The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-19
SOUP HOUSES AND
EMPTY BUCKETS
Millions of Unemployed Have
to Thank Republican Party
for Present Conditions.
ALDRICH BILL DENOUNCED
STRONG SPEECH BY SENATOR
STONE OF MISSOURI.

| Il
the senate today, Mr.. Stone of Mis-
souri, declared that while the recent
financial panic was in part due to a
shortage of available currency, the
Concentration of the money at given
points had much to do with 1t. There
was, he said, too much of this money
in New York. The Aldrich bill he re-
garded as merely a makeshift in meet
ing the needs of the country.
| II am opposed" ne said, "to confer
ring this great additional favor and
power upon national banks. The idea
of corporation usurping and using the
funds of nation has always been OBJ
noxious to me. The power they can ex-
ercise upon the political and Industrial
well-being of the nation is enormous
and, although it is 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 selfish and grasp
ing things, and dividends are often re-
garded as Of more Importance than
patriotism"
Have Too Much Power Now.
He objected to giving the banks pow
er to regulate in any degree the vol
ume of the peoples currency by ex-
panding or contracting it as may hap
pen to suit their whims or their inter-
ests.
Mr.. Stone declared that he would
prefer to curtail the powers of the
banks, because the government is now
depended upon to give stability to the
currency.
II shall vote for the emergency treas
ury note instead OF the emergency
bank note" said Mr.. Stone. State
banks and trust companies should not,
he thought, be denied the same privI-
leges as the national banks.
Mr.. Stone favored a law demanding
that reserves should be kept in the
country banks. If thatshad been done,
he believed, the intensity of the recent
panic would have been lessened.
Guarantee Fund Favored.
He spoke in favor of a guarantee
fund to insure the deposits in national
banks. He also wished to see banks
receiving government deposits required
to pay interest on them.
Referring to suggestion that the
| treasury department should be con-
/ trolled by a board of directors rather
than by single secretary, he said too
much power was placed in the hands
of an individual. He denounced stock
gambling. and declared that 1t took out
! of the market too much money that
might be available for lending for com
mercial purposes. The recent panic, he
said, had come to a Republican admin
! istration, although the party had al
ways declared that IT brought prosper
ity upon the country.
Silver Issue Misrepresented.
Mr.. Stone referred to the silver issue.
saying its purpose had been misrepre-
sented and that ii had been expected
that the parity of all money would be
maintained under that system.
I'VE recognized the crying necessity
for additional money!" he said.
The contention that adequate in
crease of the volume Of money would
revive industries, enhance property
values and labor wages had been dem
onstrated by the history of the last
decade. The enormous gold supply had
done what it was expected gold and
silver would do.
But the Republican party has fast
ened a taxing system under the opera
ton of which the grasping monopolies
are created to plumber the people," he
added.
Il prophesy that many moons will
wane before they will again point to a
Democrat and sing in Strident chorus
the Song of the Soup House The full
dinner pail will not be again blazoned
as an emblem of triumph on the Re-
publican shield"
Patriotism of Democrats.
This panic. he said, would have been
worse had the Democrats initiated the
example of the Republicans in 1896
when they seemed bent upon making
things worse than they were. Banks
then. he said, coerced their customers,
as did corporations their employees.
Now Democrats have striven to allay
excitement to restore normal condi-
tons. When the country is again con-
trolled by the party of Jefferson and
Jackson, he expected 50 see industry
revived.
During the portion of the speech in
which Mr.. Stone expressed his belief
in a government guarantee of deposits
i'm national banks. Senator Smoot sug-
gested that such a guarantee would in
crease wildcat" bankers, and he be-
lieved 1t would result in failures great
ly i'm excess of the present rate of one
tenth of / per cent of the banks.
Salt Lake Photo Supply Co., kodaks,
FINISHING Fra ming 1Ao South Mair