The Washington herald., 1908-03-20

angrily. Politics have made il necessary
20 deprecate the action Of the President
and the Secretary Of the Treasury in
sending money 10 New York in that great
crisis Whatever agencies were back
Of the panic the President and his Secre-
tary were confronted with a condition. a
panic. I don't know what the President
thought. what his beliefs were
1T had reached a stage where business
was in peril. and the responsibility came
to the President and re had TO act. He
was confronted with this question solely.
A panic was on-aside from all that was
AT stake 10 the business interests OF the
country. he was confronted with this
question, which he was bound 10 con-
slider
Mr. Bailey interrupted 20 make some
remarks about financial conditions. which
he claimed were the result OF Republican
, policies and Republican administration
Gore Replies in Kind.
Mr. Gore disclairned that he had been
actuated by a party spirit and asserted
that he would condemn a Democratic
President as he mad condemned SIr-
Cleveland, as quickly as he would a
Republican President.
II had supposed" he said, chat the
Senator from Wisconsin was one OF the
statesmen who would condemn wrong.
whether in his own ranks or those OF
the opposition. viii 90 with the Senator
Tar enough 10 praise President Reose-
Welt for holding OF those pirates when the
knife was at his throat but I cannot ex-
cuse him from saluting them as the de-
liverers Of the country.
I think IL a mighty sight more i'm
pOrtant 20 do things. responded Mr. La
Toilette. than 70 spend the time OF this
body in criticisiRg public officials for
things that have been done" Mr- Gore,
he said. had been seeking 20 elicit from
him some criticism OF the President OF
the United States. and he deprecated such
course
Resuming his speech. Mr.. la Toilette
said that for years there had been legis-
latlon in favor OF special interests The
first law as regards reserves was drafted
for the benefit Of country banks, but IN
1894. with S55,ooo00o OF reserves IN the
United States. New York City banks held
S24.0oO0c0. OF that S2i.Oo0o00. he alleged.
the Rcckefeller-Morg2n group OF banks
held $50 6oe, 900. or s. per cent OF the re-
serves Of New York City. and So per
cent OF the reserves Of the entire country.
Opposes n Great Surplus.
He charged that the Aldrich hEancial
bin OF last year was distinctly IN favor
Of Wall street interests he said tNat so
long as the standpatters were strong
enough to defeat tariff revision. the
government surplus deposited in national
banks might as well be used as a special
fund to enable Wall street operators 70
protect themselves in 2 panic He thought
IL unwiSe and not a province OF the gov
ernment TO create such q fund
Mr.. La Toilette held that the AIdrich
bill wodld not DO any good. as the bonds
necessary to secure circulation wsra held
by big New York banks. He said that
last year Senator Aldrich had disparaged
bonds other than government bonds. and
quoted him as saying at the time that no
prudent banker could afford to buy bonds
other than the bonds OF the United
States" With sarcastic emphasis Mr.. Ia
Toilette said: such bonds as. a year ago.
no prudent bank could aford 70 invesr
in. are now referred to by the senator
from Rhode Island as prudent invest
ments."
Why" he asked, did Il sult the pur-
pose OF tne senator IRON Rhode Island q
year ago. here on this floor. 20 defeat the
tax on depOsits7 Why did it suit his pur-
pose to denounce bonds other than gov
ernment bonds as wildly fiuctuating. and
then present to this body proposition to
use these bonds as basis Of currency
legislation
Intended to Aid Railroads.
american railroad bonds. he said. had
been so watered" that European IN
vestors had lost confidence in them. A
crisis had come when Il was necessary
to rehabilitate them in the markets OF
the world. He claimed that the purpose
Of the bill was to give a better standing
10 raihoad securities. and that this had
been admitted by Senator Aldrich before
the railroad bond section was eliminated.
Here was an admission. he contended. 10
make railroad bonds so profitable that
more railroads could be built
Faneral of A. w. FERGUSON.
Funeral services for Arthur W. Fer