The Montgomery advertiser., 1908-02-27
ALDRICEZBILL IS DENOUNCED Sen9sf Culberson Gives
 His Views. AMENDMENTS ARE OUTLINED
 -s- Declares That Recent Panic Was Criminal and Infamous.
 ---s---- Senator Nelson, Repubiican, Says That Panic Demenstrated That Bis Bankers are on the Very
 Lowest Level.
AMENDMENTS ARE OUTLINED

WaEniu8tOnf v CQs 6us~-<AktVt RoeoAN8 the penal code bill, the Senate today. on motion of Senator Aidrich, advanced the emergency currency bill to fhe po- sition of unfinished business, which ac- ton had the effect of giving 1t unques- toned right-of-way.
 Speeches on the currency bill were made today by Senators Culberson lDsm., Tex.1. and Nelson (Rep., Mtnn.p: :.
 Mir. Cuiberson outlined number of amendments he will submit to the bill, one providing that after Jan. 1, 1909, every national bank shall keep on hand in It's own vaults, the reserve of law full money required and repeating the permission to keep a part of the re- serve in other national banks; also making it unlawful to deposit public money in any national bank to be used directly or indirectly, by the banks in speculative dealings ,.dn stocks and bonds or to supply funds to any opera tor on the Stock Exchange to be used in dealings on the Exchange, and mek- ing 1t unlawful for national banks to make demand of other loans or give credit on their books to operators on any Stock Exchange to be used in deal tugs on the Exchange.
 MT. Cuiberson then denounced the pending currency bill. ~The operation of this bill" he declared twill give additional power to those whose naachi- nations and law1essness support and create such financial disturbance, He contendsd that the bill would make market for securities which was what the "nnanciers" want
 'sWhatever the cause of the Financial crash may be-" he added, it was tn~ excusable and unwarranted by condi- tions, and in some of It's phases, was criminal and infamous"
 No Camae for Panic.
 Conkending that there was no indus trial cause for the panic, he cited sta ,tistice extensively to bear out his con- fenfion concerning the abundance of money in circulation. when the out of-town banks were calling for money from the New York reserve banks. he said. ez6l. .000. eco NPns loapea out on fllska6fa nofsS ana stoehs. 145 98F- son read newspaper reposts NM eeNSfi. tions in New York City when the AInfv gan pooI'' was formed to relieve the acute money situation there, and de- clared that 1t was a "story of violated law and of business dishonesty and iIin- morality: of the perversion of banking and subordination of Federal Treasury to powerful private interegts.H what was needed, he contended, was not more currency. but honest and le- gitimate banking, unassociated with high finance.
 2 Is fGuAOGtBOAa ANtl0tffA thf0b tttO money power has already dominated legisiation from the packing" of the Supreme Court of the United States in the legal tender case, down to the law passed last year which gave the na- tionaI banks without interest, the use of s250. .0O0. 900 of public money.
 Senator Nelson's speech was an ar gument in support of his amendment for the guarantee of deposits in national banks, and he took occasion to sharply criticize present banking methods.
 Declaring that the trouble with the country during the recent currency ex- igency was not caused by & lack Tof money, but by the difiiculty of keep ing it in circulation, Mir. Nelson ana. lyzed the banking conditions last fall and drew fhe inference that the crisis 4 originated in the East and not in the West. He spoke of ~loafers' in New York who live on stock manipulation. Thirty.eigft per cent. of the money in New York was at the time of the panic. he declared. loaned on call or de- mand notes, 6 kind of loan. he said. that is made only on stocks and is not available for business men. BE-
 Bank Claimed Credit.
 Saving that the banks had taken a great deal of credit importation of gold during the panic. he undertook to show that the $l0O.000.000 of gold im- ported was sent here upon bills of iadinR to pay for wheat and cotton that had been sent abroad and con- tended that therefore the banks de- served no credit in that connection.
 "Gteat God" he exclaimed. "the pam fc demonstrated that the big bankers are on the lowest level"
 Mir. Nelson commented on the pur- chase of the Tennessee Coal and Iron Company by the United States Steel corporation by giving bonds for the stock of the coal and iron company, fine result of which was a merger that removed the only competitor of the steel corporation.
 If they had bought the bonds" he added. '.I could see how they helped 10 relieve the panic"
 some gentlemen" he said, came around here from New York, and bush whacked around Washington to see whether the merger would be sustain ed. I think that they went away sat ished."
 In conclusion he said: 'Iet us meet the necessities by protecting deposi- tors. stop the runs on the banks and prevent the banks in the reserve cities from tying up the funds of local banks.