The Montgomery advertiser., 1908-02-11
MIR. ALDRICH SPEAKS
EXPLAINS CURRENCY BILL WHICH
 BEARS HIS NAME.
The Galleries of Senate Chamber Were We'll Filled With Interested spes- ltators Includin@ q Number of
 Prcmsnemf Bankers.


 Washington, Feb. 10.--Senator Ald- rich today addressed the Senate in explanation of his currency bill which bears his name The galleries were well filled. A large number of bank CTS were present, including J. P. Nor gan, of New York, who occupied a seat in vice president, Fairbanks row, and who came from New York for the purpose.
 Characterizing the financial system from which the country has just emerged, which eliminated in a serious panic in October. as the most acute and destructive in It's immediate conse- quences of any which has occurred in the history of the country, Senator Aldrich declared that Nothing but the heroic measures taken by the rep resentatives of the great business and financial interests of the country, act ing in compensation with the secretary of the treasury. prevented total col- lapse of private credit and a disas- trous destructioh ofaa1i value.
 "It' is," he added, Impossible to conceive, much less to measure, the losses which would have resulted from such a calamity. The country was saved by the narrowest possible mar gin from an overwhelming catastrophe, whose bIighting effect would have been felt in every household. A total col- lapse was averted, but the shrinkage in value of securities and property and the losses from and incidental to the crisis. amounted to thousands of millions of dollars"
 After reviewing the various expedi- ents resorted to for the relief of the banks, the senator said:
 '"rhe great losses which the people of the country suffered from the par tial breakdown of our credit system through bank suspensions, and which the abnormal increase in the volume of money and it's substitutes legal and illegal failed to avert, should lead con- gress seriously to consider the question whether it was possible to provide such a legislative remedy as shall pre- vent the recurrence of these condt- tions in the future. If the experience of last year should be repeated, who can say that this iR impossible, the of relief that are employed in 1907 will not be available, certainly not to the same extent"
 Relief in such an emergency would be only affected through the authori- zation of additional notes to be used OHly SShSy GA4 1AtN% the various plans suggested, he said:
 '"The committee felt that 1t was safer to follow in the form of legislation they should recommend the experience of great commercial nations who have found it necessary to provide means to meet or prevent panic conditions by the extension of note issues under different restrictions and conditions from those imposed on ordinary is- sues.
 "The committee believed that the example of Germany, was the safest precedent. The remedy we provide is simple, prompt and effective. At any time within forty eight hours if an emergency requires it. $500.000,0OO of new money can be put into the chan nels of trade to allay public excite ment and to meet extraordinary de- mands. The committee believe that this great fund placed by the govern ment at the disposition of the bankers and business men of the country who have a strong tendency 10 prevent financial crisis and preserve public and private credit at home and abroad.
 There should be no mistake as to the sole purpose of this bill. It pro- poses by its provisions to prevent panIc and furnish the means of solving panic We don't claim that it Is a universal panacea for all financial bills. It is to give the national banks the means of accomplishing by legal methods that which in this crisis, they felt compelled to accomplish by illegal and destructive methods. to the great loss of the country. It makes no pre- tense of providing a new monetary system and there is no new experiment with our currency. It surrounds notes to be issued by safeguards for ulti- mate payments similar to those now in use"
 MT Aldrich concluded: We cannot forget that we have to deal with the business and future prosperity of a continent Our country has a bank ing power and wealth of resources and a volume of commerce and industry make a mistake that will injuriously affect the creditor the soundness of our circulating medium.
 The committee firmly believe that through It's enactment. an atmosphere of confidence and feeling of security will be created, which will be invalu- able Tn improving business conditions and giving new impetus to the work of national development"