The Washington herald., 1908-03-18


matte recital yesterday in the Senate,
The speech was read from manuscript.
Mr.. La Toilette explained that the i'm
portance of the subject made it advisable
that what he said should be weighed.
The Finance Committee. however, had eX-
tracted the stinger from Mr.. la Follette's
speech by meeting in the morning and
agreeing unanimously to cut out the rail-
road bond feature OF the bill
This filed Senator La Follette's friends
with indignation. They denounced it as a
deliberate plot on the part Of Senator
Aldrich TO forestalI the effect Of the
speech. The Senator from Rhode Island
submitted the report few minutes after
tie Senate met Mr.. La Toilette was
scheduled TO begin at the close OF the
morning routine business. When he failed
TO appear there was alarm shown, and
there was a rumor that he had been COM
pelled 10 retire TO revise his speech. on
account OF the action Of the Finance Com
mittee.
What Mr. La Toilette had written. he
had written, however, and he decided TO
deliver t.
"What I have prepared 10 say" lie
said. has been rendered ali tke more
pertinent by the action of the Finance
Committee this morning.
The Senator from Wisconsin had been
I'll, and showed some effects Of it. But
he was none the less aggressive. He took
up his manuscript page by page and de-
claimed it.
The most interesting colloquy arose
from his declaration that he would show
a connection of the Standard Oil banks
and j. p. Morgan with the pending bill.
As he made the statement Mr. La Toilette
looked steadily at Mr. Aldrich author OF
the bill. and inGmated that the same IN
fiuences had worked the railroad bond
feature.
Mr.. Aldrich was on his feet IN IN in
slant. '+rhe most earnest opposition 10
this bin was made by the National City
Bank OF New York, said he. THE bill
is not only opposed by that institution.
but BY all the banks in New YORK I re-
ceived only this morning a statement
from the New York Clearing House As
sOciauon saying better no bill than this
blll and stating reasons why an asset
currency was desirable. The banks OF the
whole country are against il. and the
Senator from Wisconsin has studied the
situation to no purpose If he has not dis
covered that fact"
Il inquire what the position Of Mr.
Morgan Is with respect to this measure, -
asked Mr.. Ia Toilette.
Il Go not know replied Mr.. Aldrich
Mr.. Morgan is a man OF wide busl-
ness experience aud unbOunded patriot
ism, and 1 should feel gratifed II he
approved the bill"
May Find Out.
Perhaps the Senator from Rhode Isl
and will be able to find out in some way
where NJ. Morgan stands" retorted Mr.
La Toilette. The beaming countenance
Of Mr.. Morgan from the gallery while
the Senator from Rhode Island was speak
ing on the bill indicates that Mr. Nor
gan. the head OF one OF the big groups.
was not entirely adverse to the PROPOSE
r-tions embraced in the bill
The Senator from Wisconsin. sup
pose, VIII agree with me that the pending
bill ought TO be discussed on its merits.
regardless OF whether Mr.. Morgan favors
1t or not, said Mr.. Aldrich
Mr.. La Toilette retorted that the IN
terests he had referred to had controlled
the course Of the bin and dictated the
amendments. including the dropping OF
the railroad bond features. and their zeal
for its passage impeued them 10 throw
overheard some of the weaker features.
Several times in the course of his
speech. Mr.. La Toilette charged that the
interests. as he designated them. were
determined to prevent the third term He
charged the late panic upon Wall street
as part OF a general plan to- dispose of
the third term and discredit policies"
Mr.. La Toilette declared that fewer
than 100 men control all utilities and the
feed supply OF the country. Does any
one doubt The mutual relations and the
mutual interests existing between these
men? inquired Mr. La Toilette.
Does any person doubt that they
would spend any amount OF money 70
stay the progressive movement sweeping
over the country? The President was
not far wrong when he thought he had
discovered evidence of the raising of a
large corruption fund TO defeat the third
term for President Roosevelt"
Says 113 Men Control.
1T contributes nothing of value TO this
discussion 10 denounce individuals on the
one hand or laud them on the other" Mr.
La Toilette said: Il have compiled a list
Of llS men. with their directorships in the
great corporate business enterprises OF
the United States. 1t furnishes .indisput-
able proof OF the community of interest
that controls the Industrial life of the
country.
Tho student OF the economical changes
in recent years cannot escape the conelu-
sion that the ownership and control Of
railroads, telegraph, shipping. cable. tele-
phone, traction, express. mining. iron and
steel, coal. oil. gas, electric light. cotton.
copper sugar. tobacco, agricultural I'm
plements, and the food products are COM
pletely controlled and mainly owned by
these men.
The country seems not to understand
how completely great banking institl-
tlons in the principal money centers have
become bound up with the control OF in
dustrial institutions. nor the logical con
nection Of this relationship to the finan-
clal depression WHICH we have 50 recently
suffered, nor the ddngers which threaten
US from this source in the future
Banks Can "Patch Up.,
Reports from banks. upon which
statistics are based, fail to make clear
the actual investments in speculative Sc
curities. not only through classification.
but they fail for another reason. Bank.
secure information in advance that re-
ports win be called for at a given time
Indeed such notice comes to them
through news dispatches from Washing
ton direct. There IS opportunity to patch
up. The opportunity is not neglected.
There Is another reason why the actual
Always the Same