Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-02-13
IN THE SENATE.

~ - S6INH
washington, Feb. Ex-senator Ray
ner of Maryland spoke at length in the
Senate today on the currency bill con-
demning the present system of bank
ing in the United States and incident
ally declaring that the President by
his methods of fighting the encroach-
nents of predatory wealth had done
much to intensity the panic through
which the country had recently
passed.
The Senate devoted two hours to
considering the criminal code bill and
at 4.S7 P. NJ. adjourned
Washington, Feb. Ex-senator Rayner
of Maryland addressed the Senate today
on the Aldrich currency bill There was
a large attendance of both Democrats
and Republicans in the chamber, includ-
ing the leaders on both sides. He spoke
in part as follows:
Rayner said he realized that the bill will
pass and declared that it's opponents have
the consolitior of knowing that ut is
simply and solely an emergency meas
ure.' After outlining what he considered
to be faults with the currency system of
this government, he said:
THE truth about the situation is that
the money in this country is not equitably
and fairly distributed and that 1t is con-
centrated at points that dominate the
banking interests of the land. and that
the people who need the money and the
agricultural sections of the country and
the country banks, and the country towns
~,
and honest business enterprises. are all
unable to procure it when the necessity
arises for its use. and are all sacrificed
to crafty and appease the demands that
are concentrated around the financial
centers Of the country. We will never
have any permanent relief until we
strike at the root of the evil and reform
our entire banking system from its foun-
dation in the interests of the American
people against the special interests"
so, gentlemen of the South and West
when you want to move your crops don't
apply to the banks, because they have
no money, but apply to the New York
Stock Exchange for permission to do So
You will understand that in the seasons
when money is easy, the reserves go to
New York as quickly as they can for
interest and then when the hour of con-
traction comes. the New York banks are
unable to send the reserves home again
because the money is all loaned out.
Now, I say, with great difference and
respect. both for tho office and for its
occupant, that the President Of the Unit
ed States has also. with the best inten-
tions. unconsciously contributed to the
tcfn fl,of r
unite with him in the warfare that he
Is waging against the violators of the law
and the oppressors Of the people. He
cannot be too severe for me in his ar
raignment of their iniquitous practices
When it comes to the Standard OIL Co.
and other kindred alliances. no man in
this chamber would go to a greater
length than I am willinESto go in driv-
ing them. If possible, from the face of
the republic. Monopoly is the curse Of
this country. and I take up my line of
march, as ] have always done, with the
attacking party that will eventually level
it to the earth and rescue from it's dead
ly grasp the honest business enterprises
of the land and the PROSTATE rights of
the American people. 7 differ, however,
with the President in his method of as
saut.
"Malefactors should receive penal pun
ishments and a whole generation of limo
cent people ought not to suffer for the
sin of their oppressors. One day of i'm
prsonment would do the work better than
all the heaviest fines that can be piled
upon the institutions they represent. I
differ with the President in his remedies.
because he has suggested one after an
other utterly impossible Of accomplish
ment by the fedora! government. Take
the capitalization of railroads. I have no
objection whatever to this plan. but after
the capitalization then what will you do
with your innocent stockholders and
bondholders? How will you separate and
distinguish the watered issues from tho
lawful capital? What can the FEDERAL
CONTINUED on Page Tweive.)