Hattiesburg daily news. (Hattiesburg, Miss.) 1907-1908, 1908-03-10
BAL |LEY'S MAKES
EDQQUENT PROTEST

" pntinued from page one.)
ai" hys been, banking privilege.
'tnins could be further from the
itn Una IN this"
ME- pa iley reviewed at great length
10 cir umstances under which ma
onai y enk circulation has been is
Il my evidence were needed to
iow IDS the danger of committing the
? htrol over our volume of currency to
Banks" declared Mr.. Bailey, recent
events will furnish it. Last autumn
when the country was in the very
throes of money famine, the ma
tional bank did not come to the res
cue with cheerful and patriotic alacrity,
but on the contrary, sir, the secretary
of the treasury was compelled to beg
to take out additional notes. They
preferred the clearing house certif
Gates, because 1t was easier to retire.
them and less expensive to obtain
them"
He insisted that the issue of gov
eminent notes proposed by him could
not be charged as ''recrudesence of
greenbackism." The greenbacks hel
added had dome great service for
the government and he defended the
record of that class of currency. But
he explained his substitute bill did
not propose money similar to the
greenbacks.
The fact that his substitute is not
drawn in the interest of the banks
Mr.. Bailey said is shown by the op-
position of nearly every banker of the
country to it. The interest required
on the money so provided he added
would prevent the banks from max
ing anything out of it. He opposed
the idea of making the great staple
products security for these deposits
of emergency currency. It's nature
as emergency currency would be, he
said, affected by such a practice.
Mr.. Bailey declared that he had his
own opinion on the cause of the re-
cent panic
81 did not, of course" said Mr.. Bal
ley, overlook the fact that 1t has
been charged in many quarters that
the trouble was due to the persist
ent demand of the President of the
United States for the enactment of
new laws and the enforcement of
the old laws to regulate and control
our railroads; but that charge has
been made by men whose minds are
heated with resentment, and it will
not bear a close analysis. The Presi-
dent has demanded only that the rail-
roads of this country should be re-
quired to deal justly with the peo-
Pile; and he has evinced no DISPOSE
ton to harass or to Cypress them.
81 am no apologist for the Presi-
dent; and I have no patience with
the adulation Of him in which some
Democrats indulge. 1t is true that
upon this question of railroad regula-
ton he has embraced the doctrinel
of our party, and for that I applaud
the character and the structure Of
this government than all of his pre-
quently exhibited a supreme indiffer-
ence to the constitution of his coun-
try, and has pursued what has seemed
to me a deliberate plan to impair
the rights of the states, and to con-
centrate all power in the Federal gov
eminent.
at was the boast of Augustus Cae-
sar that he found Rome of brick, and
left it of marble. President Roose-
welt can hereafter say that he found
this a union Of sovereign states, and
left it one vast nation. The good
he has done in arousing public at
tention to certain evils of corporate
management will give him an envia-
BILE place in the history of his time
but the harm he has done in dwarf
ing the states and exalting the gen.
eral government cannot be meas
ured, and unless the tendency which
he has set in motion is arrested and
reversed our splendid Federal sys
tenn will ultimately be destroyed.
1--WE have never before witnessed
such mixture of good and evil il
any public ntan. Before we have
finished praislng him tor some wist
recommendation he makes another .,
foolish that our praise must turn Il
censure. They tell me that he /,
brave, and answer that he is JUS
as rash as he is brave. They tell me
that he is honest, and I answer tina
he is. just as arbitrary as he is hon
. est. He is