Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1908-02-21
AGAINST ALDRIGH MONEY.
PETITION FROM A BUSINESS MAN OF
WILMINGTON.

llON NUN n tSS M a N " 4
WILMINGTON.
Senator Tilman last week presented
a petition to the Senate from Alfred
y. CroZier, a manufacturer of Wilm.
ington, Del, protesting against the
passage of the Aldrich currency bill
1t was read and printed in the Con.
gressional Record. The petition strong
ly objects to that feature of the bill
which removes the restriction of exist
ing law against the retirment of both
the present bank note and the contem
plated emergency currency.
such a law" says Mr.. Crozier
'would start agitation that might take
from national banks the right under
which they now profitably issue and
loan to the people nearly $500, 600, O0(
OF bank note currency and perhaps
je0pafdlzs The gold standard itself.
"Bauk note currency is not a lega
tender. lis acceptance as money can
not be compelled. Few know this.
prominent lawyers. business men and
even sevaral mem bers of congress, dis
pute this fact until shown the law. The
people generally are deceived by the
governments endorsement into be-
lieving it to be real money. 1t looks
like money, but it is not. Any ore
can refuse to accept it. Then actual
money, gold or treasury notes, must
be found and rendered This dema nd
at the last moment may work great
loss and wrong. Do We want $500,
100000 more currency that is not law
full money p
The panic, Mr.. Crozier says, appear
ed, providentially, just before this ses
sion Of congress. when it Was planned
to seek currency legislation
Referring to the demand for an emer-
gency currency, be says: They did
net explain why the country has got
on so we'll for dozen years without
panic without change in the currency
laws. The failure of the Knicker-
BROKER Trust Company precipitated
the runs on banks and panic. Sudden
refusal by one Wall Street bank furth-
er to clear for that trust company, and
wild exploitation OF that fact in the
newspapers wrecked the trust compa-
ny.
The powerful master of Wall street
who is said to dominate that bank, sat
in the gallery OF the United States sen
ate and nodded approval as the dis
tlnguished author of the Aldrich bill
spoke in ad, ocacy of the MEASURE
The plan for an elastic currency, :"
Mr.. Crozier declares. lin reality is to
put into private hands the dangerous
power to contract and expand the pub
lie currency suddenly in large volume. ,
This, he says, would enable them to
manipulate at will the prices of listed
securities, property and labor by sim
ply making money scarce or plenty
The biggest Ike" 10 the Aldrich bill.
says Mr.. CrOzier, sis the fact that the
restriction upon contracting of bank
note ISSUES is wiped out entirely. 1t
makes it possible suddenly to contract
and destroy il one day the entire $780,.
600, 900 bank note currency, and also
the $500. 100000 emergency currency,
OF total of 81 200 OOO, 600 of currency
used by the people as money Sudden
contraction of but $50 600, 900 availa-
BILE money by bank depositors recently
Caused fearful panic and alarmed the
whole country. What would happe.!
to the country when the strangling
contraction of more than billion dol.
lars, about half the available money
supply of the United States, the most
active and convenient half, was be
gan