New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-13
Representative HardwiCk, DEM
oc7at, ASSaiIs His Party'S
Finance Plan.
"DAY OF RECKONING SURE"
Saws Wall Street Control Is To
Be Supplanted by a Monop
oily Vested in Thir-
teen Banks.

Washington. Sept. IA Democratic
broadside against the administration cur
rency bill was fired in the House to-day
by Representative Hardwick. of Georgi a
who predicted that the measure would
lead to imitation and would foster banking
monopoly in which the government would
be a party.
Representative Burke of PENNSYLVANIA,
minority member Of the Banking and Cur
rency Committee. also assailed the bill,
asserting that ii should be defeated for
the honor of Congress and the good Of
the country" The currency bill he said
had been conceived in political prejudice
and born In darkness, attaining its fun
stature during a long and lively career
In the nursery of King Caucus"
Mr.. Hardwick read his party a severe
lecture because OF its currency reform
programme. saying: '1n every other
branch Of industry the Democratic party
has contended. Down with monopolies.
combinations and trusts We have said
that about the steel trust the oil trust
and every other trust on earth. And yet
Il seems likely In this BILL hope II may
not come true-that we have established
gigantic money trust, with all the banks
OF the country concentrated in twelve
great central banks with the government
linked between them and the government
in actual partnership. lending them
money. issuing money TO them and TAX
ing 60 per cent OF their profits
Opposes Democratic Policy.
THE majority Of my Democratic breth-
frb+ doc
trine Of fair play and party loyalty
must follow them; but I do not accept it
willingly. and l fought as hard as / could
against it.
What position did we occupy in the
campaign? We said we would strike
down monopoly and give chance for in
dividual effort, replacing combinations
with competition. My heart was glad
that we were returning TO the old doc
trines of jefferson and Jackson.
And yet. in this bill. it appears thai
we have abandoned the position taken
nv the Democratic party in the recent
campaign. and we have gone over. bag
and baggage. TO the Roosevelt position.
We are giving as a substitute for monop-
oily Of Wall Street a gigantic monopoly
scattered throughout twelve regional
banks. and one central bank in the CITY
Of Washington over them all.
Contending that the Glass bill means
imitation. Mr. Hardwick said Bear this
prediction in mind II this bill becomes
a law YOU will have prosperity expan-
sion, more loans. more credits. boom times
for a while. The goose Will hang hign
But PAYDAY comes with nation, a. well
as with an individual We will go on per
hans FIVE years or more. getting our notes
discounted. rediscounted. double-dscount-
ed and trlple-discounted, flooding the
country with too much credit and engag-
ing in overtradlng Of all sorts
1.-THE Sky the Limit"
The committee has taken the limit
of the currency issue. II started with
S5CaOO0O 900. increased il to 100000 and
now has made the sky the limit What
will happen when 200 much Of the stuff
is issued and somebody comes down TO
the Treasury and says: You said you
could redeem these notes in gold or law
ful money ] want golo. Where are YOU
going TO get it?'
Representative Plat, Of New York, ac-
cused the majority of having annexed
most Of the Aldrich plan in framing the
bill This bill before us" said he, rs
none other than the much discussed Aid
,ich plan in disguise-sO disguised as to
make IT seem to conform to the Demo-
cratic platform and with the financial
Ideas OF the distinguished Secretary Of
State. who has won his present exalted