The semi-weekly messenger., 1908-02-28

Washington, FelArl3ary Ex-senator
Simmons OF North IA o4iIa, sp~aa ~
The senate today on the AlGI-cn car
-e1cy b4L
, Mr. SH4,Iosa s.,.~1 ,Eac he r-21 -
ier 4Ec-t S-ol,oGaE"C l- $500 .E.-.'.t ...
| spot <s.sh 10 enabk. the farmers Of the
! country 20 harvest and market their
reps
Tbsre are already many KINDS OF
money ana there is not Z single dol
! .ar oI this money that cannot heis-
suaG at profit OF per cent. interest,
he sad.
~2Iow" ne added, "you propose to
la'.e a heavily taxed money that can
no7 be loaned for less than Or 10
peg cent If this bill is passed @his is
, &c .4I- g. money - 4lcA VIA ..z &-J-
Lied t. the farmer"
~. Simmons took up the bill in de
ai and criticised many Of its proEis-
ions
It is folly 10 talk" he said, about
ne cover nmout coins in the bank
ing business. It is in the banking
hrsiness now up to its arm pit
Speaking III favor OF the Ocean Mail
Subsidy bill Senator CalHnger review
ed conditions under which the meT-
chant marine Of this country is oDer-
ating and cited many advantages that
he believed viii accrue to the CONNER
cial interests of the United States if
better mail facilities to South America
and other ports are established.
"The bill raised no new isEues, in
PRODUCES no new principle said Mr.,
Gallinger ct leaves existing ana
prosperous steamship services exactly
as they are now, and increases the
compensation on routes which sixteen
years Of experience have conclusively
proved to be inadequate"
Only eight of fifteen ships that were
plying across the Pacific ocean last
March are left, he said
The passage of this bill, he predict
ed will revive the waning American
marine and al that the bill seeks can
be accomplished by four million year
It would strengthen the Pacific lines
and create new lines to the southern
hemisphere. It would, he said, prompt
ly establish line from the Atlantic
coast to Brazil and another to Argen-
tine, line from the South Atlantic or
gulf coast to South America and sim
liar communication to the Pacific
ocean.
The proposed payment for these ad
vantages is about half the amount
England and France now pay for their
steamship service and less than is paid
by Japan. Last year the United States
made a profit Of $4,000 GOO on its car
riage of foreign mails.
THE most smarting and humiliating
episode of the entire year is the re
| h.
great battleship fleet is affording that
our merchant marine is now shrunk
to q skeleton that it does not contain
enough Ocean-go1ng steam cOlliers to
provide the indispensable fuel of our
battleShips on their voyage from tht
American port of Hampton Roads to
the American port of an Francisco" ..
ceived estimates from Il Or Is bankers
of North Carolina on the cost of is.
suinn the emergency currency provid
ed that the entire cost would be bet
Grafton the per cent, interest and
ether necessary changes they conclud-
, ed that the entire const would be bet
ween SIS and per cent. He believed
the cost would be between and 9.5
per cent, and could NOT be loaned out
profitable at less thar 10 or 1O.5 per
cent.
Emergency currency. ne said, would
not be profitable to the banks of the
| south which have need for all their
money for loaning purposes. They
could not afford to carry low priced
bank notes and If they would ever use
them 1t would have to be under the
| same conditions that existed during
| the recent surrency panic when they
h0rrNu-n1 hon6S n0ViYD cent
| for their use, in order to secure gov
ernmont deposits on that security. He
| thought the result of the plan pro-
posed would be that the banks of the
south would suffer an actual loss from
one to four per cent, by issuing the
i emergency currency.
! "Tvhe panic through which we have
| passed" said Mr. Simmons, did not
| create the demand for more money for
the agriculturists. 1t simply. empha-
| sized it. No panic will be due on the
ordinary course of events for many
years to come The present demand
| Is not for money to stay panic but
| to supply an extraordinary demand
which requires each autumn and win
More than twenty powerful steam
ships available as auxilaries Of war
| would be built by the influence OF the
/ bill If passed he said
The proposed legislation would al
so, he said, help to break up the ship
ping trust in South America
Senator Deoew spoke also today In
favor of the Gallinger bill. He deplor-
ed the decadence into which this coun-
try has fallen on the high seas. Mr.
DeDew declared that American ship
ping interests have been driven from