The Montgomery advertiser., 1908-02-26
DANGEROUS BILL
m. HAYES so CHARAcTERIzEs
 ALDRICH MEAsURE.
He Says it is a BiiI for the ReIief of Wall Street and Would
 Not. Benefit the
 Peopge

Washington. Feb. Representa- tive Hayes Of California today ad- dressed the House on the financial question. He heid-u the currency sys- tenn of the United States as "The worst used today by any country de- nounced the Aldrich bill and ridicuied the proposition for central bank.
 The trouble gith the currency of the United States he declared. was it's in- elasticity. The so-called currency sys- tenn he characterized as :spatchwork .' He further said that under the pres- ent system we can but wonder that we have been able to accomplish" such wonders with SO few financial upfeav- ais., Only the ability and ingenuity or Amertcan bankers and business men. he said, had made that possible.
 Mir. Hayes eharas terfzed as a ..falIa- cious public conception the idea that 1t was the United states bond behind the national bank note that made 1t as good as gold the world over. Those notes, he said. would be as good as gold any. where as long as the Government and the banks expressed a willingness and the ability to redeem them on demand in gold or it's equivalent, Nand you cannot change he said, mo mat ter how many and what kind of bonds you put behind themss The bonds, he said. may help protect the Government from loss. but they have no influence in keeping the"notes at par. He con- sidered any bond-secuied currency as mot only inelastic but unscientifc. bungling. unnatural dangerous and undesirable from every point of view !" Congress: he declared. ought to legis- late to- change the bond-secured notes Into more desirable currency, "in- stead of planning to perpetuate them indefinitely and possibly greatly en- large their volume :" As regards the Aldrich bin. Mir. Hayes said 1t had all the weaknesses of bond-secured currency and many others that our present b6nd-secured currency had not.
 Tn the face of this well known fact" he inquired, "shaii we, while in the possession of our senses and with our eyes wide open. vote to tie up the cur rency of the country .still closer to Wall Street?' The Aldrich bill, he de- clared, should be entitled "A bill for the relief of Wall Street" and the peo- pie. particularly of the West and South. would be no better off than they would be without the proposed law. The Aldrlch bill. he said further, would make the people more dependent than ever upon Wall Street and he never would vote for such proposition. He said there was a vague suspicion in the minds of some that one of the large motives behind the proposition to allow banks to issue. circulation on State. municipal and railroad bonds" Is to find a market for these bonds at a fictitious price, with the O. K" of Un- cie Sam on them.
 The bill. he declared. if it should become a law, would make sure the use of United States treasury to fur ther the schemes of the stock gam blers of Wall stfeet. He predicted that the proposed Aldrich plan. instead of preventing panics or mitigating their severity would have a tendency to bring them on, land continue them when they had once come upon us.'
 The plan, he said unless violently amended. was vicious, dangerous and inffectual