New-York tribune., 1908-04-14

banking system that would stop the panic imme-
olately. and the effect is Immediate" he said
Mr.. Gilbert said he wanted 70 correct the idea
'hat cash payments entirely suspended in
New York in the panic and that clearing house
certificates taken out to help Wall Street
speculation Such. he declared. was not the case.
He did not believe there was the slightest danger
of the recurrence of a panic for some time TO
come
Are the banks known the Morgan group and
the Standard OIL group in favor of the Aldrich
bill?' asked Mr. McMorran. q
Il cannot say replied Mr.. Gilbert. THE larger
banks do not represent the commercial interests
of the country Some of these large banks may be
In favor of the Adrich bill. but l do not think 1t
would be TO their interest to have it passed"
Mr.. Gilbert said he in favor of asset cur
rency
PROTEST FROM PHILADELPHIA.
Joseph Moore. tr, representing the Clearing House
Association of Philadelphia presented resolutions
unanimously adopted by that association protest
ing against the passage of the Aldrich bin and
urging that the entire subject Of banking and
rency laws should be referred to commission.
These resolutions, said Mr.. Moore had been signed
by the officers Of the thirty-two banks of Pha-
delphia
George Miller. vice-president of the First National
Bank OF Richmond, Va and also representing the
Chamber of Commerce OF that city. said that the
chamber had adopted two resolutions, con-
demning the Aldrich bill and the other approving
the Fowler bill with amendments. Il fail to see one
good feature in the Aldrich bill. he said. 1T will
do harm than good Mr.. Miller, who
formerly national bank examiner said that what
is needed is better banking and better bank ex-
animation. An asset currency was advocated by
Mr.. Miller and he favored the appointment of
commission
Elmer H. Youngman. editor Of The Bankers
Magazine of New York read argument in
opposition to the bill. discussing it by sections 1T
makes attempt he said Ito remedy admitted
Of baO nd c1IrTp
virtually says TO thu boomer and specuiatOr Go
ahead and get drunk financially. here is pract-
cally unlimited supply of stimuants in the shape
OF paper money -
ates mistaken principle and introduces new and
dangerous elements into the currency.
c. c GLovER's ARGUMENT.
The enactment at this session of Congress of an
emergency currency law urged by Charles c.
Glover. He argued that the legislation should be
confined purely n the question Of meeting
gencies, and thought the Aldrich bill should be
amended 70 include railroads bonds among the
curites that could be accepted & a basis for cir
culat ation. Mr. Glover predicted that II some relief
measure vas not passed there would a repeti-
ton Of the financial stringency that prevailed
fall He expressed the opinion that the financial
condition vas not improving. Another amendment
suggested by Mr. Glover was the Increasing Of the
amount of emergency to he issued under the Adrich
bill 10 S.onoo.ooo Chairman Fowler asked Mr..
Glover where he would get the gold to meet this
currency issue. Mr.. Glover regarded this a
catch question and. with show OF annoyance.
declined TO answer. He upheld by several
members Of the committee After slight fric-
tion had passed away Mr.. Glover entered upon
general discussion Of the currency question. He
credited Secretary Cortelyou with having saved the
country from untold disaster by his administration
of the Treasury in the crisis
D s. Culver cashier OF the German-Anertcan
National Bank OF St. Paul; J. y. Jackson repre-
senting the St. Paul Jobbers and Manufacturers'
Association: F. B. Wells, representing the Mime
apolis Chamber of Commerce; George II. Partridge.
representing the jobbers and manufacturers of
Minneapolis; George {. Powers. president of the
Second National Bank of ST. Paul and F NJ.
Prince, president OF the First National Bank of
Minneapolis, opposed the bill They said they
no necessity for emergency currency bill at the
present time and favored a well considered perrna-
nent bill
Charles s. Hamlin. representing the Boston
Chamber of Commerce. and formerly Assistant Sec
dietary Of the Treasury, said that the Boston Cham
Der was Unalteraby opposed to the passage of the
Aldrich bill. as its members feel there is
/ gency justtfying legislation of this character.
Nnetyeight per cent of our people he said, be
Heve in the principles of the Fowler BILL