The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1908-02-10
BOTH PARTIES TO
OPPOSE ALDR|CH
CURRENCY BILL
WILL BE ATTACKED AS LEoisLA-
TioN IN INTEREST OF EASTERN
CAPITALISTS REPORTED OUT
IN SENATE MONDAY.

WASHINGTON, Feb. 10.-Discus-
sion of the Aldrich currency bill was
opened In the senate today at the
close OF routine business. Senator
Aldrich, chairman OF the finance COM
mittee, and author of the bill, called
up the bill and after Il had been read.
spoke at length on its support. He
explained the bill in all it's details
and went at length into the reasons
for iss passage. The senate was we'll
filed and the senator's manifested
deep interest in hts remarks. 'rhe de-
bate opened today is expected
to continue almost without Interrupt
ton until the measure IL voted upon,
which Is thought will be in the course
of about two weeks Senator Bailey
Is expected to take the lead in the at
tack on the bill and will be ably Sec
onded by Senators Teller. Culberson,
Daniel, Clay and Bacon.
Additional interest Is given the sub
ject by the indications that a storm
OF opposition is brewing In the house
on the part OF Republicans as well as
Democrats that seem likely to defeat
all currency legislation. Western
members are receiving protests from
their constituents. who object to the
measure on the ground that 1t Is q
scheme for imitation in the interest or
eastern banks.
AIdrich Supports Measure.
Senator Aldrich in his speech today,
said in part:
THE financial crisis from which the
afFxft hos is.Sf rod xy
minated In a serious panic In OCTOBER
WAS the most acute and destructive In
It's Immediate consequences or any
which has occurred In the history or
the country. Nothing but the heroic
measures taken by the representatives,
of the great business and financial IN
operation with the secretary OF the
treasury, prevented total collapse OF
private credit and a disastrous de-
struction or all values. 1t is Impossible
10 conceive. much less to measure the
losses which would have resulted from
such a calamity. The country was
gin from an overwhelming catastro-
phe whose blighting effect would have
been felt I'm every household.
THE panic OF 1907 was not, however
either I'm it's Inception or in Its prog
ress. currency panic. Our currency
In character. was beyond question.
''An annually recurring need for adj
ditional currency to move crops oc-
easi6naIiy- creates a demand In excess
OF the available supply. but the serious
defect OF our monetary system. az dis-
closed By our recent bitter experience.
Is the fact that we have no means
whatever for providing the additional
issues necessary to meet or TO prevent
panic conditions. Events having
brought this defect to the attention or
congress in the most forctble manner
we cannot wisely or prudentiy fail to
give II serious consideration.
Clearing house certificates were Is
sued by the various clearing houses or
the country TO the extent Of about
house certificates was unquestionably
most effective l need hardly say that
the clearing houses by which these
certificates are issued are voluntary
associations OF banks formed for mu-
tual convenience. assistance and pro-
lection. In many ways the usefulness
OF these associations has been shown
from public point OF view.
The employment of their certificates
has been beneficial at times in pre-
sometimes resulted. as in 1907, in such
arrangement OF exchanges as to
make Il doubtful whether. from the
standpoint OF the public interest. the
the benefits derived from their ISSUES.
Conditions Are Improved.
II am quite we'll aware that finan-
cial conditions have vastly improved
and think we may feel quite con-
ident that the period of depression
which followed the panic OF 1898 may
be avoided. II In quite certain that In
all the financial centers within very
short time there will be a great ex-
cess OF currency. and probably sur
plus OF loanable capital.
while the general conditions have
improved and are Improving there are
still many causes for disquiet In In
dustrial and financial circles. Under
these circumstances ! believe IL to be
the Imperative duty OF congress, in it's
wisdom to provide some means OF es-
: cape from another calamitous crisis.
There seems to be only one way to
accomplish this--by the provision for