Albuquerque morning journal., 1913-06-14
Representative Henry Sees
Scheme of Wall Street
Bankers in Effort TO Have
Early Legislation,
PUJ0 COMMITTEES
WORK NOT FINISHED
Measure Prepared by Presi-
deGt Wilson, Secretary Me-
Adoo, Senator Owen and
Representative Glass Ready

tav soaHina IoueaAl oerciht lEAseu wlaEi
Washington, June t3.-An under
current of opposition among con
siderable number of house democrats
to the plan for currency legislation
az this session Of congress took defin-
lto shape today when Representative
Henry. Of TAas. chairman of the rules
committee. openly charged that wall
street WAS back of the propaganda
fOr currency legislation. While favor
ing revision of both the banking and
currency laws, at the next session Of
congress, Mr.. Henry insisted that fur
ther investigation Of the so-ealled
money trust should ba pressed inn
mediatoly The Puio committee. he
declared. barely scratched the surface
OF the facts underlying the concen-
tiation Of control and money credit,
but the comptroller of the currency
refused access to his records. making
IL impossible for the investigators to
expose completely the existing rela-
tions between the Wall street banker
and their allies with the trusts anc
monopolies, stock gamblers and fl
nancial conspralors'
wall street bankers he added
NOV are demanding legislation on
the currency question in order thai
they may make market for their
commercial paper much of It based /
on rotten securitiosl, and have eur.
rency issued on the assets
MT Henry introduced "a bin 10
amend the banking laws. SO as 90
make banking associations subject 60
the visitorlal powers exercised or di-
rected' by congress or hy either house
of congress
While this was going on it became !
known that The administration meas
uro representing the combined views
OF President Wilson, Secretary Of the /
Treasury McAdoo. senator owen, of /
Oklahoma. chairman Of the senate /
banking ana eurrerey committee. and (
Representative Glass, chairman OF the Z
house committee would be introduced /
I'm the house next Tuesday, and TINT /
the fun committee OF the house prob
ably would meet TO take up the mat
ter within a day or two. President
Wilson is expected TO send a message
on the subject probably Tuesday
'lt Is in imperative duty to pass
currency legislation 1T this session of
said MT Glass tonight. at
seems singular TO me that any well
informed member Of congress should
imagine that the need is not urgent
Mr. Henry IN his statement accom-
panying his bill, declared that the
wall street bankers. thinking the
people confused and upset by tariff
.eyision have begun their old scheme
lf endeavofing to hurry through
plan giving them the right to issue
" have issued bv the government,
asset currency.
"Thc bankers and their allies want
% make a market for their paper and
'ecurties and control the countrys
urrency and cause the government to
Indicate the function Of issuing and
the currency.
There is positively at present no
iced Of an emergency currency bill
he Aldrich- Vreoland bill is on the
tatutes and has a year to live X
.ertainly suffices for that length of
lme9
Charging that the only aim Of the
Van street bankers was 10 pass the
Nldrch bin "voneered over SO as to
col the people MI Henry said the
'oters would be wise to wake up and
'rcpare for the greatest struggle they
Vcr fought with the New York hank +,
ng fraternity and the money trust
The baltimore platform said noth-
ne about currency legislation except !
@ repudiato and donounce the Aid ,,
ich currency bill he said.
"lt did however. demand a sys-
omatic revision of our banking laws {
@ that We might have protection from
ontrol or dominance by what is
.nown as the money trust
u am ready now for the right kind =
i currency legislation but never for !
he plan that turns over the currency g
business TO the banks and corpora T.
ions and strips the government of its t
ovcrcgn power"