The Montgomery advertiser., 1908-02-19
|ALDRICH BILL IS MAKESHIFT So Declares Stone of
 Missouri. TAUNTS THE REPUBLICANS No Mere Sinner Pail Campaigns,
 He Says. Fsvers Law Demandias Th.s Re.srvs. shsli De Kept in Ceuasry sssk.
 aaa Deaeuse.. G.msiias
 In stocks.

Washington. Feb. fs.--spsaIxing in the Senate today. Mr. Stone. of lfis- souri. declared that while the recsnt financial panic was in part due to a shortage of available currency. the concentration of the money at xivnn points had much to do with it. There was. he said. too much of this money in New York.
 The Aldrich bill he regarded as merely a makeshift in meeting the needs of the country.
 am opposed" he said. ..to con- ferring these great additional fawnrn and powers upon national banks. The idea of a corporation usurpinR and ex- ercising the functions of the soverusmn has always been obnoxious to me. The power they can exercise upon the po- iitica1 and industrial weIIbaing or the nation is enormous and although if ss no doubt entirely true that the national banker is as patriotic as the average citizen, yet money and business with him, as with others. are generally sezfs ish and graaping things and dividends are often regarded as of more impor- tance than patriotisln."
 He objected to giving the banks power to regulate in any degree Ehe volume of the peoples currency by sx- banding or contracting it as may hap pen to suit their whims ar their fn- terests. while they now have that pow CT by the issue of banks notes the pending bill would increase their p0W~ CT along ahe same line Property val ues might be greatly affected by such expansion and construction.
 "There is now" he aaid. "a conn munity of interest. between the banks and a cooperation along the whole line to accomplish given objects"
 Mir. Stone declared that he would prefer to cnrtail the powers of the bsnks because the government is now depended on to give stability to the
 TT saasl cote fap. the emarwsnas treasury note fnetead ofsff1e eusergenuy bank m6tS,s he said.
 state, banks ana trust nornpaniAa should not. he thought, be denled the same privileges as the National banke. Mir. Stone favored 2 law demandlng country banks.
 ! If that had been done he believed the intensity of the recent panic would have been lessened. -He spoke in favor of a Euarantee fund to insure the de- posits in national banks. He also wished to see banks receiving goyeFns ment bonds required to pay interest on them.
 Referring to suggestion that the treasury department should be con- trolied by hoard of directors rather than by a single secretary, he said, too much power was placed n the hands of an individual.
 He denounced stock gambling and declared that 1t took out of the mar ket too much money thae mient nS available for lending for comMeTcto1 purposes. The recent panic, he nAids had come to a Republican adminlszfh- tion although that party had alWayp declared that 1t brought prosperity upon the country.
 Mir. Stone referred to the silver iseues saving it's purpose had always besn mIsrepresented and that t had ceen expected that the parity of all money would be maintained under that sya- tenn. Soy addlttonaI money" he said. The contention that adequate tncrease Of the volume of money would revive sn- dustrfes. enhance property values An9 labor wages had been demonstFAAs0 bv the history of the last decade.
 .I prophesy that many many months will wane before they will again poink to Democrats and sing in str10shx chorus the song of the soup house The full dinner pail will not De a9nAn blazoued as an emblem of triumph on the Republican shield
 In reply to a question by Senator Hopkins. of illinois, Mir. Stone add that in cases of a money panic he would put the treasury ener9eney currency he favored in circuiation Dx Sepositing 1t in national banks.
 Mr Bacon, interrupting during the ,,ortion of the speech In which bzr- Stone expressed his belief in gov- ernment guarantee of deposits in na- t,ona1 hanks declared that he would nSver approve any system for such guarantee. ...-.. :.
 Senator Shoot suggested that s0en z guarantee would increase WIG eAk s,,it m failures greatly in excess 1f sSs nresent rate of one-tenth Of one per cent of the banks.