The semi-weekly messenger., 1908-01-31


that body to g. @
The senate adjourned at z:30 unit
tomorrow. a-zaca- s.
THE HOUSE.
The street railway systems OF the
District Of Columbia and the fnancfa.
question occupied the time Of the house
OF representatives today. The latter
subject was discussed by Mr.. Fowler
chairman of the committee on banking
and currency in an exhaustive speech
in which he opposed bond-secured cur
rency and the proposition looking 10
the establishment OF a national bank
/ Mr.. Fowler used for his text the
bill introduced by him early in the
present month providing among other
things for bank redemption districts
which he argued would meet national
emergencies.
the Port of Chattanooga. Tennessee,
| the privileges of immediate transpor-
tation of dutiable merchandise without
payment of duty.
The measure providing for the lay
| ing of temporary tracks to the new
union depot and for giving of univer-
! sal transfers in the district was dis
cussed. The bill already has passed
/ the senate. The measure provoked ac-
tive debate, many members insisting
that congress should consider per-
manent bill first and the temporary one
afterward
The bill was temporarily laid aside
while Mr.. Fowler spoke on the finan-
cial question. He branded as false a
newspaper story in regard to conversa-
ton between himself and Speaker Can
non in which MI Fowler is alleged to
have been told that the Aldrich bin
speedy legislation the speaker had Sc
riously considered deposiug Mr.. Fow-
Ter as chairman of the committee.
The only word he had had on the
subject with the speaker he said, was
that the latter had told him he did
not desire any financial measure
days. Mr.. Fowler declared that his re-
sponse was that he thought it not only
unwise to bring financial measure
in before the holidays, "but useless
and unwise for this entire session.
Mr. Fowler declared that the United
States had the worst financial and cur
rency process in the world, instead of
the best. What is the acute Ques-
tion?" he enQuired. ''Is it bond-se-
cured currency?' If that was a wise
and proper form Of currency, he asked
why had not some nation adopted it
by this time. Japan tried it over
night, he said, but quickly gave it up.
Mr.. Fowler paid a tribute to Grover
Cleveland "for his courage In grasping
the free silver monster by the throat
and appealing to Americans to provide
for the maintenance Of the national
honor by handling and controlling ex-
changes until we could recoup our
gold" His concluding reference to Mr.
Cleveland was greeted with loud demo-
cratic applause when he said: Il for
one, thank God that a man like Grover
Cleveland was president Of the United
States that year, 1886"
The sub-treasury system Of the gov
ernment was attacked by Mr. Fowler
as curse to trade and commerce. He
said he knew nothing that 50
constantly aroused sectional feeling,
"as this distribution of money in times
o. stress"
United States money" he said, had
been disturbing factor in the COM
merce of the world" and he main
tained that a remedy for this evil
could be supplied by the government
by depositing it's money in bank every
day by check and draft, and by draw
ing it out by check and draft, just like
any other business institution.
Referring to the action of Mr.. ].
Pierpont Morgan in coming to the res
cue of the money market recently, Mr.
Fowler asserted that an individual
banking system cannot stand alone,
because every serious rumOr causes
runs" and the banks know they can
not survive. These banks" he said,
should be co-ordinated and brought
into one harmonious whole. 1t was
high time he said, "depOsitors knew
what was in the bowels Of the banks
when they placed their money with
them" He referred to Mr.. Morgan as
a giant of giants. hercules of finance,
a banker-statesman and banker-patriot
who, he said, had stood like Gilbral-
tar protecting the nineteen billions
Of reserves of our banks, protecting
the occupations of 25,000,000 Of men
and women, protecting the national
welfare against the consequences of
a more destructive. terrific, tragic and
appalling catacylsm that has ever
swept over the commerce of any coun-
try"
Mr. ESowIar was haYnharded with a