Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1908-03-19
SENATOR LAFoLLETTE SAYS "
WAS THE WORK or WALL
STREET INTERESTS.
FOR POLITICAL REASONS
In HE Speech on the Aldrlch Financial
Bill the Wisconsin Senator
Made Some Plain
Statements.

WhbuiubbVut Mdls Ill uC6iAAiAb
his speech In the senate Tuesday Sen
ator La Toilette took cognizance Of a
generally current remark that by elm
mating railroad bonds from the AL
drich currency bill, the finance COM
mittee had taken the wind out Of Mr..
La Follette's sail. He declared that
the action of the committee had rem
dered what he would have to say
against railroad securities more pertin-
ent than 1t would have been II such ac-
ton had not been taken.
Declaring that the recent finan-
clal stringency in the country was
brought about by the influence
of STANDARD Oil" and ]. Pier
pont Morgan, Senator La Toilette Of
Wisconsin Tuesday. in speech prac-
tically closing the debate on the Al
drich currency bill, entered upon a
denunciation Of men high In the finan-
cial world.
There were no commercial reasons
for panic" said Mr.. La Toilette.
There were speculative, legislative
and political reasons why a panic
might serve special interests. There
were business scores to settle. There
was legislation to be blocked and a
currency measure suited to the system
to be secured. There was a third term
to be disposed of and policies to be
dicredited.
"A panic came. | believe that 1t
needs only to be followed step by step
to show that 1t was planned and ex-
ecuted, in so far as such a proceeding
IL subject to control after once In mo-
ton"
He recounted in vivid language his
view Of the events Of October "a when
Wall street was in the throes of the
currency stringency.
How beautifully It. all worked out.
They had the whole country terrorized.
They had the money Of the deposits Of
banks Of every state in the union to
the amount Of 100000, 900, nearly all
of which was In the vaults Of the big
bank groups. It supplied big operators
win money to squeeze out investors
and spectators at the very bottom of
the decline, taking in the stock. at an
enormous profit. In this connection
the operations of Morgan and Standard
Oil furnish additional evidence of the
character Of this panic. We have rec
ord proof of their utter contempt for
commercial interests, not only for the
country generally, but for legitimate
trade in New York city as we'll"
Speaking of the great stores Of
money In New York, In connection
with various industrial institutions,
Mr.. La Toilette continued: |
with this enormous concentration
Of business, 1t is possible to create ar
tificially periods of prosperity and per
lods of panic. Prices can be lowered
Or advanced at the will Of the system.
When the farmer must move his crops |
. scarcity of money may be created |
and the prices lowered. When the crop
passes into the control Of the specula-
tor and artificial stringency may be
and prices advanced, and the
Legitimate profit raked on the agri-
cultural industry may be pocketed in
Wall street.
III an effort Is made to make any
Dne Of these great interests obey the
law, It is easy for them to enter Into
! conspiracy to destroy whoever may |
DO responsible for the undertaking"
He severely criticised the provision
If the Aldrich bill by which railroad
ponds were to be made security for
circulation, and charged
hat 1t was a scheme to defeat legisla-
ION which might lower railroad rates.
He insisted that the interstate COM
nerce commission is not empowered
o ascertain the value Of the physlcal
of the railway companies Of
he country and strongly favored such
! valuation as the only means for fix
ne railroad rates.
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