The Montgomery advertiser., 1908-03-09
ALDRICH BILL. STRIKES SNAGS Must Rely on Democratic
 Votes IF BILL IS PUT THROUGH Much Speculation as to Fate of
 Measure. Senator Johnston Has Valuable Amendment Which Mir. Aldrich Thinks We'll of and He
 May Accept 1t.
IF BILL IS PUT THROUGH
nY AuFREp ,. sToFER.

ID d
 Washington, March s.-tSpecial)-- The AIdrich financial bill has been striking some big snags in the Senate of late. and. for several days It has been apparent that if the measure is to be put through the upper branch of Congress this session. the Republican managers of the legislation will have to rely upon Democratic votes.
 For the Republicans, the situation IS different from what 1t was In the last Congress, when the railroad rate b.ll was passed. Then the administration could not have carried out it's policy relating to that matter. had 1t not been for Democrats votes. In that con- tention, Senator Aldrich and most. of the Republican members of the Inter state and Foreign Commerce Commit tee. did not pull with President Roose- welt, and the peculiar spectacle was presented of Mir. Tillman of South Car olsna pushing to passage the rate bill. Now Mir. Aldrich is working hard for measure which is said to have the in- dorsement of President Roosevelt and Secretary Cortelyou. It is also very much desired by ]. Pierpont Morgan and practically all the other big bank CTS of New York city and the most im- portant cities this side of Pfttsburg.
 Much Speculation.
 Lots of speculation is going on as 10 the fate of the Aldrich bill. Men who think they know what is going to hap pen are certain that Mir. Aldrich can count upon enough Democratic votes to offset the Republican defection i. in the West. The Western senators, as a rule, do not like some of the leading provisions in the Aldrieh bill, and they do not mince words in their speeches on the floor or in what they give to the newspapers on the subject It is said that Mir. Aldrich has had a count of noses aud is confident of enough votes to pass his bilr when the time comes for demanding a vote. Those who differ with him Insist that he 10 mistaken and at this ,wrfting appear to be certain of knocking out the railroaag bond feature. If they succeed in this, one Of the most important features win be eliminated.
 No one thinks for a moment that Senator Baiiey's bill. which the Demo- crats propose to offer as a substitute will be accepted. It is doubtful if this receives any Republican support. The Republicans who have been paving the earth over some of the obiectionable features in the Aldrich bsll, will hardly have the nerve or the inclination to vote for anything that comes from the Democratic side of the chamber
 Senator JOhnston's Amendment.
 Senator Johnson. of Alabama has an amendment pending which he insists VIII help the banks and the business men generally in the interior cities very much, for the reason that if made part of the law, 1t would increase the cash fund in these banks materially in- stead Of having the money on deposit in the large cities of the country. As previously stated in this correspon- dence, Senator Aldrich discussed this matter at some length with the Ala bama Senator and said that he was disposed to accept the amendment, but the Rhode Island man Is entirely too foxy to come right out and say he would accept 1t. Those acquainted with Mir. Aldrich and who have watch ed his actions here for twenty years or more, know to g. gnat's hell that he is not going to accept Senator John- son's amendment unless he is abso- lutely compelled to. Unless his au- thority is curbed, he will ride rough- shod over not only the Democrats but the Republicans who are finding fault with the bill reported from the Finance Committee.
 MT. Aldrich will have to be fin mighty deep water before ne will con- sent to strike out any of the impor- tant provisions of his bill, and he will be in a strange mood for concessions before he accepts an amendment com
 
 Senator NelsOn's Attack.
 One of the most severe Republican attacks upon the bill was by Senator Knute Nelson. of Minnesota. That sturdy old Norwegian has been "speakin' out in meetin'" regardless of the feelings of his party associates. MT. Nelson condemns savageiy the methods used to put a stop to the panic. Here is what he says on the subject:
 "The only way the bankers stopped the panic was by breaking the law. by suspending payment. holding up the entire country. That is the mod ern way of stopping a panic, and it is an easy way of stopping it. if people submit to it. If the First National Bank of Alexandria. my own home. had suspended during that panic and refused to pay. as it did not do, the comptroller of the currency would have been swift to have put 1t in the hands of a receiver and wound 1t up. But when these great city banks all in A body resorted to this system. and held up their deposItors in the manner they did, no action was taken. You can see that that system of stopping a panic was very effective. but 1t is the most lawless and revolutionary method of stopping panic have ever known.
 big bankers to say to the Amerscan people, You must not provide for a fund for the protection of depositors; that is putting us big. strong banks m A footing of equality with the smaller and inferior banks. We big hanks do not need 1t. Our reputation is so good that we do not need 1t. You will be putting a premium on poor bankers-we are so good 1t Is not needed for us. You are putting those inferior little banks on our level Great God! the recent panic demon strated that the big banks were on lower level than the small country banks.
 Biz Banks Responsible.
 s'The big city banks were the orisina- tors and promoters of the hold-up ana tie-up of deposits and reserves. Tn my State. most of the small country hanks kept open shop during the panlc and paid in cash all demands madP upon them It was the big banks, these banks which are now getting up