The morning journal-courier., 1908-03-18
PANIC WAS PLANNED La Toilette Declares Recent Stringency Brought About
 by Money Kings.
HITS MORGAN PATRIOTISM
Conditions fin Wall Street During the Panic Vividly Portrayed by
 Senator.

Washington, March 17.-Declaring that the recent financial stringency in the country was brought about by the influence of standard Oil and J. Pierpont Morgan, Senator La Toilette of Wisconsin to-day, in a speech prac- tically closing the debate on the Ald- rich currency bill, entered upon a de- nunciation of men high in the finan- clal world
 There were no commercial req sons for panic" said MT. La Toilette. There were speculative, legislative and political reasons why a panic might serve special interests. There were business scores to settle. There was legislation to be blocked, and a currency measure suited to the system to be secured. There was third term to be disposed of, and policies to be discredited.
 "A panic came. I believe that it needs only to be followed step by step to show that 1t was planned and executed, in so far as such a proceed ing is subject to control, after once in motion. Such statement without support in facts warranting it, would deserve condemnation. To withhold such statement to shrink from plain speech, setting forth the facts in SC far as they can be uncovered is, in the discussion of this legislation, a plain public duty
 The senator gave in vivid language his view of the events of October 24 when Wall street was in the grip oi the currency stringency.
 For the first time since the panic began 1l:30 a. m. arrived, and every, body on the floor of the stock ex change was seeking money at an, price. Interest rates, which had fol several days ranged from 20 to 50 pc cent, began to climb higher. Settle ment must be made before o'clock Money must be forthcoming, or tn, close of the business day would SC, Wall street a mass of ruins and bank and trust companies on the brink o collapse
 How perfect the stage setting. Hoy real it all seemed. But back of tn scenes Morgan and Stillman were il conference. They had made thei representations at Washington. The knew when the next installment o aid would reach New York. The knew just how much 1t would be They awaited its arrival and deposit Thereupon they pooled an equa amount and held 1t. Then they wait ed Interest rates scared. Wall stree was driven to a frenzy. Two o'cloc came and interest rates ran to 150 pc cent. The smashing of the market be came terrific. Still they waited. Unio Pacific declined 10 1-2 points, North ern Pacific and the other stocks wer down in like proportion. Five min utes past o'clock. Then. at precise 1y 2:15, the curtain went up with Moi gan and the Standard oil in the cen ter of the stage with money-res money-twenty- millions of mon ey. giving it away at 10 per cent.
 And so ended the panic. How beau tifully it all worked out They ha the whole country terrorized The had the money of the deposits of tn banks of every state in the union { the amount of five hundred million nearly all of which was in the vault of the big bank groups It supplie big operators with money to squee, out investors and spectators at il very bottom of the decline, taking the stock at an enormous profit
 Tn this connection the operation of Morgan and Standard oil furnis additional evidence of the charact' of this panic. We have record pro of their utter contempt for comme cial interests. not only for the count generally. but for legitimate trade New York city as we'll"