The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-13
RAYNER ATTACKS
CURRENCY BILL
Continued from Pace

Continued from Page 1.
them, if possible from the face of the
earth. I know that their path has
been a path of desolat ton. know that
they have swept down upon competi-
ton like a cormorant upon its prey,
and have built their thrones upon the
wants of penury and the toll of unre-
Quilted labor.
Monopoly is the curse of this cOun-
try and / take up my line of march,
as I have always done, with the at
lacking party, that will eventually
level it to the earth and remove from
its deadly grasp the honest business
enterprises of the land and the pros
trate right of the American people. /
differ, however, with the president in
his method of assault.
Innocent Ought Not to Suffer.
.Malefactors should receive penal
punishment and a whole generation of
innocent people ought not to suffer for
the sins of their oppressors. One day
of Imprisonment would do the work
better than all the heaviest fines that
can be levied upon the institutions
they represent. l differ with the presi-
dent in his remedies because he has
suggested one after another utterly
impossible of accomplishment by the
federal government. The diagnosis of
the president is perfectly correct but
in most of the instances he cites his
remedies are either unlawful or inn
practicable. From the violent fervOr
of his utterances there is an idea run
ming through the public mind that he
has come to the conclusion that every
man engaged in a large business en-
terpTise is a malefactOr and that ev-
cry good citizen of the land ought to
ut Ions t n hn
tiary."
AIdrich Tries to Explain.
Upon the conclusion of Mr.. Rayner's
speech, Mr.. AIdrich recalled that he had
stated that he was in favor of revi-
sion of the banking reserve law, but ex-
planned that he did not mean to say the
present law or the practice under it was
responsible in any sense for the crisis
through which the country has recently
passed. He said that on Dec. the
country banks had in their vaults as a
reserve SPAS, 600, 900. and if they had held
the amount Senator Rayner argued
they should have, the amount would
have been $24S. 100000 in gold and legal
tender notes. That was in their vaults
without regard TO what they had in re-
serve cities, for the bank currency they
held.
Mr.. Bailey suggested that that was
not a fair statement, because for two
months prior to Dec. the country
banks, being unable to get money from
the reserve banks, had been boarding
their money.
Forced to Admit the Fact.
Admitting the truth of this state
ment, Mr. Aldrich said he believed the
| same reserve was in their vaults in the
preceding August.
Mr.. CulbersOn explained that his bill
now before the finance committee, to
prevent banks from keeping their re-
serves in other banks, was for the pur-
pose of keeping the money in the vaults
| Of country banks, where il could be
used for loans and for moving crops.
A controversy arose as to whether
such a reserve could be used for any
purpose even if kept in vaults of the
| banks, Mr.. Aldrich maintaining that it
could not be taken out. Senator Hey
burn. as we'll as Mr.. Culberson, declar-
ing that it could be used in an emer-
/ gency.
Position of Florida Senator.
Senator TaIiaferro of Florida taking
offense at what he regarded as a reflec-
| ton upon Mr.. Rayner, declared that his
purpose in opposing the reserve prOVi-
/ sion of the Aldrich bill was in the inter-
! est of the people of his state, and not
! because of any favOritism toward the
national banks.
| Referring to his statement that the
! Florida senator had moved to strike out
that provision, Mr.. Aldrich apologiZed
| for having referred to anything that
/ took place at a committee meeting,
which. he said, he was prompted to do
! in a thoughtless moment by the ques-
| ton of the Maryland senator.