Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-01-15
Count Won Kanitz In the
German Reichstag
Says Financial Troubles Are
Due to Pres. Roosevelt.
Latter's Altitude Toward Trusts Said
to Be Primary Cause.

Berlin. Jan. 14.-During an interpret
lation in the Reichstag today in refer
ence to the high rate OF discount
charged by the Imperial Bank. Count
Won HanitZ, conservative. suggested
that President Roosevelt was respon-
sihle for the critical financial situa-
ton existing today throughout the en-
tire world, and the direct cause there
of, according to the speaker. was to he
found in the Presidents threats against
the trusts. Count Won kanitz said
that the opponents of the trusts must
recognize that interference with the
financial activity of the United States,
which is based on the operations of the
trusts, means interference with the en-
tire economic situation in America.
'Amerioa's error has been that she al
lowed the trusts to so so long without
Tterfercnce," said the speaker.
Count Won kanitZ reviewed what he
called the ''frenzied finance" of Ameri-
CT of the past few months and alluded
to the recent fight for gold in Europe.
He said that in the month OF Noverl-
Der alone about S39, 100000 had left Ger
many for the United States.
After pointing out the Infavorabse
commercial balance of Germany to-
wards the United States, the speaker
expressed the opinion that the United
states will need much more money,
and that this will come from Europe.
He then asked what means would be
adopted to prevent this overflow. which
even = high bank rate of discount
could not keep back. He suggested a
moderate return to bi-mctallism by is
suing in Germany silver coinage to the
amount 0f % marks head, which he
said, he thought would Improve the Sit
uatiGn. He upheld the method of the
Bank If France which issues silver
coinage to the value of 10 marks per
head Of population as Il model in this
connection, declaring this system per-
nlitted France to- have Such an enor-
nous gold reserve. The shortage of
money. according to Count Won Kanit@
in the restoration of ordinary financial
situation questionable particularly as
there are indications that period OF
industrial adversely is beginning. AZ
the beginning Of December there were
in Berlin alone $4,000 skilled workmen
without employment, and since this
time these figures had been increased
greatly.
Referring to the prospects of float
ing the new imperial loan Count Won
Kanitz said these were most unfaror-
able. He said he was almost certain
that interest at the rate of ner cent.
would be necessary and that this would
affect the other state obligations. In
dustrial shares had recently lost fully
one quarter of their value.
DR.. Thebold BethEaun- Hollweg, min
lister Of the Interior replied to Count
Won kanitZ concerning Ger.nany's solid
financial situation, but he did not touch
upon the question of Germany's specia!
financial relations with the United
States. He said the causes of the
present scarcity of money in TIE Ger
man market could be traced to the
continuous improvement, during recent
years, Of the economic situation in
Germany. The number Of prosperous
individual and commercial undertal.-
ings was greater in proportion than the
increase in population.