The Montgomery advertiser., 1908-02-13
|MR. RAINIER ON CURRENCY BILL Maryland Senator Makes Speech. ATTACKS ALDRIcH MEASURE Puts Pertinent Questions ts the
 Republicans. He Has ColIeauy With MT. Taiiaferro who Moved To Strike out~s
 Section From The
 Bili.

Washington. Feb. I2.--Senator Ray ner. of Maryland, addressed the Sem ate today upon the Aldrich currency bill
 There was a large attendance of both Democrats and Republicans in the chamber. including the leaders on both sides.
 Turning to Senator Aidrich. Mir. Ray ner asked how 1t happened that the committee had stricken from the biii the provision requiring the banks To- cated outside of reserve or central re- serve cities to keep a reserve equal to fifteen per cent of their deposit lia- bilities and to hold at all times at least two-thirds of such in lawful money.
 The chairman of the Finance com- mfttee replied that 1t was omitted in order to avoid unnecessary, opposition to the bill in its main features.
 There was," he added, great op- positlon to this from the country banks, especially in the South and West and the committee let it so to avoid discussicn.'
 He believed that was a subject that should be taken up in a separate bill.
 .WiIl the chairman tell us when he will take up such Dill?" interrupted Mir Tillman.
 T will answer that quick" said Mir. Rayner, He will do it when tarin bill is taken up."
 Mr. Rayner wanted to know who asked for this change.
 Lookin toward the Democratic side Mir. Aldrich said Senator Taliaferrn of Florida, had moved to strike 1t out.
 COfIoquy Wlfh TaIiafefro.
 A coiloquy then took place between MT. Rayner and Mir. Tallaferro, the latter insisting that he had just told the former that he had moved to strike out that provision which he dis approved because in his judgment it crippled the country. in loaning their I Mr. Ravner said he realized that the bill will u4Aa. and tdariaFH FHd int 4fae opponents have fhb consolatton oi Knowing that V simply ana soiety
 After outlining what he considered to be faults with the currency system of this governrnent. he said; 4.
 The; truth about, tho situation is that the money in this country is net eduitabiv and fairly distributed and that 1t ia concentrated at points that dominate the banking interests or the land and that the people who need the money, and the aEricultural sections oL the country. and the country banks and the country towns and mercantile and farming interests and honest bus- .fnees enterprises, arc all unable 10 pro cure 1t when the necessity arisss @ TOT .iH., hss and appease the demands that are con- centratad around the financial centers of the country. We will never have any permanent reliel untn Ms stranr IA, 3 entire banking eystem from Us found ations in 4the interest of the American people against the special interosts.
 While opposing the Aldrich nii.. Mr. ]. credit currency. an assisting curren- cy and a central bankers issue. The great trouble with the pending blll is with the reserves, he said ana ne ae- clared that the law regulating them Is s'simply an undisguised and stupen- dous deception and fraud"
 He said that the reserve scheme as now operated works distinctly and dis- astrously upon the rights of the Amer ican people and that the deposits or money in country banks with the jug gling that finally carries 1t to ths reserve cities, contributes 10 make the worst system in the civilized world
 Savages Do Better.
 ''Why, sir,' 'saId he, the native say- ages upon the banks of the SeneGamh- ian River with elephants teeth and tho bark of sthe mulberry tree as ctrcu- latiRg medium, have better system of finance than this"
 If the country and city banks have on hand only six per cent and one and one-half per cent respectively, of the reserve deposits. Mir. Rayner wanted to know who does have the money. An swerfnG his own question, he said he supposed the stock market had 1t to < large extent.
 Continuing, he said:
 So gentlemen of the South and West, when you want to move your crops. do not apply to the banks, be- to the New York Stock Exchange for permission to do so. Is 1t not fright ful that this iniquity should continue. condemned by every intelligent finan- cfer and honest man in the land.
 You will understand that in the seasons when money is easy, the re- serve is forwarded to New York as quickly as they can for interest and comes, the New York banks are unable to send the reserves home again bc- cause the money is all loaned out.
 Mir. RRyner asserted that the absence pointed out in the reserve system amounts to a disfiguration of the Ala rich bill, and that the measure in it's present form will work more effect- to the stockhoiders of national banks than 1t does in the interests of the American people"
 T appeal to this body" he said. mot 10 pass A DIlt WHICH poIoIhptOfAAy OO- clines to make any change whatever in this system of reserves. and permits this blundering and fragrant injustice to permanently disgrace the statutes of the United States. N ta
 President Responsible.
 And now I say. with great rsver- ence and respect. both for the ofiice and for it's occupant. that the President oe the United States has also. with the best intentions. unconsciously contrib uted to the misfortunes that have over taken us. I unite with him in the warfare that he Is waging against the violators of the law and the oppressors of the people. When 1t comes to the Standard oil Company and other kin dred alliance. no man in this chamber would go to a greater length than am willing to go in driving them. if posst- ble, from tho face of the republic. I know that their path has been a path of desola ton. l know that they have swept down upon competition like cormorant upon its prey. and have built their thrones upon the wants of penury and the toll of unrequited labor
 T diner. however, with the Presi- dent in his method of assault Male factors should receive penal punish ment and a whole generation of inno-