The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1908-03-20
CURRENCY BILL UP
Recent Panic Due To Standard Oil
and j Pierpons Morgan-Acted the
Part OF Speculative Bankers at
Critical sloment-Were Playing
With Credit OF the Country FOR u
Purpose

Critical Moment-Were Playing
With credit OF the Country fOr II
Purpose
Washington, May 17.-"What /
! have to say is made more pertinent
| if possible by the action taken during
the day with respect 10 b Aldrich
| BILL" said Mr.. LaFollette in begin
ming 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 n
Standard Oil banks" Mr.. LaFollette
declared. Il will show the connection
of these great groups with the bill
pending here, Notwithstanding the
dexterous withdrawal of the PROPOSE
ton to incorporate railway bonds
in the bill" -
Mr.. Aldrich said the most earnest
objection to this bill was made by
the National City Bank Of New
| York and that Mr.. Vanderbilt, vice
president of that bank, has opposed
the measure.
at is" he added, mot only OPP
posed by that bank but by all the
DduhS Oh NEW 1OTk. i huOW VI liz
bank or banking man in favor Of
throughout the country are against
It,"
81 will inquire" retorted Mr.. La
Toilette, what the position Of Nor
gan is"
rich; "but l know Mr. Morgan Is a
man of wide experience and wise
judgment and has patriotism, and ]
should feel gratif1ed if he approved
this bill"
Perhaps" replied MIR. LaFollette,
"in some way the chairman of the
finance committee will be able to
find out where Morgan stands. His
countenance beaming from the gal
lery of this chamber while the sena-
tor from Rhode Island spoke on this
measure rather indicated that Mr..
Morgan, the head of one of these
great groups, was not entirely ad-
verse to the proposition embraced in
the bill"
Il suppose" said Mr.. Aldrich, the
senator from Wisconsin will agres
with me that this proposition should
be discussed IN 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" Mr.. LaFollette re-
piled, "you cannot always tell from
the lines of the bill. I should say the
proposition to withdraw the provi-
sion to incorporate railway bonds in
this bill throws a flood of light upon
the purpose of this legislation. Ler
me say to the senator from Rhode
Island further that it is not beyond
question that these great organiza-
tions might put here Or there criti-
cisms of this proposition to give
color to- the idea that there is no
great and mighty pOWer organized
behind this legislation"
Declaring that the recent financial
stringency was brought about by
the influence of STANDARD Oil' and
J. Pierpont Morgan, Senator IaFol-
lette entered into a denunciation Of
men high in the financial world.
There were no commercial ca
sons for a panic" said Mr.. LaFol-
lette. There were speculative, legis.
lative and political reasons why Il
panic might serve special interest.
There were business scores to set
tie. There was legislation to bo
blocked, and a currency measure
suited to the system to be secured.
There was a third term to be dispos-
ed of, and policies to be discredit-
ed.
"A panic came. I believe that it
needs only to be followed step by
step to show that it was planned and
executed, insofar as such a proceed
ing is subject to control, after once
in motion"
He recounted in vivid language
his views of the events of October
oath, when Wall street was in the
throes Of the currency stringency.
The Morgan and Standard Oil
banks, he said, pursued in that cri-
teal moment the course Of the
specializing bankers.
They ministerial" he said, Ito
the needs of Wall street, quite deaf
to the appeals of commerce. Their
curse was that Of men who were
playing with the credit of the coul.-
try for a purpose.
He discussed the economic develop
ment of the country and laid espec-
ial stress upon the growth of finan-
cial combinations.
THE bare names of the directors
Of two great banking groups (Stand-
ard Oil and Morgan) given in con-
nection with their business associa-
tons is all the evidence that need
be offered for the absolute commun-
ity of interest between banks, rail-
roads and all the great industries
declared Mr.. LaFollette.
Speaking Of the great stores of
money in New York in connection
with various Industrial institutions.
Mr.. LaFollette said:
with this enormous concentration
Of business it is possible to Great
artifcially periods of prosperity and
periods of panic.
Subject to differences which may
arise between powerful individuals
of these different groups, resulting in
occasional collision" he continued,
they are practically monopoly and