The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-03-10
PRAISE AND CENSUUE
FOR THE PRESIDENT
Never Before Such a Mix.
lure of Good and Evil in
Any Public Man

Washington, D. C.. March 10,--sen
ator oseph w Bailey. Of Texas. a
member OF the senate committed on
finance, from which the Aldrich cur.
. rency bill was reported. addressed the ,
senate at length and generally voiced |
the views OF the minority uE9n the
subject OF emergency currency. He |
did not believe his substitute for the
Aldrich bin would result I'm initiation. |
although II provided for $500 100000 as
permanent part Of our money sup
ply
The truth is he said. "the national
banks OF this country ar eseeking to
establish a system of asset currency;
and they will A,e q 70 defeat any
measure which conipels them to secure
their circulation. They want the priv
ilege of issuing their notes without
interest. and without security, and
lending them TO the people for inter
est and upon security For my part, |
will never support bill which legal
izes such AN arrangement; and ] shall
always insist that the safety OF our
currency Is of infinitely more impor-
tance to the country than tn esize Of
bank dlYhdends.
He wanted to compel banks Of the
south to invest part of their capital
and surplus in state, country, district
and municipal bonds. He quoted court
decisions to show that there is no
question as to the right OF congress
to authorize the issuance of money by
the government and make it legal ten
der for all debts.
III - n Ho csafd fCF fhp
general. but unfounded, notion that the
issue uf currency is the function of a
bank. except upon the theory that 50
many governments have abdicated
that sovereign power, and have per-
mitted banks to exercise It so long
that men have come to believe that
Il is. and has always been, banking
privilege Nothing could be further
from tho truth than this"
Mr. Bailey reviewed at great length
the circumstances under which ma
tlonal bank circulation has been is
sued
III any evidence were needed to
show MS the danger of ommitting the
control over our volume OF currency
to banks" declared Mr.. Bailey. Ere
cent events will furnish it. Last au-
tumn. when the country was in the
Very throes OF a money famine, the
national banks did not come 10 the
rescue with cheerfm and patriotic
alacrity, but on the contrary. sir, the
secretary of the treasury was com
PEELED to beg them, almost upon bend
e1 knees. TO take out additional notes.
They preferred the clearing house GER
tficates. because II was easier to re-
tire them and lss expensive to obtain
them
He insisted that the issue OF gov
eminent notes proposed by him could
not be charged as a ''recrudescenee ef
greenbackism" The greenbacks, he
ADDED, had done great service for the
government. and he defended the rec
ord OF that class of currency. But he
explained his substitute bill did not
propose money similar TO the green
backs
The fact that his substitute is not
drawn In the intere't OF the banks,
Mr. Bailey said, is shown by the oppo-
sition Of nearly every banker OF the
country to It. The interest required
on the money so provided he added
would prevent the banks from max
ing anything out of it. He opposed
the idea OF making the great staple
OF emergency currency It's nature as
emergency currency would be, he said
affected by yuch practice
Mr.. Bailey declared that he had his
own opinion on the cause OF the re
cent panic.
- did not OF course" said Mr.
Bailey, 'overlook the fact that it has
been charged in many quarters that
the trouble was due to the persistent
demand of the president Of the United
States for the enactmen OF new laws
and he enforcement Of the old laws tc
regulate and control our railroads; bu
that charge has been made by mel
whose minds are heated with resent
ment. and It will not bear Gloss
analysis The president has demand
ed only that the railroads OF this coun
try should be required TO deal justly
with the people: and he has eyince'
no disposition 70 harass or to oppresl
them
Il am no apol0eist for the president
and ! have no patience with the adnla
ton Of him in which some Democrat
indulge II Is trlIe that upon thi
question OF railroad regulation he ha
emhvaced tile doctrine OF on rparty
and for that ] applaud him. but he ha
done more To change the character an
the structure OF this government thai
an OF his predecessors combined. III
has frequently exhibited slpreme IN
difference 20 the constitution on hi
country and has pursued what ha
seemed 10 me a deliberate plan 10 in
pair the rights Of the states. and