The Calumet news., 1910-03-30
Representatives Charles N. Fow.
Ter Attacks Stand of Sen
ator AldriCh.
FEDERAL RESERVE BANK Plan
Says Theodore Roosevelt Will Land
People in Fight Against Especial
Interests" and Predicts Third
Great Crisis.

sey, speaking III the House of Repre-
sentatives yesterday on his bill to es-
tablish a complete financial and bank
ing system for the United States, de-
clared that a third great trial i'm the
courts OF civilization impends, the
trial being "the case of the chairman
of the National Monetary Commits
sion, alias Aldrichism, alias the spe.
cial interests, versus the people of the
United States"
Theodore Roosevelt" Representa-
tive Fowler concluded, "is the attor-
ney of record for the people, and the
people under his leadership will
triumph most gloriously"
In championing his BILL which Is a
repetition of the Fowler bill intro
duccd In the sxtieth Congress, before
the appointment Of the monetary
commission. Mr.. Fowler compared
the impending crisis which he describ-
ed, to the first great trial Of civili-
zaticn. British Tyranny versus the
American Colonies" and the Second
great trial. Slavery versus Liberty"
IF I'm this great crisis" said the
New Jersey congressman, "the Am
erican bankers as n class would prove
worthy of their proud past, they must
rise at the cali of duty from their
bank counters to an exalted concep-
ton of the American banker of the
future, holding n trusteeshp of the
business welfare of the whole repub-
lie and of the National credit"
Mr.. Fowler's bill provides, in brief,
that the banking system for the Unit
ed States shall be organized with "A
bank-note redemption zone a banks
er's council, a board of control and a
federal reserve bank. The bank note
redemption zone. under the provisions
OF the bill, shall be located i'm 2S cit
les of the United States, to be select
ed by person to be appointed by the
President of the United States. Act
ing I'm conjunction with the Secretary
of the Treasury and the Comptroller
of the Currency. Within a reasonable
radius of all bank redemption agencies
representatives OF national banks shall
organize what will be known as bank
note redemption zones
The bankers council of each bank
note redemption zone would elect, un-
der the terms of the bill, a represen-
tative to the board of a proposed fed
eral reserve bank to be located in
Washington, banks bearing even num-
bers to elect business men, and those
bearing odd numbers to elect bankers.
FNN-
the Secretary of the Treasury would
be ex-officio members of the board
OF the Federal Reserve bank
The federal reserve bank would have
the power to buy and sell gold bull
lion and gold coin; to buy and sell
United States government securities;
to loan money TO the United States
government. and to act as banker fis-
cal agent, representative and ttorney-
intact for the United state govern
ment; TO buy and sell bills OF eX-
change. domestic and foreign. and act
as attorney for all members of the
respective bank note zones.
Boards of control to be organized
under the act would have power to
employ examiners properly and eff
ciently to supervise the banks under
them.
At the outset Of his address. Mr..
Fowler referred to his resolution in
troduced I'm Congress i'm 1908 provid-
ing for the appointment of a monetary
commission. and criticized the charac-
ter of men subsequently appointed to
serve on that commission. The only
man appointed on the commission, he
said. who had studied and thought on
the monetary question was Henry NJ
Teller.
Eek United States Senator Teller"
he said "a man highly respected per-
sonally. but now so years OF age, wa1
selected. Mr. Teller had been an ar
dent greenbacker and free-silver ad-
vocate but so far as the records SHOW
never had had one single sane idea
upon this great question Of finance
and banking.
"Nor could the commission rely
upon the Speaker of the House for In
formation, for, referring to this SUBJ
ject. he said. to me: I do not want
to- discuss thing that do not know
a d-n thing about"
Nor could they look to the chair
man of the National Monetary Com
mission, who. IL the New York pa
pers quoted him correctly. stated upon
his return from Europe that while ne
thought year and a half ago that ne
knew all about the subject, he had
found out that he did not know any
thing about II.
"This confession by Mr.. Aldrich OF
absolute ard barbaric Ignorance was
reinforced by the fact that, Accord
ing TO the newspapers, he stated IN
Kansas City when he was swinging
around the circle, that he agreed with
the foreign bankers when they saih
that our banking practices were bar