Tensas gazette., 1908-02-21
DANGER LURKS
In Aldrich Financial Bill and Its Alleged
Defects are Pointed Out at Length
in the Senate.

in the Senate.
A Washington special says: Senator
Tillman Thursday presented petition
to the senate from Alfred o. Crozier,
a manufacturer of Wilmington, Del.
protesting against the passage of the
Aldrich currency bill. 1t was read
and will be printed in the Congress
sional Record. The petition strongly
objects to that feature Of the bill
which removes the restrictions of the
exising law against the retirement of
the present bank notes and the con-
tempated emergency currency.
Such. law" says Mr.. Crozier,
would start agitation that might take
from national banks the right under
which they now prodtably issue and
loan to the people nearly $500. 100000
of bank note currency and perhaps
jeopardize the gold standard itself.
Bank note currency is not a legal
tender. Its acceptance as money can
not be compelled. Few know this.
Prominent lawyers, business men and
even members of congress disputed
this fact until shown the law. The
people generally are deceievd by the
governments endorement into believ-
ing 1t to be real money. 1t looks like
money, but 1t is not. Any one can
refuse to accept it. Then actual mon
ey, gold or treasury notes, must be
| found and rendered. This demand at
the last moment may work great loss
and wrong. Do We want 100000, 900
more currency that is not lawful
money!"
The panic, Mr.. Crozier says, appear
ed. "providentially just before this ses-
sion of congress when it was planned
to seek currency legislation"
Referring to the demand for an
emergency currency he says:
They did not explain why the coun-
try has got on so well for dozen
years without panic or change in the
currency laws. Many believe the pan.
ic was caused by such promoters to
pinch the country to hurry congress
to hastily pass the currency legisla-
ton they desire, to punish the admin
istration for enforcing the laws with
| ar 10 - a. In
rates and to reduce wages of labor
and prices of securities ard property
for their lawless purposes and profit.
THE failure of the Knickerbocker
Trust company precipitated the runs
on banks and caused the panic. Sud
Gen refusal by one Wall street bank,
further to clear for that trust com,
pany and wild exploitation of that
fact in the newspapers wrecked the
trust company. The powerful master
of Wall street. who is said to domi-
nate the bank, sat in the gallery ol
the United States senate and nodded
approval as the distinguished author
of the Aldrich bill spoke in advocacy
of the measure.
The biggest Joker in the Aldrich
BILL" says Mr.. Crozier. as the fact that
the restriction on contraction of bank
note issues is wiped out entirely. II
makes it possible suddenly to contract
and destroy IN one day the entire 81.
600 ,000, 900 bank note currency and also
the s5O0,O00,000 emergency currency
or a total of 81 zoo. 900. .o0e Of currency
used by the people as money Sudden
contraction of but s50,000.000 availa
BILE money by bank depositers recently
caused fearful panic and alarmed the
whole country. What would happen te
the country when the strangling con
traction of more than $1,000. .o0o. 900
about half the available money supply
of the United States. the most active
and convenient half, was begun?