The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1908-02-14
As Having UnconciOusIy Contri-
buted 10 Financial Crisis
Farmers to Apply to Wall
Street for Permission to Move Their
C-opS-Maryland Senator Went on
Record Against Credit Currency, As
set Currency and a Central Bank or
Issue.

ner of Maryland addressed the senate
today upon the Aldrich bill He spoke
in part as follows:
The truth about the situation, said
Mr. Rayner, lis the money in this codn-
try is not equitably and fairly distrib-
uted and that it is concentrated at
points that dominate the banking in
terests bf the land, and the people. who
need the money and the agricultural
sections of the country, are all unable
to procare it when the necessity arises
for it's use"
Mr.. Rayner went On record as one
against credit currency, and asset cur
rency and a central bank Of issue. The
great trouble with the pending bill IS
with the reserves, ne said, and he oe-
clared that the law regulating them
in simply an undisguised and stu
pendous deception and fraud" He
said that the reserve scheme now oper-
ated works dishonesty and disastrous
ly upon the right Of the American
people.
eff the country and city banks have
on hand only per cent and 1 1-2 per
cent. respectively OF the reserve de-
posits Mr.. Rayner wanted to know who
does have the money?
$50, gentlemen, of the south and
west when you want to move your
crops, do not apply to the banks be-
cause they have no money but apply
to the New York stock exchange for
permission TO do So"
And now l say, with great defer
ence and respect, both for the office
and for it's occupant, that the presi-
dent of the United States has also with
the best intentions, unconsciously con-
tributed to the misfortunes that have
overtaken US.
''Malefactors should receive penal
punishment and a whole generation OF
innocent people ought not to suffer for
the sins of their oppressors. One day
Of Imprisonment would do the work
better than all the heaviest fines that
can be levied upon the institutions
they represent.
"The president in lis last message
says that before an investment is made
the purchasers should inquire into the
management of the read. What a rev.
erie and a dream this is. How Is it
possible to conduct an investigation
into the management Of the great
trunk line systems Of the United
States?
From the violent fervor Of the pres
ident's utterances, there is an idea
running through the public mind that
be has come 20 the conclusion that ev-
cry man engaged i'll a large business
enterprise is a malefactor and that
every good citizen Of the land ought
to spend at least one term in the pen
itentiary.
Mr.. Rayner closed with a declara-
ton that the financial question should
not be rega rded as party issue.
Upon the conclusion of Mr.. Rayner's
speech, Mr. Aldrich recalled that he
had stated that he was in favor Of a
IcNlSlOu VI LuS ACoCihO 10"
but explained that he did not mean to
say the present law or the practice un-
der it was responsible in any sense for
the crisis through which the country
has recently passed. He said that on
December the country banks had in
their vaults as a reserve $24S, ,oe0 900
and If they had held the amount Sen
ator Rayner argued that they
should have the amount would have
been s246, 900, 900 in gold and legal ten
Ger notes That was in their vaults
without regard 70 what they had In
reserve cities or .he bank currency
they had.
Mr.. Bailey suggested that that was
Iot a fair statement because for two
months prior to December 3 the eoun-
try banks. being unable to get money
from the reserve banks, had been
hcarding their money.
Admitting the truth Of this stats
Laent. Nr. Aidrich said he believed tAs