Coeur d'Alene evening press. (Coeur d'Alene, Idaho) 1907-1929, 1908-02-19
ALDRICH BILL WILL PASS
Democrats Oppose Railroad Bonds as
Security for Currency.

the time has been somewhat inter-
fered with by the discussion on the
urgent deficiency bill, which was
passed by both houses, but is still in
conference, with dispute about two
small items Also the debate on the
Indian appropriation bill is being
continued, but 1t will probably be
passed by the house this week. The
legislative appropriation bill has also
been reported to the house, and will
be considered next week. give the
above details of the state OF legisla-
tioR, as, am informed, II Is the In
tention of the leaders to adjourn
congress as soon as the appropria-
tlon bills are passed, and Speaker
Cannon expects congress will adj
| journ by the end of April That
would be the earliest adjournment of
congress at the long session that has
occurred for many years. II is thus
evident that II 10 not lack of time
that will prevent consideration OF
the tariff or other legislation recon-
mended by the president In his late
message. The republican leaders
are determined to stop the flow of
reform legislation, which began and
ended with the railroad rate bill,
with the intention and hope of re-
ceiving the same liberal contribu-
tions for their campaign funds as on
former occasions. No doubt Wall
street, the national banks, the rail-
roads and the tariff protected trusts
will crafty their wishes, II no re-
form legislation ia accomplished.
In the senate the Aldrich currency
bill is under consideration. and all
the committee amendments have
been agreed to except those authorlz-
ing the secretary Of the treasury to
fix the value of bonds, and the pro-
vision relating to the use OF railroad
bonds to secure the emergency cur
rency. The democrats object to the
use of railroad bonds Of any descrip-
ton as security for bank circulation
They are going In, however" de-
clared Senator Bailey "The repub-
Leans have the majority and the
power to do so, and they will put
In railroad bonds" II will be Of
great advantage to the Wall street
interests II railroad bonds are in
cluded as security for national bank
circulation, for such bonds would at
once advance In value In consequence
of the demand that would be created
Many of the banks would invest in
such bonds, and hold them ready for
securing the issue of emergency cur
rency, and as such bonds can now
be bought on the basis OF paying
from to s per cent interest, It
would be a good investment for the
banks. and would greatly relieve the
Wall street interests to have the
price of railroad bonds advance
through the demand by the national
banks.
noticed ]. Pierpont Morgan and
other New York flnaneiers interested
spectators In the gallery of the sem
ate when Senator Aldrich was de-
livering his speech on the currency
bill, which was so unusual as to
indicate how much they are inter
ested. There are millions ''in II" for
them II they can find a market for
unstable bonds and can turn the
proceeds into other more profitable
channels. You can always trust a
republican congress to look after the
interests" that furnish campaign
doodle"
Party politics are still in very
chaotic condition; no prophet can
tell who the republicans will nom
mate for president until some OF the
states that have no favorite sons
have selected delegates But. look
Ing at the matter from an unbiased
standpoint, | should expect that II
Mr. Taft Is not nominated on the
first ballot, there is likely to be a
deadlock and the Chicago convention
may then extend its session into a
second week The reactionaries OF
conservatives may then combine up
on Senator Knox, who will have all
the great interests back OF him
and the promise of big barrel to
elect him, Promises OF such anu
ence, with perhaps the advantage OF
handling some of II. will convince
good many patriots that Knox Is
the man when the final tussle takes
place for the control of the republi-
can party.
The democrats have been much in.
terested in the election of the OH.
GERS of the congressional campaign
committee. and the selection OF Con.
gressman Lloyd of Missouri as chair,
man Is viewed by some as n Rrvan