The Lee County journal. (Leesburg, Ga.) 1904-19??, 1908-02-21
DANGER Turks
In Aldrich Financial Bill and It's Alleged
Defects are Pointed Out at Length
in the Senate.

in the Senate.
A Washington special says: Senator
Tillrnan Thursday presented petition
to the senate from Alfred o. Crozier,
a manufacturer. Of Wilmington, Del,
protesting against the passage Of the
Aldrich currency bill, 1t was read
and will be printed in the Congress
sional Record. The petition strongly
objects to that feature of the bill
which removes the restrictions Of the
existing law against the retirement of
the present bank notes and the con-
templated emergency currency.
Such law" says Mr.. Crozier,
would start agitation that might take
from national banks the right under
which they now probably issue and
loan to the people nearly 500, 1000, 900
of bank note currency and perhaps
jeopardize the gold standard itself.
Bank note currency is not legal
tender. Its acceptance as money can
not be compelled. Few know this.
Prominent lawyers, business men and
even members of congress disputed
this fact until shown the law. The
people generally are deceievd by the
governments Enforcement into beliey-
ing IL to be real money. 1t looks like
money, but 1t is mot. Any one can
refuse to accept it. Then actual mon
ey, gold or treasury notes, must be
found and rendered. This demand at
the last moment may work great loss
and wrong. Do We want 00,0O0,0O0
more currency that is not lawful
money!"
The panic. Mr. Crozier says, appear
cd, "providentially just before this SEES
sion of congress when 1t was planned
to seek currency legislation"
Referring to the demand for an
emergency currency he says:
They did not explain why the coun.
try has got ON SO we'll for a dozen
years without panic or change in the
currency laws. Many believe the pan.
ic was caused by such promoters to
pinch the country to hurry congress
TO hastily pass the currency legisla-
ton they desire, to punish the admin.
istration for enforcing the laws with
out fear or favor, to advance interest
rates and to reduce wages of labor
and prices of securities and property
for their lawless purposes and profit.
''The failure Of the Knickerbocker
Trust company precipitated the runs
on banks and caused the panic Sud
den refusal by one Wall street bank,
further to clear for that trust COM
pany and wild exploitation Of that
fact in the newspapers wrecked the
trust company. The powerful master
Of Wall street, who Is said to domi-
nate the bank, sat in the gallery OF
the United States senate and nodded
approval as the distinguished author
Of the Aldrich bill spoke in advocacy
Of the measure.
"The biggest Joker in the Aldricn
BILL" says Mr.. Crozier, IFS the fact that
the restriction on contraction OF bank
note issues is wiped out entirely. 1t
makes 1t possible suddenly to contract
and destroy I'm one day the entire ST.
000,000,000 bank note currency and also
the $50O,OOO,OOO emergency currency,
or a total Of $1,000 100000 of currency
used by the people as money. Sudden
contraction Of but $5O,0O0,0OO availa-
BILE money by bank depositors recently
caused fearful panic and alarmed the
whole country. What would happen to
the country when the stranglng con-
traction of more than $1,O00,OO0, 900,
about half the available money supply
Of the United States, the most active
and oanyonfanf haIPf vao hao,,u0