The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-09-11
Error Corrected.

Therefore theshouse had solemniy 10
vote to suspend Calendar "Wednesday
for this day only. Then they again fell
to calling the baby names. The chris
tening was proceeding very slowly.
Representative Mondell, of wyoming.
started talking about how serious the
bill was, and how there should not be
any limit on the debate, and In the
midst OF 1t he was interrupted by
shouts of Regular order!" Repre-
sentative Moss arose to his defense and
made n point of no quorum. He was
promptly sat upon by Minority Leader
Mann, who induced Mr.. Moss to with
draw IT, Representatives Raker. Mad
den and Murdoch muddied up the wa
tiers for few minutes also. the entire
agitation being on the subject of
whether the house can't get enough
talk done by next Saturday night. II
they should run two shifts, day and
night.
The Republicans and some of the
Democrats seemed to think that there
ought to be a lot more time, and when
Representative Underwood finally got
down to demanding vote on the
subject Representative Mann made
the point of no quorum. The speaker
ordered vote. The final count
showed 1877 in the Affirmative and 70
in the negative, and the debate start
ed Off with an hours talk by Repre-
sentative Glass. From now on every
one who can possibly jam in speech
will do so. and the adjournment Sat
urday night will mark the limit of
general discussion.
Mr.. Glass Defends the Bill.
Mr.. Glass expounded the princi-
pies underlying the bill. and replied
to various criticisms of the measure.
He replied at length to the criticism
that the federal reserve board. placed
by the bill in control of the proposed
financial system, would, with it's wide
powers, be subject to political in
fiuence.
There is no politics in this mat
ter there can be none. 1t is my
earnest conviction. based upon long
and serious reflection, that no man
can conceive. as none has yet point
ed out, how any part Of this system
can be perverted To political uses, |
happened to be present when an emf
nent banker suggested such a pos
sibillty to the present occupant Of the
executive chair. and heard the banker
vainly challenged to show how il
might be done.
II shall not soon forget the en-
phasis with which the president OF
the United States declared that no
man would ever be found who would
be willing to imperil his reputation
or tarnish his fame by so fragrant a
prostitution of his high office"
Mr.. Glass declared that opposition
to the bill by bankers was caused by
the fact that the bill would sever the
relations between banks and stock
gambling.
Fight of the Bankers.
The whole fight of the great
bankers is to drive us from our firm
resolve to break down tho artificial
connection between the banking busi-
ness of this country and the stock
speculative operations at the money
centers,' he said. The avowed pur-
pose of this bill is to cure this evil"
Referring to the bankers. he said;
They do not want existing ar
engagements disturbed; they desire to
perpetuate fictitious unscientifiC
system, sanctioned by law. but con-
demned by experience and bitterly Of
offensive to the American pleas, a sys-
tenn which everybody knows encour-
ages and promotes the worst descrip-
ton of stock gambling.
The real opposition to this bill il
! not as to government control, upon
which we shall never yield: il is not at
! TO The capital subscription required
/ which Is precisely that Of the AldriCh
/ scheme unanimously Endorsed by the
American Bankers association, 1t is
/ not as to the 5 per cent dividend al
/ lowed member banks the exact limit
prescribed in the Aldrich bill. 1t is moi
as to compulsory membership, which
was provided In another way In the
Aldrich scheme 1t Ia not as to the
bond -refunding proposition, Infinitely
| simpler and less expensive than ths
/ Aldrich device, 1t lis none of these
things that vexes the big bankers. Il
is loss of profits derived from sys
tenn which makes them the legal Gus
todians of all the reserve funds of tho
I country. s240 1000 900 Of which funds
the gath day OF November, 1912, they
had put into the maelstrom of Wal
Street stock operations.
Representative Hayes, of California
ranking Republican member of tht
banking committee, opening debate
for the Republicans. Endorsed part O
the bill. but attacked the provision
allowing national banks only per cen
profit on their investment in the fed
eral reserve banks
,