The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-03-10
Holds That Issuing of Mon
ey is a Governmental,
Not Private Function.
SAYS PRESIDENT ROOSEVELT Is
THE GREATEST MIXTURE OF
GOD AND EVIL HE HAS EVER
SEEN IN ANY PUBLIC MAN
DEMOCRATS EXPRESS APPROX
AL OF SPEECH.
enecIa! TO Inc Journal.

Social to ne Journal.
Washington, ID. &, Marcn Sen
ator Joseph w. Bailey, OF Texas, a
meber of the senate committee on f.
nance from which the Aldrlch cur
rencv will was reported, addressed the
senate today at length and generally
voiced me views OF the minority upon
the subject of emergency currency.
He did not believe his substitute for
the Adrich bill would result in infia-
ton although it provided for $780,
100000 as a permanent part of cur
money supply.
The truth is. he said, the ma
tiondl banks Of this country are seek
ing 10 establish a system of asset
currency, and they will strive to de-
feat any measure which compels them
10 secure their circulation They want
the privilege Of issuing their notes
without interest and without security
and lending them to the people for
interest and upon security. For my
part. ! will never support a bill which
legaliZes such an arrangement; and
! saall always insist that the safety
Of cur currency is of Infinitely more
Importance to the country than the
s!z= Of bank dividends"
He wanted TO compel banks of the
south 20 invest part of their carital
and surplus in state, county, district,
and municipal bonds. He quoted
court decisions TO show that there is
no question as TO the right of con-
gresS 70 authorize the issuance Of
money by the government and make
u legal tender fer all debts
Il can nCt account" he said, flor
the general but unfounded notice that
TIP issue of currency is the function
CT bank except upon the theory that
SO many governments have abdicated
mat sovereign power and have per-
m!tted banks to exercise it so long
mat men have come to believe that
Il IS. and has always been, a banking
privilege. Nothing could be further
from the truth than this"
National Bank Notes.
Mr. Bailey reviewed at great length
the circumstances under which ma
ucAal bank circulation has been
issued
IF any evidence were needed to
snow the danger of committing
me control over cur values of cur
rency to banks" declared MIR. Bailey
recent events will furnish it. Last
autumn, when the country was in the
very thrces OF a money famine, the
national banks did net come to the
rescue with cheerful and patriotic
alacrity. but On the contrary. sir. the
secretary of. the treasury was com
PEELED TO beg, them. almost upon
hended knees. to take out additional
notes. They preferred the clearing
house certificates. because it was
t.Sler to retire them and less expen.
siye to obtain them
lie insisted that the issue of gov
t.hment notes proposed by him could
u.I De charged as a "recrudescence
u greenhackism." The greenbacks
ne added, had done great service for
oNr government and he defended the re
yo'N q mat class of currency. But
~ explained his substitute bill did
propose money similar to the
sreenBacks.
Bankers Opposed to II.
'"e Iact that his substitute is not
S,s"n n the interest OF the banks,
MI Bailey said. is shown by the CD
o1,"A OF nearly every banker of the
~ 'I,Ty 10 it, But interest required
W., Ie money SO provided he added
o.-.yu. prevent the banks from making
jda, ~ ouJ Of it. He opposed the
d.. Vi making the great staple pro
en,a en- security for these deposits oil
eTr,o.sency currency It's nature as
sajS stHcy currency would be. he
'HeC'ed by such practice.
NJ Cause of the Panic.
bis bailey declared that he had
raoa n"n opinion on the cause Of the
-eyeAt panic.
P,iI.c o" not CT course" said Mr.
-, overlook the fact that it has
,5a charged in many quarters that
.onnie was due to the persistent
-a5 Ina or the president of the Uni
0lales for the enactment of new
- ana the enforcement of old laws
h.. Suiate and control our railroads;
W., mat charge has been made by
60 Vhose minds are heated with re
s-,alent. and it will not bear close
81 The president has demand
c1.,..IlF that the railroads of this
+,,TF should be required to deal
- with the people: and he has
r-.Ceo no disposition to harass Oh
Nr.:eSs them.
A.. am no apologist for the presi.
- and | have no patience with