The Penn's Grove record., 1908-06-05
Wall Street Currency Bill Passed
A Congress Of towards.

A Congress of towards.
Wall Street cracked its whip and the
new currency bill was finally passed
and signed by President Roosevelt last
Saturday, after one of the most remark
able and most heroic efforts v e. made
by the Senator LaFollette to obstruct
it.
Mr.. LaFollette talked for nearly
nineteen hours. Senator William
Stone, of Missouri, spoke for two hours
and Mr.. Gore, the blind Senator from
Oklahoma, spoke for several hours and
and the vote was procured by Mr..
Aldrich taking advantage Of his blind
ness.
The Senate last winter passed the Al
drich bill which gave Wall Street bank
ers the legal right to deposit municipal,
county, state and railroad bonds with
the u. S. Treasurer and receive bank
notes in exchange by paying a tax on
them. A protest came from all over
the country against such a law because
it was solely in the interest of the big
spectators in bonds and stocks. 1t
was defeated in the House.
The Vreeland hill, which allowed is
suing notes on commercial paper passed
the House but was defeated in the
Senate. Then a conference committee
united the two bill making an issue of
$500, 600, 900 notes, 60 per cent to be on
bonds and 40 per cent on commercial
paper.
It was rushed thru the House last
Thursday without a debate. When it
reached the Senate Robert M. LaFollette
the independent Republican, set up the
geatest fillibustering speech on record.
MI. IaFollette asserted that Mr..
Morgan, Mr.. Rockefeller and a few
other controlling powers in Wall Street
needed to float some hundred millions of
bonds on railroads they are inter ested in
The proposition is made to the U. S.
Treasurer that Wall Street banks need
currency for an emergency. If there be
no emergency the bankers can and
will create it. They can take millions
drained from country banks, put in by
depositors. They can refuse to meet
the demands and the situation is created
which the new law is intended to meet.
Senator Gore charged that the bill
continues the ancient practice of farm
ing out to the private corporations the
sovereign prerogative of coming the cur
rency of the realm, a practice which is
as vicious as is the practice of farming
out the power Of collecting taxes.
What are we to base this sound,
safe currency upon?Under the provisions
of this law we may use the stock of a
company formed to extract sunshine
from cucumbers. And this stock is
to supply money, and likewise financial
sunshine. When this deluge of panic
money is let loose upon the country and
when the flood subsidies, the ship
wreck and the ruin that are left in the
wake will be an everlasting protection
against its subsequent employment.
The effect will be to offer a premium
Oh panic.
Senator Bacon has said it is a his
torical fact that the secretaries of the
treasury are as a general rule, transfer
red to a higher lucrative position in New
York, given them by the favor of Wall
Street. The startling monstrosity is
found in that every officer who is topass
upon the question of the sufficiency of
the securities is the officer, who,judging
by the past, is to look for rewards to
the very parties interested in having
him approve the securities.
The North American, the only daily
paper which has opposed the bill, said,
that President Roosevelt, ignorant of
finance as always, aided the false lead
ers and committed the administration to
the iniquitorS, mOngrel measure, the
most dangerous bill ever passed by a
Congress. The n. A. designates Geo.
B. Cortelyou, secretary of the treasury
as j. 2. Morgan's office boy in Wash
ington, and also says;
"Mr. Bryan proved himself both a
better patriot and a better practical
politician than his party leaders when
he urged them to stand by LaFollette.
U. S. Senators Kean and Briggs of
New Jersey voted for the infamous
Wall Street bill.
A POINTER.
Here is whele the vital issue between
Mr.. Roosevelt and Mr.. Bryan comes.
While Mr.. Roosevelt has gained the
applause of many by attacking the wrong
of corporations he is an abject
of Wall Street financial interests:
has let j. =. Morgan run the U. S
Treasury with an office boy the same as
Grover Cleveland did. BY aiding the
passage of the Aldlich-Vreeland law
with his signature MI. Roosevelt has
shown subserviency and that he approves |
he Hamiltonian idea thot corporations |
issue the money.
MI. Bryan declares that the govern
nent should issue the money, which is
he vital issue. Wall Street interests
ear MI. Bryan and has preferred Mr..
Roosevelt altho he has been an annoy
to them.