The Montgomery advertiser., 1908-05-28
would ever be availed of in issuing this so-called emergency currency. :"
 Turned Over to Aldrich.


 Turned over to Aldrich.
 Mir. Ollie James (Ky.) said the Re- publicans. under the provision of the bill, brought in by the conferees. not only had turned over the banks. the public treasury. but turned it over to one man, the man who Is to be the chairman of that committee. andr he undoubtedly will be the gentleman from Rhode Island, Mir. Aldrich. You turn over the public treasury to his audit. and his audit alone"
 The biil he said, did not even pro- vide that the accounts shall be approv- ed by the, commission and he inquired what would be the result.
 A brIef explanation of the bill was made by Mir. Weeks. (Massachusetts) one of the signers of the conference re- port The securities provided for by the bill, he said, were protected in ex- actly the same way that clearing house certificates had been protected and he said there was not an instance Of sin gle failure.
 he said had been injected into the measure, Mr. McHenry. tPennsyivania), said that, he was willing that the Re- publican Party should assume the re sponsibiIity for unloading on the peo- pie a purely Wall Street proposition.
 Bourke Cochran Speaks.
 Mir. Cochran, of New York, inquired if there could be any such thing as makeshift currency. He said that an emergency was the failure of banks to meet their obligations, their incapabili- ty to pay their bills over the counter. Such incapabllity in individuals. he said, would be called bankruptcy which would necessitate the immediate sur render of such capital as the individual possessed in the hands of creditors and their exclusion from the ranks of active business. But when that condition overlook bank, he said. 1t is not to be considered a failure or bankruptcy. but an emergency ''and the government is to step in and relieve it."
 Mir Cochran put the question to Mir Burton whether the conference meas ure was not Intended, to enable banks to discharge in an emergency currency obligations contracted in ordinary times. and requested categorical answer. s.s fst
 No responded Mir. Burton. emphat- ically. f
 The proposition covered by the bill of the conferees." Mr. Cochran said. narrowed down to the fact that banks whose business, was that of discounts should take money from their deposf- ttors and hold 1t and enter the field into which no bank ever yet entered with profit from its depositors or with safety to commercial system. and that was to engage in the. business of in-
 That. he contended. was not the bus mess of bank. Banks. he argued. should be prohibited by a law from purchasing al single security.
 The minority leader, Mir. Williams got the floor for three minutes Ad- dressing the speaker. he said that the gentleman never was so highly honored in all his life as he was today. The bill, he said, ought to have been en- titled The Cannon-Aldrieh Politics Emergency Biil."
 up the Aldrich bill as altogether wick cd and would have none of f. The Re publican Senate had said that the vree- land bili was altogethef tniquitfolib and destructive of the best 'tnterest Of the country and would have none of 1t. II had not been long before the Speaker offered up the prayer. Anything, oh God, anything"
 Tt makes no difference what, just so I can call 1t something, before the House adjourns. It will not do for the Republican party to so before the coun- try with absolutely nothing. It must have something that can be called something by somebody somewhere"
 Mir Williams read from some recent remarks by Mir. Burton. the purport of which was that he was opposed to the Aldrich bill.
 Facing that gentleman, he said, Now you bring back the Aldrieh bill. re- piled to you that nobody wanted the miserable makeshift that passed the House, and told you that you merely wanted to go Into conference so you could get back with the Aldrich bill"
 It was a mistake, he said. to gay that there was no such thing as emergency currency.
 Emergency Republican currency" he said. lis absolutely necessary to the Republican party"
 strfetures on Democrats.
 The debate was brought to a close bv Mir. Burton, who said that the in- competency of the Democratic party to rule the people was never more emphatically displayed than by it's course in connection with currency legislation.
 Discussing the financial crisis of last fall MT. Burton characterized it as .'fearful." causing the mightiest hnan- nIaI institutions to rock as if they would fall. The wheels of industry and commence were clogged; and hun dreds and thousands were thrown out of employment, he said Men who had walked with heads erect and who were proud, were compelled to beg in the streets for bread. Much of the cause of that distressing condition. he laid ar he doors of the rigidity and insuf- ficiency of the currency system of the
 He declared that the RepublicanE against the solid opposition of the Democratic party. were determined to do something. so that such a calamity might not occur again. If the Demo- crats had been in power and had gone home doing nothing. he said, they might better have called on the rocks and hills to fall on them for their in- ability to take care of the people.
 And yet he said, they fill the air with cries that this is a political emer" gency. that 1t is a partisan matter"
 Making reference to Mir. Williams quotation Of some remarks of his. MT z. Burton admitted that he did say he would not vote for the Aldrich bill. and he said. "I have not voted for 1t. and am not going to vote for 1t.
 At that statement the Democrats hooted and lauaghed. He repeated his objections to that measure.
 MT Burton declared that MT. VII Hams. should properly congratulate Speaker Cannon.
 T congratulate you also he ex- claimed. flor your leadership and for the work of the Republican members of his House"
 If the majority members had gone to their homes. he said without passing a measure which would make impossi- ble the sharp distress of last autumn they would have failed in their duty.
 May Net Be Permanent.
 The present measure, he said, would sArye its purpose It might not be per