Fergus County Democrat., 1908-02-18
WOULD JAIL THE
RICH MALEFACT0RS
SENATOR RAYNOR SAYS THAT
FINES DO BUT VERY LIT
TIE GOOD.

washing tOIl, req. IL. - SSndtOI
Raynor of Maryland addressed the
senate today upon the Aldrich cur
rency bill. There was a large at
tendance Of democrats and republi-
cans in the chamber, including the
leaders of both sides.
After outlining what he considered
to be faults in the currency system
of the government, Mr.. Raynor said:
"The truth about the situation is
that the money in this country is not
equitably and fairly distributed and
that it is so concentrated at points
that dominate the banking interests of
the land that the people who need
the money and the agricultural sec
tions of the country and the country
banks and the country towns and
mercantile and farming interests and
honest business enterprises are all
unable to procure it when the neces-
sity arises for its use, and are all
sacrificed to crafty and appease the
demands that are concentrated
around the financial centers of the
country.
1--WE will never have any perma-
nent relief until we strike at the root
Of the evil and reform our entire
banking system from its foundations,
in the interest of the American peo-
pie against the special interests"
While opposing the Aldrich bill,
Mr.. Raynor went on record also
against a credit currency, an asset
currency and central bank Of is
sue. The great trouble with the
pending bill is with the reserves, he
said, and he declared that the law
regulating them is simply disguis-
ed and stupendous deception and
fraud. He said that the reserve
scheme, as now operated, works dis
honestly and disastrously upon the
rights Of the American people, AMI
the deposit of money in co1atrv
banks, with the Juggling that finally
carries it to the reserve cities, con-
tributes to make the worst system
in the civilized world.
Mr.. Raynor asserted that the abb
sence of provision correcting the
evils pointed out in the reserve sys-
tenn amounts to dishguration of the
Aldrich bill and that the measure in
its present form will "work more
effectively in the interest of large
dividends to the stockholders of ma
tional banks than it does in the in
terest of the American people"
Mr.. Raynor continued.
"And now l say, with great de-
ference and respect for the office and
for its occupant, that the president
of the United States has also, with
the best of intentions, unconscious
ly contributed to the misfortunes
that have overtaken us. I unite with
him in the warfare that he is wag-
ing against the violators of the law
and the oppressors of the people.
He cannot be too severe for me in
his arraignments of their iniquitous
practices When it comes to the
Standard Oil company and other
kindred alliances, no man in this
chamber would go to a greater
length than l am willing to go in
driving them, if possible, from the
face Of the earth. l know that their
path has been a path of desolation.
l know that they have swept down
upon competition like cormorant
upon its prey, and have built their
thrones upon the wants of penury
and the toll of unrequitted labor.
Monopoly is the curse OF this
country and l take up my line OF
march, as have always done, with
the attacking party that will even
ually level it to the earth and re-
move from its deadly grasp the
honest business enterprises OF the
land and the PROSTATE rights of the
American people. | differ, however,
with the president in his method OF
assault.
"Malefactors should receive penal
punishment and whole generation
of innocent peoule ought not to suf-
fer for the sins of their oppressors
One day of imprisonment would do
the work better than all the heaviest
fines that can be levied upon the in
stitutions they represent. l differ
with the president in his remedies
because he has suggested one after
complishment by the federal gov
ident is perfectly correct, but in
most of the instances he cites his
remedies are either unlawful or i'm
practicable. From the the violent
fervor of his utterances there is an
idea running through the public
mind that he has come to the con-
clusion that every man engaged in
large business enterprise is a
malefactor and that every good cit.
izen of the land ought to spend al
least one term in the penitentiary.'
Turning to Senator Aldrich, Mr.
Raynor asked how it happened that
the committee had struck from the
bill the provision requiring the bank:
located out of reserve or central re.
serve cities to keep reserve equa
to IS per cent of their deposit LA
bilities and hold at all times al
least two-thirds of such in Lawful
money.
The chairman of the finance com
mittee replied that it was omitted ir
order to avoid unnecessary opposi
tion to the bill in its main features.
"There was" he added, "great op