The San Francisco call., 1908-03-18
LA TOILETTE
CHARGES PANIC
TO FINANCIfRS
Wisconsin Senator Flays Big
Capitalists. Who, He Says,
Set the Stage
Gives Graphic Picture of Wall
Street in Frenzy for
Real Money
Protection of Predatory Rich
Obtained by Stringency,
He Alleges
SPECIAL DISPATCH TO THE CALL

/. WASHINGTON, March 1.-THE
plain truth is that legitimate COM
mereial banking is being eaten up by
financial banking. The greatest banks
of the financial center of the country
have ceased to be agents of commerce
and have become primarily agencies
OF promotion and speculation"
This declaration was the underlying
sentiment pervsding the speech de-
/ hvered by Senator La Toilette of Wis
eonsin. republican. this afternoon in
opposition to the A1drich financial
bill He did not oppose anything Iegitf-
mate in currency reform, business en-
terprises or commercial advancement.
he said, but antagonized the system
through which every Industry is now
controlled and dominated By monopeiies
Senator La Toilette labored under a
great disadvantages, as ne was evident
" the Victim OF trick engineered and
perpetrated by senator AIdrich La
Toilette, who has been hazed so often.
that it is becoming an amusement Tor
him. took his. medicine without wincing-
For more than two weeks La Fol-
iette had been engaged IN preparing a
speech dealing largely with the railroad
bond feature of the Aldrich bill He
announced that he would speak this
afternoon AIdrich took advantage OF
the psychological moment TO eliminate
the railroad bond provision, made other
changes of Importance and announced
them to the senate while La Follette
consequence La Toilette was warned
but few minutes before entering the
senate chamber that his entire speech
had been jostled out of plumb by Aid
rieh's cunning.
The only public attention La Toilette
gave to the trick was when he took the
floor. He began by saying that his re-
marks were made more pertinent, il
possible, by the action of the finance
committee today regarding amendments
to the pending biIl.''
AUDIENCE APPLAUDs HIM
Senator La Toilette had all that his
heart could desire in the way OF an
audience. A crowd but little less than
that which came to hear Senators TILL
man and Beveridge was present Even
standing room could not accommodate
the spectators, and hundreds were
turned away
The plan of ignoring La Toilette
which has been practiced by the re-
publicans since he entered the senate
and advanced radical opinions was pur-
sued, as usual, this afternoon. At no
time were more than a dozen senators
on the republican side of the chamber.
The democrats almost TO man re-
manned in their seats and gave La Fol-
lette close attention. When he closed
for the day, announcing that he would
continue tomorrow. the democrats gen.
orally congratulated him
PANIC ONLY
There were no commercial reasons
for a panic, said La Toilette There
we're speculative. legislative and politi- |
cal reasons why a panic might serve
special interests There were business
scores TO settle There was legislation
to be blocked and a currency measure
suited to the system to be secured I
There was third term TO be disposed
of and policies to be discredited.
a panic came ] believe that it
needs only TO be followed step by step
to show that it was planned and ex-
ecuted in so far as such a thing is
subject TO control il once in motion. |
Such a statement without support in |
facts warranting ii would deserve
condemnation To withhold such a
statement. to shrink from plain speech |
setting forth the facts IN so far as
they can be uncovered is in the discus /
sion of this legislation plain duty"
He recounted in vivid language his /
view of the events OF October "a, when /
Wall street was in tbs throes of the
currency stringency-
How perfect the stage setting. How
real it all seemed But back OF the |
scenes Morgan and StiIIman were in /
conference They had made their
at Washington. They
knew when the next installment OF aid /
would reach New York They knew I
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