Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-04-16
THE ALpRlcH BILL

THE ALDRIcH BILL
Opposed BY Currency Commission Of
American Bankers Association.
Washington, April 15.-The banking
and currency committee of the House
today continued to hear arguments
against the Aldrich financial bill and
also the measure introduced by Vree-
land, N. Y, upon which the Republic
can members of the House are to eau
Gus next week. The currency commits
sion of the American Bankers Asso-
citation. representatives Of the Mer-
c1idnts' Association of New York and
other bankers from different sections
Of the country were severe In their de-
fiunciation of the Aldrich bill. or both
Of these measures. 1t seemed to be the
general opinion among the speakers
that II credit currency measure could
not be passed at this session it would
be wise On the part Of Congress to let
the matter 60 over until the next ses-
sion, in the meantime providing for Il
committee to consider the whole finan-
cial question and formulate measure
for consideration next winter. Par
ticular attention was paid by members
of the committee at the afternoon ses-
sion to the Vreeland bill and this
measure was generally condemned by
the different speakers. The bearing
will be continued tomorrow.
Washington. April 15.-The currency
commission Of the American bankers
ID, >h,,,,
York. chairman; James B. Forgan OF
Chicago; a committee from the Mer-
chants Association of New York,
headed by E.. d. Page, chairman:
Charles A.. Conant of New York and
others today appeared before the bank
ing and currency committee of the
House in opposition to the Aldrich
financial bill.
MIR. Forgan. president Of the First
National Bank of Chicago, was the
speaker. He read statement unani-
nously adopted by the commission at Z
meeting In Chicago in which the AL
drich bill was referred as inpractic-
able, unwise and financially unsound.
A bond secured currency was dcnom-
mated as vicious and the recommends
ton made that the whole subject be
referred to a committee for inquiry
and report at the next session Of Con-
gress.
do you think there is now need OF
an emergency currency" asked Mr.
Prince.
II do not" replied Mr.Forgan. II do
not think that condition can ever
exist in this country that could bear
such an Internal name as emergency
currency. A proper currency prevents
anything like emergency currency get
ting into the minds of the public"
Mr.. Forgan thought it would be bet
ter to pass no bill this session than
an emergency measure. With the La
Toilette and other Objectionable
amendments eliminated, he said, the
Aldrich bill would still be unsatisfac-
tory
MIR. Fcrgan claimed that the amend
lnent Of Senator LaFollette prohibit
ing a bank from making loans to cor
porations in which the directors Or
officers of the bank are officers or d.
rectors IL it becomes a law. would up
set the banking business of the coun-
try. The effect would be. he said. that
Tic uIICClOIo WOuIu IctIo anu put
dummies in their places"
Willett, N. ", asserted that few
days ago president said to committee
from this House, who called on him at
the White House-sad 1t in the presence
Of other people. with customary vehe-
mence and facial distortions-that unless
you give me four battleships 1 will veto
your public building bill. That's the
trouble with this situation. Mr. Chair
man. The President attempts
Willett was interrupted by Hobson.
who, speaking with much feeling. said:
I'm Justice to the President 1 wish to
inform the gentleman from New York
that saw him few minutes after he
said that. and he told me he was forced
to say 1t because knowledge had reached
him Of a threat In the House that unless
the naval program was cut to two ships
tho leaders In the House would see to 1t
that there was no public buildings bill at
ALL
Lands, Ind, spoke for four battlcships,
and Longworth, Ohio. also favored the
four-ship program. He prefaced his re-
marks with a request to extend his
speech to 10 minutes. to which prompt
objection was made. Appealing to the
House on the ground that while in Con-
gress he had never spoken for more than
i've minutes and had never asked to ex-
tend his remarks In the record the OBJ
lection was withdrawn.
Il condemn" he said, "jingoism and
what some people call anti-imperialism.
The events of the last few years have
put US In the position of world-power
and I, for one. am proud of 1t.
I'VE all known" he said. there are