Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-09-15

ana prOpheSled that there would De no
revision for another decade, estimating
the cost of the recent one at $1OO,OOO,OOO.
"CZarism he also defended, and de-
clared that no Congress would ever ex-
list without the present rules He further
took occasion to issue a warning that
there would be no immense bond issues
for internal waterways, government roads
and other big projects that are seeking
thousands Of millions from Congress. Mr..
Cannon said in part:
Banking System Like Topsy.
This is a bankers convention, and
wonderfully important to all the people
as well as to your organization. You are
just one spoke in the immense wheel
that we have in this country. all spokes
making the country from the material
standpoint.
1--WE have banking system. 1t is
a little bit like Topsy; it growed; and
l recollect when 1t began to grow-grew
in the commencement because it was
necessary that it should grow.
II am a little older than most Of you
I recollect the days Of the Red Dog and
THE Blue Puppy bank bill. If you got one
of them you would take the fastest horse
to go and unload it on a creditor before
it became worthless
The Speaker told of the creation of
the Mccullough national banking law,
before the civil war, and called it pretty
good. Il think the controller of the cur
rency," said he, will bear out the re-
mark that in all these years, numbering
almost one-thalf of century, everywhere
within the boundary of the United States.
and after the close of the civil war and
resumption everywhere around the globe,
the national bank currency was and is as
one poor mill lost for want of redemp-
ton.
AYE, more, 1 think, without having
verified the results, will venture, and l
know the controller of the currency will
contradict me If 1 am wrong, the state
men1 that in all the almost fifty years,
with the immense deposits all over the
country in those banks, the loss to the
depositor has not been -hundredth
part of poor mill to the dollar.
Those Angleworm Spines.
II know there is nothing 80 good on
this earth as sound spinal column, and
most of the citizenship in the United
States has the courage, when duty is
to be performed. of being willing to per-
form 1t. and walking in the light Of their
best judgment and taking the conse-
demonstrating their Standard If it
comes their way, according to their judg-
ment and their light, they have done WELL
Such men have spinal columns. But
have thought once in a while that there is
constituent here and there in our vari-
our states who, once in great WHILE
gets into Congress; that God, when He
created him, ran short of material for
spinal columns and put in an angleworm
in it's place. However. I won't abuse
them; they are not to blame for it.
Now so much for the system as we
have got 1t. 1t came to my mind WV
idly in 1907 as 1t ever came before The
trouble was in the extraordinary good
times and with the extraordinary growth
in the development of the resources and
population of the country, that the money
piled up from ten, fifteen or twenty thou
sand little banks, scattered all over the
country, making an enormous aggregate
in the great commercial banking centers.
Well, there was something about this man
going wrong and something about some
other man going wrong, and then the bulls
and the bears are ever present, and the
bears proceeded to get their inning and
SO forth. Oh, you recollect all about 1t.
All Jumped at Once-Panic.
1.-THE result was that there was no one,
no banker. that called upon his depository
for money, because he thought he was go
ing to lose it. but he was afraid that the
disease would spread, and that shortly
depositors would come in and say Pay
through fear Of a panic. Therefore. with
one accord, you said, We will get our
money out of the great commercial banks,
and the great centers.' and, as you all
jumped at once no bank on earth that
ever existed or ever will exist could pay
every depositor that 1t had. That was the
trouble.
I'm Congress all the currency experts
didn't say cranks-all the currency ex-
perts rushed into Congress. and 1t had to
be his doxy, which was orthodoxy, or he
would not play. And what did we do?
We enacted a law the chief weakness of
which. in my opinion. is that it only lasts
%ho%
by just taking the Limitation Off"
Referring to the tariff the Speaker said:
1.-The compromise was made, and 1t was
made substantially-not principally-along
has dominated this country substantially
from it's enactment under the leadership
of Morrill,. at the breaking out Of the war,
to the present time. And everybody is
tinker 1t, in my judgment, for the next
decade. Do you know it costs at least
500. 100000 in cessation OF production
waiting for fear that they won't get the
who is producer as well. waiting to see
what Congress is going to do? 1t Is not
perfect. 1t never will be-"
Speaker Cannon said that there Is no
of the yellow press. He said that the
ma jority is always back of the Speaker;
that majority can force action on any
bill any day, and that the only COM
plant Is 1TOIH tIOSe VINO want the MINOR
ity to rule. He said that he Is always
with the majority. and that he does not
intend to dodge reelection as Speaker so
long as the majority is for him.
]. J. HIPS Solemn Warning.
]. ]. Hill, head of the Great Northern
railway, solemnly delivered a warning to
the convention in his address on Ma
tional Wealth and the Farm
1--WE have" said he. almost reached
a point where. owing to Increased popula-
ton without Increased production per