Middlebury register. (Middlebury, Vt.) 1886-1937, 1908-03-20
IS AFTER MORGAN
LaFollette Sees the Financier' s
Hand In Aldrich Bill
RAILROAD BONDS,CUT OUT
Wisconsin Senator Makes Sarcastic
Remarks to Chairman of Finance
Committee--Mighty Power Organ
lied Beyond the Legislation

Committee--Mighty Power Organ
lied Beyond the Legislation
Washington. March 1S.-"What
have to say is made more pertinent, If
possible, by the action taken during the
day with respect to the Aldrich bill"
said Mr.. LaFollette in beginning his
speech in the senate on the currency
bill yesterday afternoon. His refer
ence was to the amendments made to
the bill by the committee on finance
Senator Aldrich. acting in accordance
with a vote of the committee on
finance, had announced in the senate
the withdrawal of the railroad hAld
provision of the currency bill. The com
mittee also decided to amend the bill so
as to retain the provision of the present
law prohibiting the retirement by ma
tional banks of more than $4,000 900 Of
circulation in any one month. The com
mittee discussed the proposition of in
creasing the taxation of emergency cir
culation outstanding more than six
months. The rate under the bill as it
now stands is & percent No action was
taken on this feature.
Speaking of the Morgan and Stand
ard Oil banks" and looking across the
chamber toward Senator Aldrich. La
Toilette declared: II will show the
connection of these great groups with
the bill pending here notwithstanding
the deXterous withdrawal of the propo-
sition to incorporate railway bonds in
the bill"
NJ. Aldrich said the most earnest OBJ
lection to this bill was made by the Ma.
tiOnal City bank of New York at is"
he added. mot only opposed by that
bank. but by all the banks of New York
| have received this morning state
ment from the New York Clearing
House association saying we would
better have no currency legislation at
all than have this bill. and stating rea-
sons why we should have an asset cur
rency. | know of no bank or banking
man in favor of this bill. The fact is,
the banks throughout the country are
| against 1t, and the senator from Wis
consin has studied this situation to lit
tie effect il he has failed to learn that"
81 will inquire" retorted LaFollette
what the position of Morgan is?"
| There was a chorus of laughter In the
| galleries.
81 do not know" replied Aldrich.
but | know Mr.. Morgan Is man of
wide experience and wise judgment
and has patriotism, and should feel
gratitied if he approved this bill"
Perhaps" replied LaFolette. in a
| tone OF sarcasm. "in some way the
| chairman Of the finance committee will
be BILE 20 find out where Morgan stands.
His countenance beaming from the gal
lery of this chamber while the senator
from Rhode Island spoke on this meas
ure rather indicated that Morgan. the
head of one of these great groups, was
not entirely adverse to the propositions
embraced in the bill.
81 suppose" said Aldrich. 1.-THE sena-
tor from Wisconsin will agree with me
that this proposition should be- dis
cussed on its merits as to what it will
do. and not in view of what men in the
position of Morgan think Of it,"
Let me say" LaFollette replied,
you cannot always tell from the lines
Of the bill. | should say the proposi-
ton to withdraw the provision to in
corporate railway bonds in this bill
/ throws flood of light upon the pur-
pose of this legislation. Let me say TO
the senator from Rhode Island further.
that ii is not beyond question that
these great organizations might put out
here or there criticisms of this PROPOSE.
ton to give color TO the idea that there
is no great and mighty power organized
beyond this legislatiOn.'
After talking for two and ii half hours
LaFollette found himself unable to CON
tinue further and suspended his re-
marks until today. He was soon sur
! rounded by senators extending thei-
congratulations most of them being
from the Democratic side.