The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-18

Wv sible Ly the action taker
during the day with respec
TO the Aldrich bill" said Mr.. La Foil
ette In beginning his speech in the
Senate on the currency bill to-day. HL
reference was to the amendments made
to the bill By the Committee or
Finance
Speaking of tho Morgan and Stan.
aard Oil banks Mr.. La Toilette de,
rlared: II will show The connection OF
these great groups with the bill pend.
Ing hero. Notwithstanding the dexter.
ous withdrawal of the proposition tc
.ncorpo,nte railway bonds in the bill.
Mr. Aidrich said the most earnes,
objection 10 this bill was made BIZ the
Eational City Bank of New York, ana
that Mr.. Nanderlip. ce-prcsident OF
that bank. has opposed the measure.
~ IS he added, mot only opposed
by that tnnk, but by all the banks al
New York. know of no bank on
banking man in favor of this bill. Tho
iact Is the banks throughout the coun-
Try arc against It,"
How Morgan stands.
VIII inquire" retorted Mr.. La Foil.
ttte. what the position Of Morgan 10 D.,
90 not know" replied Mr.. Ali
rich; "nut l know Mr. Morgan is a
man or wide experience and wise iudr.
Ineht. and has patriotism, and I should,
ieei graafef IL he approved this biIl.''
a. laps. replied Mr.. La Toilette,
IN some way the chairman of the
tlnance Committee Will be able to and
out where Morgan stands. His coun-
tenance beaming from the gallery of
TINS chamber while the Senator from
Rhode Island spoke on this measure
rather indicated that Mr. Morgan. the
mead OF one of these great groups. was
not entirely adverse 10 the propositions
embraced IN the hiil.''
Il suppose" said Mr.. Aldrtcb n,ha
Senator from Wisconsin VIII arres
WIN me that this proposition should
De discussed on its merits as to what
II VIII do and not in view OF what
men In the position of Mr.. Morgan
think OF it,
Let me say" Mr. La Toilette re-
plied. you cannot always tell from
me hnes OF the bill. l should say the
proposition to withdraw the provision
TO incorporate railway bonds in tbis
blu throws flood OF light upon the
purpose OF this legislation. Let me saw
TO the Senator from Rhode Island, FUR
lhcr, that II is not beyond question
that those great organizations might
put out here their criticisms of this
proposition to give color to the idea
that these great corporations were not
pcAi'L ta!S
Denounced Standard OIL.
Declaring that the recent financial
strinsency was brought about by the
influence of Standard OIL" and i.
Pferpont Morgan, Senator La FoIlette
entered into denunciation of men
high In tho financial world.
mere were no immediate reasons
for panic" said Mr.. La Toilette.
'Ifsre Were speculative and political
reasons why panic might serve spe-
ciai interests. There were business
scores to settle. There was legisla-
tion to be blocked. and currency
measure suited to the system to be
secured. There was a third term .oI
be disposed of. and policies to be dis
credited.
a panic came. believe that It'll
needs only to be followed step by
step TO show that it was planned ana
executed. in SO far as such proceed
Ing is subject to control, after once in
motion"
ilo recounted in vivid language his
View OF the events OF October gath. |
when Wall Street was in the throes OF
me currency stringency. The Morgan
md STANDARD OIL banks, he said, pur-
sued in that critical moment the course
pf the speculating bankers.
Deaf to Commerce.
'They ministered." he said, 40 the
needs Of Wall Street. quite deaf to the |
appeals of commerce. Their course was
that of men who We're playing with
the credit OF the country for n pur-
pose.
He discussed the economic develop
ment OF the country. and laid especial
stress upon tie growth of financial
Eombinati tions.
The bare names of the directors OF i
two great bank groups (Standard Oil
and Morgan), given In connection with
their business associations, is all the /
evidence that need be offered of the
community OF interest between
banks, railroads and all the great in
dustries." declared Mr.. La Toilette.
Speaking of the great stores of |
in New York, In connection with
various industrial institutions, Mr.. La
Toilette said: with this enormous
of business 1t Is possible
to create artificially periods of pros
perity and periods of panic"
The Same Interests.
subject to differences which may
arise between powerful individuals of
these different groups, resulting in oc-
-asional collision" he continued, they
are practically monopoly, and as far as
the public is concerned practically one
group. The business partner of the
head of the Morgan group is found on
the directorate OF the chief financial
which heads tho Standard
Oil group. And one of the leading di-
rectors OF the National City Bank
standard Oily Is member of the
hoard of directors OF the principal
institutions in the Morgan
group, The directors of the leading
organization comprising the two prin-
cipal groups are bound together in mn-
tnal interest AS shareholders in the
various industrial concerns, which have
been financed by one or the. other OF
these groups In recent years
After talking for two and a half Il
hours, Mr.. La Toilette found himself