Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1908-06-12

voted.
twas only eighteen months OF %
ago that Aldrich on the floor of ths
senate Bade this declaration regard
ing municipal and raj road bonds: "In
these days they are fuctuating widely
and TO prudent banker could afford
4 buy bonds other than the bonds Of
the United States"
But that was before he had new or.
ders from 26 Broadway and the Ma.
tional City Bank, and before j. P.
Morgan's office boy in Washington re.
eeiyed the message that illegal boud
issues would be needed for Wall street s
in addition to $3.50, goo 900
deposits of the peoples money.
Those high financiering banks of
New YORK owed outside banks S410,-
100000 just before last falI's panic.
From August until December the
country could squeeze only Per cent.
of its own money from New York s
clutches. And Wall street made vir-
tue of paying $20,O00,0 900 of $780,
100000 Indebtedness to the distressed
country, during period when the
accommodating Cortelyou increased
The treasury deposits in New York
banks SAT 600, 600.
But Wall street had bonds in pIen-
ty railroad and ~ unicipal bonds I'M
salable, unacceptable by saving banks,
and so speculative and unstable that
many of them fluetuated from 10 to 20
per cent, within year
New York was the defaulter sof the
nation, with its Illegal clearing house
certificates. But there were bonds to
build new skyscrapers ia Broad street
if heaped in bundles, flotatlon upon
flotation.
There were bonds enough when Mr..
Cortelyou opened the treasury doors
to them to increase the deposits of rail-
road and municipal bonds with the
government from S67 100000 in Octo-
Der to $500, 900, 900 in December And
still Wall street gasped for breath I'M
der its load Of dubious securities.
1t was to dump upon the govern
ment that load that Aldrich intro
duced the bill that he did not himself
dare to defend except as makeshift.
Aud it was the bill " hich brought
forth an outburst of Indignation from
every board of trade and commercial
body throughout the land.
The protest was so universal that AL.
drich voluntarily withdrew his pro-
posal to accept railroad bonds as Sc
cdrity for currency He did SO in an
attempt to forestall LaFollette's ire
mendous indictment, of which this
was an essential clause:
For us to pass laws here that lend
government credit to railroad finan-
ciering schemes that guarantee, in a
measure, railroad securities and adopt
railroad securities, good, bad and in
different, into the currency system of
the country, without either dlserimi-
nation or investigation, could not be
justified under any pretext of serving
the public interest
But on that same March day the
Wisconsin senator warned the coun-
try that the vicious proposal had been
dropped only temporarily and would
be'revived. He was right. Aldrich and
his clique even then were preparing to
prove themselves tricksters AID faith
breakers.
The anger of the people was lulled to
sleep. The public watched with con-
temptuous indifference the Senates
passage of the emasculated Aldrich
bill and the acceptance by the House
of the spineless Vreeland measure. the
latter at least having the merit of re-
cognizlng in small " ay the only true
basis of emergency currency-com-
mercial paper.
And now, at the eleventh hour, the
conspirators deliver their stab at the
commerce of the country. They rush
forward q bill described as shalt Sem
ate infamy and half House infamy,"
embodying every rotten Wall street
device that lay in the earlier bills and
dlscarding every amendment for the
protection of honest banking and legi-
timt,e business.
Commercial paper is mentioned and
railroad bonds are not. Oh, the wis