New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-14


elected President as against the pro-
tagonist of this very idea contained in
section Is of this bill. Again In l9oo
the people spoke when they reelected
Mckinley.
"This is financial heresy, twice re-
pudiated by the American people, and
these men will have to represent that
heresy. II that is done, the American
people stand to lose. Unless all history
and all human experience on this SUBJ
iect have been wrong we stand to learn
BY hard experience what has really
been done by this same section"
MIR. Root severely condemned the
proposed guarantee Of bank deposits.
"The serious side of this proposition,
he said, lis that it seeks to give the
credit of the United States to every
speculator. promoter or blackguard
who can scrape together S2o,ooo ana
take out a national bank charter. II
is a premium on indifference to honesty
and soundness in business; premium
on speculation and disregard for all the
rules of business honor. 1t is an lnvl-
tation t. every adventurer to come 'hIo
the national banking business and get
the Endorsement of the United States
back of his schemes.
I'VE give absolution in advance; q
letter of marque and reprisal to tne
managers of all questionable banks OF
the future.
Men on both sides of this chamber
who have studied this question ana
who realize and profit by the lessons oil
the past revolt against the tendency tc
substitute the support Of a paternaI
government for that indiVidual sell
dependence which settled, built, deVel-
oped and made our country.
I'VE are turning our faces away from
those fundamental principles through
which we have como to our present
hiuh estate. We seem to be setting
our steps in tho pathway Of paterna
government that brought the mighty
power OF Rome to its fall
Concerning the proposal that the gov
eminent should allow a body Of ap-
pointive officers the power TO bring
about imitation, Senator Root said:
This provision exhibits the opinions
Of a very great leader Of the Demo
cratic party, for whom | have strong
regard respect and admiration and in
whose sincerity of purpose and good
faith | believe. Yet / am convinced
that he proposes an economic principle
which is false, which has twice been re-
pudiated by the American people, ana
the effect of which would be injuri-
GUS"
Senator Root in opening his attack
on the bill introduced an amendment
to tax all notes issued after the gold
reserve dropped below 30 per cent. II
would also provide that any new notes
issued after $500 100000 had been put
out should pay a special tax Of lia pei
cent. and that after S1.2OO,Oow
notes had been issued tax OF pei
cent should he imposed on further is
sues
This would allow the issue of some
S1JoOoO. 900 more notes than are no"
outstanding i'm the rational bank note
currency" said Senator Root. and I'M
der pressure would allow a further eN-
pansion Of about $30ooGO if the
banks found that business needed the
currency badly enough 10 make profit
able the securing of currency by the
payment OF the tax"
After numerous conferences OF an in
formal nature. tentative agreement
was reported tonight To begin voting
on the currency bill in its final form
December Il, next Thursday. II was
stipulated however. that the agree
ment should specify the legislative day
thus allowing an unlimited extension
of time i'm order TO accord all Sena-
tors desiring TO present amendments
An agreement for "A vote on the legis-
lative day of December II probably
will be presented for unanimous con
sent on the floor on Monday. Demo
cratic leaders predicted that the oil
would bc passed before next Satur-
I4N