Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1908-02-20
: ALDR|CH BILL
VICIOUS" --CLAY
0EoRoIA SENATOR IN A WARM
DENUNcIATloN OF NEW CUR.
RENCY MEASURE.
GAYS IT GIVES BANKS
POWER OVER CONGRESS
T0qa Wearer Advocates Plan Of Upper
Branch Minority for Government
Issue Of 100000, 900 In Treasury
Notes.

Washington, Feb. Ex-senator Clay
Of Georgia spoke on the Aldrich our
Toncy bill Friday. He reviewed the
Banking system Of the country and
carefully analysed the plan under con-
sideration for the issuing of emer-
gency currency. Senator Clay ana
lyzsd the Aldrich bill and declared it
was wrong and vicious, and would
0ive no relief to the south and west.
He contsnded that 1t simply enlarged
the powers Of the national banks. and
that congress was relinquishing the
sovereign right to issue and circulate
money, which 1t ought never to do.
The plan Of the minority In the SEN
ate. for the government to issue $780,.
600, 900 of treasury notes, and to use
them In paying the expenses Of the
government that they might find their
way into ell tho channels Of trade,
was advocated by him. Senator Clay
said there are now in circulation
$3.50, 100000 Of treasury notes, not
costing the government anything
and performing all the functions of
money, and that this amount could
be easily increased $500, 900, 900 with
cut in any way disturbing our f1nan.
sss, and could not possibly result in
. deprecated currency.
Makes Bond Contention.
State bonds, city bonds, and munich.
pal bonds Of the south and west. he
oontended, were now being held by
eastern capitalists, and that the south
aad west could not secure any addi-
tlenal circulation by making these
bonds a basis Of circulation, a. they
had already been sold in the east. He
declared that the class of railroad
bonds mentioned in tho Aldrich bill
applied solely to the railroads in the
east and that the railroads in the
south and west had never paid divi.
dends az provided in the Aldrich bill.
The bill, he said, was drawn in favor
OF the rich and powerful, enabling
them to control the money issue, and
It was not In the interest of the Amer.
lean people. He declared he stood by
the doctrine once advocated by John
G. Calhoun, Thomas Benton and An.
drew Jackson, that our money ought
to be gold and silver and paper mon.
ey issued by the government. He
ridiculed the idea that additional
treasury notes would depreciate be-:
cause we did not have the gold to re-
deem them. IF the Aldrich bill be-
comes a law" said Senator Clay, the
government guaranteed the redemp.
ton in gold Of the additional notes
ISSUED by the national banks Would
not this be as great a strain on the
gold reserve as treasury notes?"
People Prefer Paper Money.
Senator Clay contended that the
people prefer paper money and that
there was no raid on the treasury
now to have paper money redeemed
in gold. He did not maintain that
an unlimited amount of paper mon
ey could be issued but said the issue
should be guarded and limited in
amount to meet the needs and actual
demands of the country. He criti-
cized severely the financial policy of
the government in the past in max
ing bonds and all of government OBJ.
legations redeemable in gold.