The Birmingham age-herald., 1908-03-18
CAUSTIC EXCHANGE IF
 WORDS WITH ALDRICH
Wisconsin Senator Declares That the Money Power of Wall Street Is Be- hind the AIdrich Bill and Ar
 raians Modern Finance.

to say IS made more potent II possible by the action taken during the day with respect to the -.ldrich bill, said MT. Lafollette in beginning his speech in the Senate on the currency bill today. Ills reference was to the amendments made to the hlle by the committee on finance.
 Speaking of the Morgan and Standard oil banxs,'' and looking across the enam- Der toward Senator Aldrich, Mr Lafol- lette deelared:
 'I will show the connection of these great groups with the bill pending here. notwithstanding the dextrous withdrawal of the proposition to incorporated rail- way bonds in the bill"
 MT. Aldrich said the most earnest ob- jection to this bill was made by the Na- tional City bank of New York and that MT. Vahder!ip, vice president of that bank, has opposed the measure. Tt is,' he added, mot only opposed by that bank but by all the banks of New York. l haze received this morning a statement from the New York Clearing House association saying we would better have no currency legislation at all than tu have this bill, and stating reasohs why We should have an asset currency. 1 know of no bank or banking man in favor of this bill. The fact is that the banks throughout the country are aga,nst 1t and the senator from Wisconsin has studied this situation to little effect f he has failed to learn that. Il will inquire,' retorted MT. Lafollelte, what the position of Mir. Morgan is." Laughter From Galleries. | There we're choruses of laughter in the | galleries "l do not know, replied Mir. l I1rfA t4 | of wide experience and wtse Judgment and has patriotism and 1 should feel gratl- lied If he approved this bill.
 Perhaps replied Mr. Lafollette, and in d tone of sarcasm, in some way the chairman of the finance committee will be able to find out where Morgan stands. His oountenance beaming from the gal lery of this chamber while the senator from Rhode Island spoke on this measure ra,her indicated that MT Morgan, the Lead of one of these great groups was not entirely adverse to the proposition embraced n the bill"
 'l suppose, said MT. Aldrich the senator from Wisconsin will agree with me that this proposition should be dis cussed on it's merits as to what 1t will do and not in view of what men In the position of MT. Morgan think of It."
 Let me say" MT Lafollette replied. you cannot always tell from the lines Ol lle plil uld say lle pTOppSttiOn lO withdraw the provision to incorporate r:ilway bonds in this bill throws flood of light upon the purpose of this legisla- ton. Let me say to the senator iron, Rhode Island further, that it is hot be- ycnd question that these great orgariza- tons might put out here and there crit icisins If this proposition to give colol. to the idea that there is great and mighty power organized behind this leg islation"
 After talking for two and half hours, MT. Lsfollette announcing himself unabls to continue further. suspended his re- marks uni1 tomorrow
 MT. Lafollette was soon surrounded by senators extending their congratulations, most of them being from the democratic side.
 LaFolette's Address.
 Declaring that the recent financial stringency in the country was brought about by the influences of standard Oil' and J. Pierpont Morgan, Sena- tor Lafollette entered upon a denunci- aton of men high in the financial world.
 There were no commercial reasons for a panic" said MT. Lafollette. There were speculative. legislative and political reasons why panic might serve special interests. There were business scores to settle. There was legislation to be blocked and u currency meas sures suited to the system to be secured. There was a third term to be disposed of, and policies to be disredited.
 "A panic came. I believe that it needs to be followed step by step to show that it was planned and exc cuted, insofar as such a proceeding Is subject to control after once in mo- ton. Such a statement. without sup port in facts warranting it. would de- serve condemnation. To withhold such statement, to shrink from plain speech setting forth the facts insofar as they can be uncovered in the dis cussion of this legislation would be d. plain violation of public duty. He recounted in vivid language his views of the events of October 24, when was wildly seeking money at any price. currency stringency.
 Wall Street Frenzy.
 For the first time since the panic began 11:30 a. m. arrived and every body on the floor of the stock exchange was wildly seking money at any price. Interest rates which had for several days ranged from 20 to 50 per cent began to climb higher. Settlement must be made before o'clock Money must be forthcoming or the close of the bus mess day would see Wall street mass of ruins and banks and trust com panies on the brink of collapse.
 How perfect the stage setting. Hoy real it all seemed, but back of the scenes, Morgan and Stillman were in conference They had made their pre- sentations at Washington. They knew just how much 1t would be. They awaited it's arrival and deposit. There upon they pooled an equal amount an1 cid 1t. Then they awaited. Interest rates scared. Wall street was driven to a frenzy: 2 o'clock came and in terest rates ran to 150 per cent The smashing of the market became ter- rife. Still they waited. Union Pacinc declined ten and one-half points. North