The sun., 1908-03-18
RAILROAD BONDS OUT or BILL
BUTLA TOILETTE HITS ALDRICH
MEASURE JUST THE SANE.
DenounCes New YORK Banks as Ministers Of
E,lI and Declares the system" Engl'
neered the Panic TO StaNe on Just Regu.
IatlOn OF Railroad Rates More To-day,

0eefefl VIE u Nlllt W oNANNOIl 1NhN MAUI
IatlOn OF Railroad Rates More To-day.
WASHINGTON. March Ex-senator Robert
MI Toilette Of Wisconsin shook his thick
hair and pointed a threatening finger at
his colleagues in the Senate to-day while
he condemned the Aldrich currency bill
"a Wall Street measure and denounced
the New York city banks as ministers Of
evil
The speech was read from manuscript
Mr.. La Toilette explained that the "im-
portance Of the subject made il advisable
that what he said should be carefully
weighed. The Finance Committee. how
ever, had extracted the -stinger' from
Mr.. La Follette's speech by meeting this
morning and agreeing unanimously 10 cut
out the railroad bond feature OF the bill,
This filed Senator La Follette's friends
with Indignation They denounced It as
a deliberate plot on the part Of Senator
Aldrich to forestall the effect Of the speech,
The Senator from Rhode Island submitted
the report a few minutes after the Senate
met. Besides dropping the clause making
railroad bonds a basis Of emergency crcu-
lation the report favored amendments
limiting the issue Of emergency circulation
TO the par value Of the security deposited
and providing that the limit Of circulation
10 be retired by the banks in any month
should not exceed Se,OOOOOO.
Mr.. AIdrich explained that the commit
tee had thought it desirable 20 have as large
a basis Of security for emergency Circula-
iiAp. AS possible, But the committee finds
he SAD, that issues are raised in regard to
the railroad bonds which have no refer
enoe 10 tho bill. such as the relation Of the
railroads to the people For that reason
the committee had deemed it advisable to
strike out the matter entirely
Mr.. La Toilette was scheduled 20 begin
at the close of morning routine business.
When he failed to appear there was rumor
that he had been compelled to retire to revise
his speech on account Of the action Of the
Finance Committee What Mr.. La Toilette
had written he had writtea how ever and
he decided to deliver It, The Senator had
been III and showed some effects Of IT,.
But he was none the less aggressive. lie
took up his manuscript page by page and
deolaimed IL.
As he warmed up he would advance from
his seat on the Democratic side tow ard his
Republican colleagues, shaking an accus-
ing finger at them, and At times pointing
~ Mr.. Aldrich. He oombed his long hair
upward with his fingers until it stood more
erect than usual and adde's to the general
tragic effect
After three hours OF exhaustive effort the
Senator appeared very much fGtigUed and
asked permission to suspend his remarks
until tomorrow. he had formidable look %
ing pile Of manuscript before him when he
suspended, and this raised the apprehension
in the minds Of Senators that probably the
Senator from Wisconsin might repeat the
performance Of two years ago when he
spoke for three days consccutively on the
railroad rate bill
Notice had Ieen given that the speech
was coming and the galleries were crowded.
Mrs La Toilette, wife of the Senator en-
tered the Senators reserved gallery shortly
before the speech began, accompanied by
Lincoln StehIons the magazine writer
1T contributes nothing Of value TO this tis-
cussion to denouncC individuals on the one
hand or aud them on the other" Mr. Ia
Toilette said at the start. Il have compiled
list ui ll2 meE with their direotorships in
the great corporate business enterprises Of
the L nited States. ltfurnishes indisputabi-
proof Of the community Of interest that con-
trolls the industrial life Of the country
Senator La Toilette here read list Of the
names of men who control the industria!
and transportation enterprises and the
banks Of the country. Continuing, he said
No student Of the economic changes in
recent years can escape the conclusion that
The ownership and control Of railroads, teIe-
graph, shipping, cable, telephone traction,
express, mining, iron. steel, coal, oil,
gas, electric light cotton, copper. sugar,
tobacco, agricultural implements and the
food products are completely controlled
and mainly owned by these men.
The country seems not 10 understand
how completely great banking institutions
In the principal money centres have become
bound mp with the control Of industrial n-
stitutions. nor the logical connection Of this
relationship to the financial depression which
We have so recently suffered, nor the dan
gers which threaten MS from this source IN
the future.
The Senator took as an example the
directors Of the National Citv Bank aud the
thirty-nine directors Of the National Bank
Of Commerce, the one Standard Oil and the
other a Morgan bank Then he said:
Subject 10 differences which may arise
between powerful individuals Of these dif-
ferent groups. resulting in occasional col
lision. they are practically a monopoly and
O. far Ss the public Is concerned practically
one group. The business partner OF the head
Of the Morgan group is found on the direc-
torate Of the chief financial institution which
heads the Standard oil group. And one OF
the leading directors Of the National City
Bank Is a member Of the board OF direc-
tors of the principal financial institution in
the Morgan group.
Fourteen Of the directors OF the National
City Bank are at the head Of fourteen great
combinations representing ~ per cent Of
Jhe captsii7aj ion vi ali The industrial trusts
OF the country.
The railroad lines represent cd on the board
Of this one bank cover the country like a net
work Chief among them are the l.acka-
wanna. the Chicago, Burlington and Quincy,
the Union Pacific, the Alton the Missouri
Pacific. the Chicago, Milwaukee and ST.
Paul the Chicago and Northwestern, the
Rock Island. the Denver and Rio Grande,
the Mexican National, the Baltimore and
Ohio, the Northern Pacific, the New York
Central, the Texas and Pacific the Tric, the
New York, New Haven aud Hartford, the
Delaware and Hudson, the Illinois Central
the Manhattan Elevated of New York city
and the rapid transit lines Of Brooklyn.
These "a me twcnty-threc directors, through