Los Angeles herald., 1908-02-13

business enterprises. are all unable to
procure 1t when the necessity arises
for its use, and all sacrificed to crafty
and appease the demands that are
concentrated around the financial GEN.
ters of the country We will never
have any permanent relief until we
strike at the root Of the evil and reform
our entire banking system from its
foundations in the interest of the
American people against the special in
terests."
Against Credit System
While opposing the Aldrich bill Mr..
Rayner went on record also against
a credit currency, an asset currency
and central bank of issue. The great
trouble with the pending bill is with
the reserves, he said, and he declared
that the law regulating them is simply
a disguised and stupendous deception
and fraud.
iIs said that the reserves scheme as
now operated works dishonesty and
disastrously upon the rights OF the
American people and the deposits of
money in country banks with the Jug
Cling that finally carries it to the re-
serve cities contributes to make the
worst system In the civilized world.
Mr.. Rayner asserted the absence of
a provision correcting the evils pointed
out in the reserves system amount to
a disfiguration of the Aldrich BILL and
that the measure in it's present form
will work more effectively in the in
terest of large dividends to the stock
holders of national banks than 1t does
in the interests of the American
people"
Mr.. Rayner continued: "And now /
say with great Difference and respect
bo1h for the office and for it's occupant
f6of fhr lP fi1n Init fn1
has also, with the best intentions, un-
consciously contributed to the misfor-
tunes that have overtaken us. l unite
with him in the warfare that he Is
waging against the violators of the
law and the oppressors of the people.
He cannot be too severe for me in his
arraignment of their iniquitous prac-
tees.
when it comes to the Standard Oil
company and other kindred alliances
no man in this chamber would go to
q greater length than 1 am willing to
go in driving them, If possible, from
the face of the earth. / know that
their path has been path of desola-
ton 1 know that they have swept
down upon competition like a cormor-
ant upon it's prey and have built their
thrones upon the wants of penury and
the toll of unrequted labor. Monopoly
Is the curse of this country, and ! take
up my line of march as l have always
done, with the attacking party that
will eventually level 1t to the earth
and remove from it's deadly grasp the
honest business enterprises of the land
and the PROSTATE rights of the Amer
lean people. l differ, however, with
the president in his method of assault.
To Punish MaIefactors
"Malefactors should receive penal
punishment and a whole generation of
innocent people ought not to suffer for
the sins of their oppressors. Ono day
of Imprisonment would do the work
better than all the heaviest fines that
can be levied upon the institutions they
represent.
Il differ with the president in his
remedies, because he has suggested one
after another utterly impossible of ac-
conplishment by the federal govern
ment. The diagnosis of the president
is perfectly correct, but in most of the
instances he cites his remedies are
either unlawful or impracticable. From
the violent fervor of his utterances
there is an idea running through the
puplic mind that he has come to the
conclusion that every man engaged in
a large business enterprise is male
factor and that every good citizen of
the land ought to spend at least one
term in the penitentiary."
Questions Aldrch
Turning to Senator Aldrich Mr.. Ray
ner asked how it happened the COM
mttee had stricken from the bill the
provision requiring the banks located
out of reserve or central reserve cities
to keep a reserve equal to 10 per cent
of their deposit liabilities and hold at
all times at least two-thirds of such
in lawful money.
The chairman Of the finance COM
mittee replied that it was omitted in
order to avoid unnecessary opposition
to the bill in it's main features.
There was" he added, great op-
position to this from country banks,
especially in the south and west. and
the committee let it go to avoid dis
cussion."
lie believed that was a subject that
should be taken up in separate bill.
"Wil the chairman tell us when he
will take up such bill?" interrupted
Mr.. Tillman.
II will answer that quick" said Mr.:
Rayner "Ho will do it when tariff