The Birmingham age-herald., 1913-06-14
Henry Charges Wall Street
Is Back of Proposed
Legislation
FURTHER PROBE OF
MONEY TRUST URGED!
Will Introduce Bill to Amend Bank
ing Laws-Chairman Glass Work
ing to Put Through the
Proposed Reforms

Washington, June 19--An under cur
rent Of opposition among a consider
able number of House democrats to
the plan for currency legislation at
this session of Congress took definite
shape today, when Representative
Henry of Texas, chairman of the pow
erful rules COMMITTEES, openly charged
that Wall street was back of the pro-
paganda for currency legislation.
While favoring revision of the bank
ing and currency laws at the next ses-
sion of Congress. Mr.. Henry insisted
that further investigation of the So
called money trust should be imme-
diately pressed. The Pujo committee,
he declared, barely scratched the sur
face of the facts underlying the con-
centration of control of money and
credit. because the controller of the
currency refused access to his records,
making it Impossible for the investi
gators ito completely expose the eX-
isting relations between the Wall street
bankers and their allies with the
and financial conspirators.'
Wall street bankers he added.
'now are demanding legislation on the
currency question in order that they
may make a market for their COM
mercial paper (much of it based on rot
ten securities), and have currency is
sued on their assets
To Amend Ranking Laws
Mr. Henry introduced bill to amend
the banking laws so as to make bank
ing associations subject to the visitorial
powers, exercised or directed by Con-
gress or by either house of Congress.
while this was going on it became
known that the administration meas
ure representing the combined views of
President Wilson, Secretary of the
Treasury McAdoo. Senator owen of Ok
lahoma, chairman of the state bank
ing ald currency Committees ana Repre-
sentative Glass, chairman OF the House
banking and currency committee, would
be introduced in the House next Tues
day, and that the full committee of the
House probably would meet TO take
up the bill a day or two later. Pres
ident Wilson is expected to send a mes
sage of the subject probably Tuesday
Mr. Glass had a long conference today
with Secretary McAdoo, going over the
details 70 the bill
1T Is an imperative duty TO pass cur
rency legislation 1T this session OF Con-
gress.n said Air. Glass tonight. 'lt seems
singular to me that any well informed
members of Congress should imagine that
the need is not urgent. If any such mem
ber will como To the banking and curren-
cy committee room, and note the volume
OF correspondence ON the subject with
which the Secretary has been delnged,
and the tenor of the letters written. he
viii become easily convinced not only that
the bankers of the country favor legisla-
ton, but that business men of every de-
scription favor it, the latter even more
urgent than the former"
Follow Party Leadership
Members of the House committee. while
disposed to follow the party leadership,
are not agreed upon the necessity of cur
rency legislation now. They are in watt
Ing mood, and seeifing light.
Mr. eHnry, 81 his statement accompany
ing his bill declared ''the Wall street
banks, thinking the people confused and
upset by tarqff revision, have begun their
old scheme of endeavoring TO hurry
through a plan giving them the right to
issue or have issued by the government,
asset currency. Tie bankers and their
allies want TO make II market lof tn'lf
paper and securities and control the eoun-
trys currency and cause the government
to abdicate the function of issuing and
controlling the currency.
There is positively at present no need
of an emergency currency bill the AL
drich-vreeland bill is on the statutes, and
has year to live. 1t certainly suffices
for that length of time
Charging that the only aim of the Wall
street bankers was to pass the Aldrich
bill, ''veneered over so as to fool the peo-
ple," Mr.. Henry said, the voters would do
(COnflnued on PAwe Teu.l