The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-17
SEVERELY SCORES
ROOT FOR SENATE
CURRENCY SPEECH
His Charge That Bill Pro-
vides Fiat Money Wanton-
ness if Not Treason. Says
Congressman Glass.
Also Attacks Vanderlip's Re-
petition Of Statement and
Appeals to Business Men of
Virginia to Think for Them
selves. Many Hear Him.

Tho recent utterance of Senator
Root In the United States senate.
charging that the currency reform bill
harks back TO the days OF green
backissn," and that it's note provisions
mean nat money was attacked sew
ereiy by Congressman Carter Glass.
chairman of the house banking and
currency committee. In his address be-
fore tho Richmond Business Mems
club at the Jefferson auditorium last
night
Mr.. GLASS severely scored Senator
Root and Frank A. VANDERBILT. of the
National City Bank, OF New York, de-
claring that the former, for motives
the speaker could not fathom, had
dubbed the note issues Nat money"
and the latter had done the same,
because of his ignorance of the sub
Ject- Just here Mr.. Glass was par
ticulariy severe upon Mr.. Root.
"A man of his reputation as q law
yer and as an international statesman
should be careful of what he says. The
moral duty OF a senator and OF such
an able man as Mr.. Root lis to preserve
the equilibrium and to warn the peo-
pie of impending danger. IL is not to
spread alarmforparty advantage. "A man
who trifies with the delicate fabric OF
4 nations credit at times like these ia
guilty of wantonnsss II not of trea-
SON"
Raises q Laugh.
The speaker raised laugh of some
proportions by his sarcastic, reference
TO the action of the Virginia Bankers
association. In endorsing the house
currency bill at its regular meeting.
highly pratstuE tine three TreH having
the bin In charge as Virginians OF
whom the State could be proud and
later calling an emergency meeting
70 reScind that action after somebody
had done their thinking for Them
business men Of Virginia" Mr..
Glass here intertected. think for your
selves"
Congressman Glass was heard at
tentively for more than an hour and
a half by an audience that occupied
all the seats In the auditorium. many
In addition. standing.
Returning to Senator Root, Mr..
Glass said:
Il cannot understand how the charge
that the new measure pertains To ''nat
money or greenhackism" can be
brought. God knows how "a man at
the head OF bank worth s25.0oo 900
could bring II or how such man got
into the United States senate.
To show that his bill does not pro-
vide for ''fiat" money. bat that /: ia
secured in way Incompatible to
any other nation on the globe, he
said:
How Secured.
The section as IL stands constitutes
a compromise: but there In not a
single element of unsoundn. SIS in the
provision. Behind the notes is a gold
reserve OF SO Ia per cent commercial
security amounting to dollar for dol
lar, a first and paramount lien on all
the assets of the reserve banks and,
superimposed, the obligation OF the
United States To those who advocate
government issue. il may he said that
they have II here In terms. with dis
creation in the federal reserve board,
to issue upon application or to with
hold To those who contend for
bank issues. we may say that, in the
practical operation of the system, you
have 1t here, because only upon ap-
plication of the bank can the govern
ment issue. To those who affect, or
sincerely entertain. solicitude for the
governments credit. 1t may be pointed
out. as a practical fact, that the
security behind the notes here pro-
v1ded 10 many times more than suf-
dcient TO protect the government be-
fore the note holder would reach the
treasury counter. Whatever other OBJ
jections may be urged to the system,
not q critic Of this bll---banker, bust.
ness man, or specialist--has ever sug-
gested that the note here provided liz
not a. sound al gold itself"
Praises Wilson.
Congressman Glass warmly praised
President Wilson throughout the ad-
dress and at times he also praised the
attitude OF Secretary OF State Bryan.
In speaking Of the president. Mr..
Glass said that he was keenly alive to
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