The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1908-04-23
A HOT ATTACK
ON F|NANC|ERS
Accused Of Being Bribsd By One
Per Cent. Profit.

4
violently denunciatory, Alfred o
Crozier, of Wilmington, DEL. told
the House Committee on Banking
and Currency that he had unearthed
a secret scheme for a compromise
on the Aldrich Currency bill. Mr.
Crozier intimated plainly that the
members of the currency commission
of the American Bankers Associa-
tion did not act fairly with the bank.
| ing and currency commission In
unanimously opposing the Aldrich
bill While opposing the bill ION
principle" he said, "the members OF
that commission objected to II be-
cause the emergency currency was
| to bear per cent. interest, and are
ready to support 1t now, IL the inter
est is reduced to 3 per cent.
"our distinguished banking friends
held a conference" he said. What
for? They are agreeing on a COM
promise. On what basis? Just a
simple little amendment reducing the
tax to 8 per cent. and some other
minor changes"
He declared that this conference
was held only after IL was stated
that the hearings before the Banking
and Currency Committee had been
closed
IF this committee had not hon
ored me with this opportunity to
speak at this postscript to the public
hearing" said Mr.. Crozier, "and If
one Of the distinguished bankers who
addressed you had not mistaken me
In nf he ~
reservedly told me the whole pro-
gram, the trick would have been
turned quickly and suddenly. The
business Interests of the country
might never have known that they
had been sold out by their banking
partners, and even this committee
might not in time have become aware
that the great men who appeared
here against the bill openly were In
fact favoring it privately.
Calls IL Gamblers Bill.
THE Aldrich bill" said Mr.. Gro
zier "is a gambling game from start
to finish, brought here by gamblers
for gambling purposes"
He asserted stoutly that he knew
that the late financial stringency was
brought on deliberately by Wall
Street men. ~ was told in Wall
Street that such a measure as the
Aldrich bill would be brought before
this Congress and that panic would
precede it."
Mr. Prince suggested that this
charge was a very serious one and
ought not to be made on opinion, but
on actual facts.
MIR Crozier replied that If COM
mission was appointed, he would
furnish a list of witnesses to the
counsel by whom this charge can be
proved.
AS an evidence of the conspiracy
to bring on panic, Mr.. Crozier said
a prominent financier told the pres
ident of the New York, New Haven
and Hartford Railroad Company
that it was to be brought on before
the meeting of Congress, and on that
information he said the railroad bor-
rowed $30,000,000. Urged to tell
the name of the financier who pre-
dicted the panic, Mr.. Crozier said he
did not like to give his name at this
time, but would give 1t to the coun-
sci OF any commission Congress
might appoint to investigate the
causes of the recent financial crisis.
He predicted that, when the panic
was finally investigated, 1t would be
seen that there had been a concen-
tration of banking capital in New
York.
Favor The Vreeland Bill.
The currency commission of the
American Bankers Association held
conference with Representative
Vreeland in relation to his bill to
provide for an emergency currency.
An agreement was reached to reduce
from $1O,000,000 to $5,000,000 the
aggregate amount of capital required
to permit national banks to form
voluntary clearing house associations
to hold commercial paper to be used
in addition TO bonds as security for
emergency currency.
The bankers also desired to reduce
from to 4 per cent. the initial rate
of interest to be charged, and il is
likely that a compromise will be
made on per cent. No encourage
ment was given to their proposition
to allow the assets of the banks to
be accepted for one-half of the issue
of emergency currency.
The chief differences between the
Vreeland ard the Aldrich bills are,
that the former permits the use OF
commercial paper as we'll as bonds
for half of the emergency circulation
taken out; the omission of any
change in the law in reference to
bank reserves and the omission of
the La Toilette prohibition against
the loaning of money by banks to in
stitutions the officers or directors
of which are officers or directors of
the bank making the loan.