New-York tribune., 1908-01-28
FOWLER on CURRENCY.
Makes Strong argument for HIS
Bill IN House.
TF-7m The Tribune Bureau J


washington Ian 21.-Representatlve Charles y.
--,7le- of New Jersey. held the floor Of the House
< three hours this afternoon. and proved nlT11seIr
. s--onr chsn7rion Of the credit currency system.
provision for which he has made in what is called
- Fowler bill For the full three hours he com
hated The objections Of any member VINO ques-
TONED the soundness Of the credit system or the
--a~ti-zI utility q his measure, and when he closed
he received many congratulations from both sides
of the House. Few members were absent from
-ae=- sea-s and the galleries were crowded, many
Senator's and executive officials being present
The first portion Of NJ Fowier's speech dealt
-5-h the defects OF the present financial system.
e abuses which might arise from II and the neces-
St. fo- change He touched briefly on the recent
manic and explained its causes Then. taking Up
his bill, he discussed il section by section and
made clear its scope Before closing he PAID a
hszh tribute the sagacity and patriotism Of j.
Pe-ponr Morgan. whom he characterized as a
banker Statesman" banker patriot and the
savior o. the country from most dire consequences
of TIE panic
On closing he immediately became the centre OF
q storm Of questions. Representative Hitchcock
r. Nebraska, opened the attack with few general
.-oy,-iss as TO credit currency which were an
Exe-e5 70 the great satisfaction Of Mr Fowlers 8
friends representative Burton Of Ohio. who will
Be one of the leaders il the fight for the passage
~ The AIdrich measure, followed with several ques-
lions which were in the main unanswered. be-
~e-se n Fowler said he lacked the time Repre-
s4rra-fves Cochran and Fornes. Of New York, and
lanes e Kentucky. also took exception TO the
rsv-e1t q obligations by mourning more obliga-
tons" bur full discussion Of their difficulties was
-ot -ossibIe II the limited time allowed. When
The House adjourned for the day Il was generally
admitted that NJ Fowler had presented an adulira-
he exposition of the credit system, even I MS
speech did not make many converts TO his bill
Before addressing the House Mr.. Fowler sent TO
The clerks desk and had read newspaper clipping
in -e-ari 70 q conversation between himself and
Sneaker Cannon. in which Mr.. Fowler is alleged TO
have been told that the AIdrich bill must pass and
thar IN order 10 effect speedy legislation the Speaker
had seriously considered deposing Mr. Fowler as
chairman Of his committee. These statements MI
Fowler said we're .1naliciously false The only
wo-5 he had had the subject with the speaker
he SAID. va. that the latter had told him he dld
not desire any financial measure brought in before
TIE Christmas holidays M Fowler declared that
hs response was that he thought II not only unwise
70 bring financial measure in before the holidays,
-'0uI useless and uuwise for this entire session
Taking up the financial question, AIr. Fowler de-
cared that the United States had the worst imam
CiaI and currency system in the world instead Of
the best What the acute question: he in
CURED. Is Il bond secured currency" II that
was wise and proper form Of currency. he asked,
vhy had not some nation adopted it BY this time?
Japan tried IL overnight he said, bst quickly gave
4 up.
NJ Fowler favored coming reserves out of gold
United States notes he said. were mere promises
70 pay. "a mere piece Of fiat issued during the
war" They had never been retired, because neither
the Republican nor the Democratic party ever had
TIE political courage &c DO its duty lie raid
tribute 10 Grover Cleveland for his courage in
grasping the free silver monster by the throat and
appealing 70 Americans TO provide for the main
tsnsnce az TIE national honor by handling and con-
trolling exchanges until could recoup gold
Fe evoked Democratic applause when he said: T.
t0r cue thank God that a like Grover C1eve-
Land President % the United States that year"
TIE SCb-Treasury system was attacked by Mr..
Fowler q curse trade and commerce 1T is
source Of suspicion" ne declared. "a source Of
hatred. source Of sectional rivalry he said he
anew nothing that so constantly aroused sectional
feeling as this distribution Of money in times Of
stress" United States money, lie said, had been
disturbing factor the commerce Of the world,
snd he maintained that remedy for this evil could
Dc supplied by the government depositng its money
n banks every Gay by check and draft and by
drawing 1t out by check and draft, just Ike any
other business institution
Referring % the Action OF J Pierpont Morgan in
coming 10 the rescue Of the money market recently.
ar- Fowler asserted that individual banking
system cannot stand alone. because every serious
F5Inor causes runs. and the banks know they can
no. survive. These banks, he said. should be Co
ctGlrated and brought into harmonious whole.
L vas high tine ne said depositors knew what
was in The bowels Of the banks when they placed
taeir money with them He referred to Mr. Morgan
as a giant Of giants z Hercules of finance, a
banker Statesman barker patriot" who he said,
hsc stood ike 4 Gibraltar protecting the
g o $4,000 Of reserve Of or banks protecting the
oc--Da1Iozs Of 10000 men and women protecting
The national welfare against the consequences Of