The Washington herald., 1908-02-26

Oklahoma was the general verdict yes
terday after he had concluded his first
speech in that body.
Senator Owen addressed the Senate on
the Aldrich bill, and he held the undi-
vidcd interest OF Senators and spectators
for two hours and a half During that
time he maintained. with credit TO HIM
self. and not without discontinue to
some OF his interrogators. debate with
half a dozen of the ablest Senators on
the floor.
He showed that he had the science Of
finance at his finger tips. and that he
had made deep study Of the question,
In addition TO an extended experience as
practical banker. Cool and self-pos-
sessed, he invited interruption az the out
set Of his remarks. and volunteered the
information that he would welcome ques-
tons along the line of the subject he was
discussing.
Galleries Applaud n Thrust.
The galleries were crowded throughout
the time the Senator occupied, and when
he made the point. against a question
which Senator Hopkins asked him. that
~
number Of immaterial propositions" the
spectators applauded vigorously. until adj
monished by the Vice President that fur
Their demonstrations of that nature would
result in the galleries being cleared
The Senator's one-eighth Of Cherokee
blood, which is indicated In his high
cheek bones and the contour of his
face. seems also TO have endowed him
with courage which is unusual in a new
Senator.
His attack upon the Aldrich bill was
direct. bold. and unsparing, and he ad-
dressed himself, during much Of his re-
marks. directly to Senator Aldrich.
The principal changes in the Aldrieh
bill, for which Senator Owen contended
were the insurance OF noninterest-bear-
Ing deposits OF national banks. the keep
ing AT home" of the reserves Of banks
not located in central reserve cities. and
provisions making impossible the partici-
patton Of banks in the operations of the
stock and futures markets. He explained
and defended his proposal regarding the
insurance or hank deposits by means Of
a fund created by a charge on the banks
so insured, and he severely arraigned
Wall street and its banking affiliations.
as well as bankers who lend the funds
of their banks TO themselves for specu-
lating purposes.
Opposes Railroad Bonds.
Senator Owen said. in part:
The privilege given to railroad bonds
IS. however, entirely unJustIfed and utterly
indefensible. cannot agree TO give 70
railroad bonds a property denied to
United States bonds The committee
measure gives 10 railroad bonds-mere
bonds Of corporations. owned by private
persons-a value which ought to be given
exclusively to public bonds. and denies
this privilege to United States bonds.
deny that there is any justification for
the introduction OF railroad bonds IN this
bill l deny the right Of the Senate or Of
Congress 70 give away public values 10
private interests. and insist mat such a
policy is utterly inGefensible While this
Is true. 1t is also probably true that the
harm done by giving this public value To
private interests is less than the harm
which would be done II this country
should be left without any relief against
future panic.
THE principle of the committee bill
which really has value. and the only
principle which is Of importance, is 'emer-
gency notes. secured by bonds, under a
penalty higher than the normal rate of
interest
This is the essential and vital feature
OF the committee measure which gives il
value. and this is the only principle of
the bin which gives it value. This prlncf-
pie Of finance has long been we'll under
stood and has long been in force in Eu-
rope
Banks Duty to state
''The banks of the United States owe a
duty TO the state and toward the COM
merce and industry of the United States
which the law should enable and REQUIRE
them 70 perform. Il has long been the
custom Of the Bank OF France TO LET the
French people have money at the un-
varying rate of per cent. believing that
stability IN the rate OF interest gives
stability 10 commercial ENTERPRISE and
promotes the welfare Of commerce and
Industry of the country which is the
chief duty Of the Bank Of France. How
does this compare with the rate Of inter
est permitted and encouraged and estab
l!shed by usage. under our national laws.
by the banks Of New York. which hold
our national reserves? Our ubiquitous
c-A-AA----~A-N
DAY that money on call in New York is
per cent, tomorrow per cent on call.
the next day Is per cent. and the next
day 90 per cent on call. or perhaps 100 per
cent. The most violent and unreasonable
fluctuations of interest are announced in
the public press and sent broadcast 20
every city. town. village, and hamlet in
the land
IT avails nothing to say that this VIC
lent luctuatiOn of interest is due 10 GAM
bling on the stock exchange. using the
reserves of the United States for this
purpose. What l wish TO point out Is
that this violent fiuctuation Of interest
due 10 gambling disturbs the peace and
confidence of the country II disturbs and
makes impossible that stability In the
financial and commercial world which IS
essential 20 the peace and prosperity of
this republic. We permit this gambling
10 go on and raise no voice against II.
and yet when these gambling elements
create stupendous panic that shocks the
world the Treasury of the United States
IS called upon 20 throw itself into the
breach and save the country from the
necessary consequences of this impru-
dent, improper. and scandalous condition
permitted by our government. Mr.. PresI-
dent, / do not believe that I shall stand
IL the minority IN this Senate In the de-
mand that the gambling In the reserves
Of the United States shall be stopped on
the stock exchanges.
Gamble with Others Money.
Il shall make no present objection 10
those who are fond Of gambling if they
gamble with their own money and gamble
with each other, but when they gamble
with my money which / have put in the
Always the Same