Decorah public opinion. (Decorah, Winneshiek County [Iowa]) 1895-1928, 1908-03-11

called an Indian Senator who must
he reckoned with He has the goods
and delivers them His oratory is
merely Incidental his stock in trade
consists OF facts and argument backed
by mind that works like lightning.
As have previously intimated the
prospects for emergency currency
legislation do not appear to be very
bright. The sky is filed with clouds
There are half dozen or more groups
of statesmen, each with favorite
measure and the question is: Can
the divergent elements unite on any
single proposition? There seems to
be disposition to shy at the Aldrich
bill although it. is said to have re-
ceived the 80. K" of the President.
One of the criticisms to it, suggested
by Senator Owen is that the proposed
Aldrich bill, will be available, in the
first place, to only National banks,
ohh ohiy iCiooiNOty lew VI tucSc. lie
great mass of banks in Iowa would
not come in under it's provisions. Mr..
Owen contended for law that would
enable the country banks to join in
the scheme to bring relief to the
country when a future emergency
should arise. / understand Senator
Owen is having his speech printed in
pamphlet form. and l suggest that
persons who are interested in the
question. write him for a copy 1t is
a complete statement of the whole
proposition.
When 1 came TO Washington Dec.
LIST. had n strong conviction that the
October November panic was manu-
factured affair, deliberately planned
and executed for the express purpose
OF giving the country lesson and
administering the final knock -out
blow to President Roosevelt. OF
course tins is denied in the east in
certain quarters. but there are many
people. including statesmen who
share in my view. They say the
scheme was to discredit Roosevelt and
give the country Jolt but that,
like prairie fire. the panic spread so
rapidly that it got away from them
and the men who planned the "jolt"
got what they were not looking for,
and since then have been trying to
put the fire out. How swiftly condi-
tions change in the financial or money
market, action voluntarily taken a
day or two ago by the bank of which
James Stillman is president we'll
illustrates. Three months ago this
institution made haste to avail itself
OF all its resources, especially inter
national. so as to secure large i'm
portation of gold. The cable COM
panies must have received a substan-
tial return upon that day from the
tolls paid for messages sent from this
hank TO London. The cry everywhere
was for money, actual currency Mr..
mand by deposits of government
money, which, unless deposited with
the national banks, would have re-
He placed with the City Bank ap.
proximately $500. 900, and that
money served we'll the purpose for
which the deposit was made
Now, there has been a great change
.St~ 81 IL.
tead of waiting for Mr.. Cortelyou to
withdraw the deposits. has actually
returned to the Treasury Department
the So, 800, 900.
That, of course, means that money
is very plentiful, so plentiful that
this bank cannot afford longer to hold
government funds, even though no in
terest be paid upon these funds The
money cannot be protitably used. 1t
may be that the return of this money
voluntarily by the National City
Bank, which is usually the leader in
great financial moveme rs, persuaded
Secretary Cortelyou that the time
has come when he may conveniently
for the Treasury and for the banks
call for the return Of a considerable
part of the money placed with the
banks in 1907. aud especially in the
days of the panic.
1t is reported on good authority
that Wall Street and the interests as
sociated with that street, are now
ready TO accept Secretary Taft as the
republican nominee; not that Taft is
the choice of these Interest" but to
make sure that Roosevelt is not re-
nominated. Anybody but Roose-
velt" Is the cry. Roosevelt is the
horror of the big financial interests of
the east. They are prepared to sup
port anybody if it can be made certain
that such action will remove the pos
sibility of another term ander Roose-
velt. They realize that if the sitna-
tion at Chicago becomes acute and a
deadlock develops. there is likely TO
be stampede to Roosevelt. IL is
therefore quite probable now that
such a deadlock will not occur. The
plans as 1 understand the program in
vOlve the nomination of Taft ON the
fret ha Int t,nIacc is aartain that