAINST IT
Opposes the AIdrich Currency
Bill.
REALIZES 1T WILL PASS
Declares It Will Help the Banks
More Than the People
COUNTRY DRAINED OF MONEY
Differs With the President in His
Method of Attacking the
Corporate Evils.
COUNTRY DRAINED OF MONEY

Corporate Evils.
Mr.. Rayner said he realized that the bill
will pass and declared that its opponents
have the consolation of knowing that lit
is simply and solely an emergency meas
ure.' After outlining what he considered
to be faults with the currency system of
this government. he said:
The truth about the situation is that
the money in this country is not equtably
and fairly distributed. and that it is con-
ccntrated at points that dominate the
banking interests of the land, and that
the people who need the money and the
agricultural sections of the country and
the country banks and the country towns
and mercantile and farming interests and
honest business enterprises. are all unable
10 procure it when the necessity arises for
its use. and are all sacrificed to crafty
and appease the demands that are concen-
trated around the financial centers of the
country. We will never have any perma-
nent relief until we strike at the root of
the evil and reform entire banking
system from its foundation in the interests
of the American people against the Spe
cial interests.
Money Sent to the Cities.
While opposing the Aldrich BILL Mr.. Ray
ner went on record also against a credit
currency. asset currency and central
bank of issue. The great trouble with the
pending bill is with the reserves. he said,
and he declared that the law regulating
them is simply an undisguised and stu
pendouS deception and fraud" He said
that the reserve scheme as now operated
works dishonesty and disastrously upon
the rights of the American people. and
that the deposits of money in country
banks. with the Juggling that finally car
ries 1t to the reserve cities, contribute to
make the worst system in the civilized
world why. sir" said he. the native
savages upon the banks OF the Senegam-
bian river. with elephants teeth and the
bark of the mulberry tree as d circulating
medium have better system of finance
than this
If the country and city banks have on
hand only per cent and 112 per cent, re-
spectively. of the reserve deposits, Mr..
Rayner wanted to know who does have
the money. Answering his own question.
he said he supposed the stock market has
it to large extent. Continuing. he said:
so. gentlemen Of the south and west,
when you want to move your crops. do
not apply to the banks. because they have
no money. but apply 10 the New York
stock exchange for permission TO do SO.
Is it not frightful that this niQuity should
continue, condemned by every intelligent
nnanCler ana honest man IN the lanO.
You will understand that in the seasons
when money is easy, the reserves go to
New York as quickly as they for
interest. and then when the hour of
contraction comes the New York banks
are unable to send the reserves home
again, because the money is all loaned
out"
Mr. Rayner asserted that the absence of
provision correcting the evils pointed
out in the reserve system amounts to
a designation of the Aldrich bill. and
that the measure in its present form will
work more effectively in the interest of
large dividends to the stockholders of
national banks than it does in the inter-
ests of the American people.
Il appeal to this body he said. mot
to pass a bill which peremptorily declines
system of reserves. and permits this
laundering and fragrant injustice to per-
manently disgrace the statutes of the
United States.
Disagrees With the President.
"And now, / say, with great Difference
and respect both for the Office and for
it's occupant. that the President of the
United States has also. with the best in
tentions. unconsciously contributed to the
misfortunes that have overtaken US l
unite with him in the warfare that he Is
waging against the violators of the law
and the oppressors Of the people. He
cannot be too severe for me in his ar
raignment of their Ubiquitous practices
When it comes to the Standard Oil Com
pany and other kindred alliances no man
In this chamber would 60 to d greater
length than l am willing to go in driv-
ing them. if possible, from the face of
the republic ! know that their path has
been a path of desolatiOn. I know that
they have swept down upon competition
like a cormorant upon it's prey. and
have built their thrones upon the
wants of penury and the toll of unre-
cd lah MOnOnOly
this country. and / take up my line of
march. as / have always done. with the
attacking party that will eventually level
il to the earth and rescue from its deadly
grasp the honest business enterprises of
the land and the PROSTATE rights of the
American people. / differ. however, with
the President in his method of assault.
'.Malefactors should receive penal pun
ishment and whole generation of limo
cent people ought not TO suffer Tor the
sins of their Oppressors. One day of I'M
prisonment would do the work better than
all the heaviest fines that can be levied
upon the institutions they represent. l
differ with the President in his remedies.
because he has suggested one after an
other utterly impossible of accomplish
ment by the federal government. Take
the child labor bill that In former mes.
sages has received his warmest indorse
.ment Laying aside its unconstitutional
ity which ! shall discuss when the Occa-
sion presents itself. it has terrified every
manufacturing industry in the land be-
cause IL provides upon its face that if
single child is employed in a manufac-
tory all the vast products of the estab-
lishment produced by adults may be ex-
cluded from the channels of interstate
commerce. Take the capitalization of rail-
roads / have no objection whatever to
this plan. but after the capitalization
then what will you do with your innocent
stockholders and bondholders? How will
you separate and distinguish the watered
issue from the lawful capital? What can
the federal government do with those
vino have honestly and innocently ac-
quired their investments? 1t can terrify
them and that is about all tina, it has
done.
The President in his last message says
that hefora an Investment is made The