The Birmingham age-herald., 1908-01-28
Congressman Fowler Condemns
 American Banking
PROPER REMEDY OFFERED
MT. Fowler Takes Occasion To Eu- Ioglze Grover Cleveland and J. p. Morgan For Their Financial
 Views and Aid To Country.

Washington, January 27.-In an exhaus- tive speech in the House of Representa- tives today, MT. Fowler, chairman of the committee on banking and currency, branded as false newspaper stories in re- gard to the conversation between him. self and Speaker Cannon, in which MT. Fowler Is alleged to have been told that the Aldrich bill must pass and that in order to effect speedy legislation the speaker had seriously considered dropping MT. Fowler as chairman of the commit tee.
 The only word he had had on the sub. ject with the speaker, he said. was that the latter had told him he did not desire any financial measure brought in before the Christmas holidays. MT. Fowler de- clared that his response was that he thought it not only unwise to bring a financial bill in before the holidays, but ''useless and unwise for this entire ses- sion.'
 MT. Fowler declared that the United States had the worst financial and cur rency process in the world, instead of the best
 What is the acute question:" he in quired. "Is it bond-secured currency? If ethat was a wise and proper form of cur rency, he asked why had not some nation adopted it by this time. Japan tried 1t over night, he said, but quickly gave it up."
 MT. Fowler favored coining reserves out of gold. United States notes, he said, asa nj of fiat issued during the war They had never been retired because neither the re- publican nor the democratic parties ever had the political courage to do their duty.
 Tribute To Cleveland. MT. Fowler paid tribute to Grover Cleveland for his courage in grasping the free silver monster by the throat and appealing to Americans to provide for the maintenance of the national honor by handling and controlling exchanges until we caould recoup our gold" His con cluding reference to MT. Cleveland was greeted with loud democratic applause when he said: "I for one thank God that man like Grover Cleveland was Presi- dent of the United States that year QSS5).
 The sub-treasury system of the govern ment was attackeQ Dy MT foWReR aS o curse to trade and commerce.
 Tt is a source of suspicion he de- clared, "a source of hatred, a source or sectional rivalry" He said he knew noth- ing that so constantly aroused sectional feeling, "as this distribution of money in times of stress United States money, he said, had been disturbing factor in the commerce of the world, and he main tained that a remedy for this evil could be supplied by the government by depos- iting its money in bank every day by checs and draft, and by drawing 1t out by check and draft, just like any other business institution.
 Praise For Morgan. Referring to the action of Mr.. J. Pier pont Morgan in coming to the rescue of the money market recently, MT. Fowler asserted that an individual banking sys- tenn cannot stand alone, because every serious rumor causes runs ana the banks know they cannot survive. These banks. he said should be co-ordinated and brought into one harmonious whole. It was high time, he said. depostors knew what was in the bowels of the banks when they placed their money with them. He referred to MT. Morgan as a giant of giants Hercules of finance. bank CT statesman, banker patriot who, he said. had stood like a Gibraltar pro  our banks, protecting the occupations of | 25 OOO, 900 men and women, protecting the | national welfare against the consequences of a more destructive, terrific, tragic and appalling cataclysm than has ever swept over the commerce of any country found" :" The time also was ripe, he said, and the opportunity was at hand to eliminate | everyone of these weaknesses and build a 1 scientific, sound and wise financial and | currency system. It all could be done, he | said, within three or four months | MT. Fowler expressed his opposition to l the establishment of a central bank, giv- | ing as one of his reasons that the United I States was too partisan and that its in- stitutions were not suited for such a l bank
 1 MT. Fowler was bombarded with a number of questions regarding the de- | tails of his bill. He declared that should l it pass it would raise the bank and | trust company reserves by $500 0o.Ooo, and | he said that amount of gold taken from the pockets of the people, the corn and | wheat fields would be replaced by the credit notes of the bank.