Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-03-18
LAFoLLETTE's SPEECH.

/ washing lOll, N1dISH It. w Ildl
have to say is made more important
if possible by the action taken during
the day with respect to the Aldrich
BILL" said Lafollette in beginning his
speech in the Senate on the currency
| bill today. His reference was to the
amendments made to the bill by the
| committee on finance.
| Speaking of the Morgan and
| STANDARD Oil banks and looking
across the chamber toward Senator AL
| drich, Lafollette declared: II will show
the connection of these great groups
with the bill pending here, notwith-
| standing the deXterous withdrawal of
| the proposition to incorporate railway
| bonds in the BILL
| Aldrich said the most earnest objec-
| ton to this bill was made by the Ma
| tional Bank of New York and that
| yanderlip, vice president of that bank,
has opposed the measure.
1T is" he added. mot only opposed
by that bank, but by all the banks of
New York 1 have received this morn
ing a statement from the New York
Clearing House Association, saying We
would better have no currency legiSla
ton at all than have this bill and stat
ing reasons why we should have an as
set currency. l know of no bank or
banking man in favor of this bill. The
fact is the banks throughout the
country are against it and the senator
from Wisconsin has studied this situa-
ton to little effect if he has failed to
learn that
81 will inquire" retorted Lafollette,
what the position of Morgan is?"
There was a chorus of laughter in
the galleries.
Il Go not know replied Aldrich,
but l know Mr.. Morgan is a man of
wide experience and wise Judgment
and has patriotism and 1 should feel
gratified if he approved this bill"
Perhaps replied Lafollette, and In
a tone of sarcasm, Sin some way the
chairman of the finance committee VIII
be able to find out where Morgan
stands. His countenance beaming from
the gallery of this chamber while the
senator from Rhode Island spoke on
this measure rather indicated that Mr..
Morgan, the head of one of these great
groups, was not entirely adverse to the
propositions embraced in the bill.
Il suppose" said Aldrich, "the SEN
ator from Wisconsin will agree with
ne that this proposition should be dis
cussed on it's merits as to what it will
do and not in view of what men in the
position of Mr.. Morgan think of it
Let me say" Lafollette replied.
"you cannot always tell from the lines
of the bill. should say the proposition
to withdraw the provision to incorpor-
ate railway bonds in this bill throws
a flood of light upon the purpose of
this legislation. Let me say to the
senator from Rhode Island further,
that it is not beyond question that
these great organizations might put
out here or there criticisms of this
proposition to give color to the idea
that there is no great and mighty pow
er organized beyond this legislation"
After talking for two and a half
hours LafoIlette found himself unable
to continue further and suspended his
remarks until tomorrow. Lafollette
was soon surrounded by senators ex-
tending their congratulations. most of
them being from the Democratic side.
WASHINGTON March 17-Declaring
that the recent financial stringency in
influence Of STANDARD Oil' and J.
Pierpont Morgan, Senator LaFollette
of Wisconsin today in a speech practi-
cally closing the debate on the Aldrich
currency bill. denounced men high in
the financial world
There were no commercial reasons
for a panic" said Mr.. LaFollette.
There We're speculative. legislative and
political reasons why a panic might
serve special interests. There were
business scores to settle. There was
legislation to be blocked. and n cur
rency measure suited to the system 10
be secured. There was a third term 10
be dispo sed of, and politics to be dis
credited
He expressed the belief that il need
ed only to be followed step by step to
show that the panic was planned and
executed. He recounted his view of
the events Of Oct "a. when Wall street
was in the thrOes of the currency
stringcncy.
He declared that everybody was
seeking money. money must be forth
day would see Wall Street a mass of
ruins. anu DdIlhS ana trust companies
on the brink Of collapse.
How perfect the stage setting
How real it all seemed. But back of
the scenes, Morgan and Stillman We're
in conference. They had made their
representations at Washington. They
knew when the next instalInent of aid
would reach New York. They await
ed its arrival and deposit. Thcreupon
they pooled an equal amount and hell
it. Then they waited. Interest rates
scared. Wall Street was driven to a
frenzy. Two O'Clock came, interest
rates ran to $50 per cent. The smash
ing of market became terrific. Still
they waited. Five minutes passed-1O
(Continued on Page Fiyel