The Monte Vista journal., 1908-03-21
WESTERN SENATOR SCORES
GREA! FINANClERS AND STAN
DARD OIL BANKS,
FIGHTS ALDRICH BILL
DECLARES 1T is DRAWN IN INTER
EST OF MORGAN AND STAN
DARD OIL.

!
made more pertinent, If possible. by
the action taken during the day With
respect to the Aldrich BILL" said Mr.
la toilette in beginning his speech In
the Senate on the currency bill Tues
day. His reference was to the amend
ments male to the bill by the commit
tee on finance
Speaking of the Morgan and Stan
dard Oil banks, and looking across the,
chamber toward Senator Mdrich, Mr.
La Toilette declared:
Il will show the connection Of these
great groups with the bill pending
here, notwithstanding the dexterous
withdrawal of the proposition to incor-
poratc railway bonds in the bill
There were no commercial reasons
for panic said Mr.. La Toilette.
There were speculative. legislative
and political reasons why pauio
might serve special interests. There
were business scores to settle. There
was legislation to be blocked and a cur.
rcncy measure suited to the system To.
be secured. There was a third term,
to be disposed of and policies TO be dis
credited.
"a panic came. believe that ~
need only to be followed step by step
TO show that 1t was planned and exc
cuted insofar as such a proceeding is
subject to control after one In mo
tion. Such n statement without sup
port in facts warranting it would de
serve condemnation. To withhold such
n statement, to shrink frCm plain
speech setting forth the facts insofar
as they can he uncovered Is In tho
discussion of this legislation a plain
public duty"
He recounted in vivid language HE,
view of the events of October 2Ath
when Wall street was in the throcs Of
the currency stringcncy.
For the first time since the panic
began, II: 80 n. m. O'Clock arrived and
everybody on the floor of the Stock
Exchange was wildly seeking money at
any price. Interest rates which had
for several days ranged from twenty 4.
fifty Ior cent. began to climb higher.
Settlement must be made be made be.
fore o'clock. Money must be forth
coming or the close OF the business day
would see Wall street a mass OF ruins
and banks and trust companies on tho
brink Of collapse.
How perfect the stage setting How
real 1t all seemed. But back of the
scenes Morgan and Stillinan were TIA
conference. They had made their
presentation ut Washington. They
knew wher the next installmen, OF aid
would reach New York. They knew
just how much II would be. They
awaited its arrival and based there
upon they pooled an equal amount and
held Il. Then they waited.
Interest rates scared. Wall street
was driven to n frenzy. Two ocloch
came and Interest rates ran to 80
per cent. The smashing OF the mar
ket became terrific. sim they waited
Union Pacific declined l0k poipts
Northern Pacific and other siock.
went down In like proportion. Five.
minutes passed-ten minutes past q
| O'Clock. Then ut precisely 2:15 tho
curtain went up with Morgan and,
Standard o.. In the center OF the stage
with moncy-rcal money, twenty. Ave.
millions OF money, giving II away at
ten per cent.
And 10 ended the panic.
when once tho government invites
INC HalhJ.lil Drinks bl tnp country 10
invest In railroad bonds for the patri.
otic purpose Of ayerting financial disas
ter these railway bonds viii become
sacred paper" he said. THE good
faith OF the country will be pledged to
defeat any legislation tha, suggests "a
disturbance Of the -four per cent d'vi.
dcnd upon tn. stocks. The aonntos
from Rhode Island will be heard Ia sol,
cmn warning. lie viii be told tina, tho
bonds were bought by the banks not To
make money, but 10 be hold Ia rcadi.
ness TO protect the credit and com.
mcrce OF the country: that bond mar
kcts are easily disturbed; that such rc..
curity IL delicate and sensitive: that
legislation mcnacing dividends oven
upon grossly watcrod stcckg would
alarm the holders Of these bonds and
force them upon n falling market a,
great hacriiicc. possibly producing
panic and leaving the banks but partl,
prepared TO take ont emergency cur