The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1913-12-19
SENATOR ROOT
SEES DISASTER
Makes Vehement Attack on
New Currency MEASURE
BILL DEFENDED BY POMERENE

Opposes Vigorously Proposals For
Public Ownership and Government
Control of Proposed Regional Banks
Senator Gallnger Launches Presi-
Dental Boom For Senator Root
The administration currency bill
was submitted to a severe arraign-
ment in the senate by Senator Elihu
Root of New York.
He declared that the measure with
out statutory limitation on the issue
of the proposed new currency could
bring about an imitation of credit that
would result in a dreadful catas-
trophe."
The note issue section of the bill,
he said in dramatic peroration,
Exhibits the opinions of very great
leader of the Democratic party, whose
financial heresies have twice been re-
pudiated by the American people.
The only check to an inflated cur
rency, Senator Root commended, was
in the hands of federal reserve
board, appointed under the same
influence that put into this bill these
false theories, and bound to proceed
in accordance with them"
The bill was defended by Senator
Pomerene of Ohio, who opposed Wig
orously the proposals for public own
ership and government control Of the
proposed regional banks, and de-
clared that the bill would relieve any
financial depression now existing.
Senator Weeks will speak against
the guarantee of bank deposits. This
is one of the supplemental speeches
the Massachusetts senator has in
mind. He participated in the running
debate and interrupted Senator Pom
creme, taking exception to various
Democratic interpretations of the
measure.
Sharp differences of opinion, ap-
pearing in the debate on the floor,
and marked Discrimination to COM
promise, which was evident in corri-
dor conferences between Democratic
and Republican leaders, dissipated
the hopes for an early vote on the
bill which has prevailed for several
days. Republican senators who were
willing to end debate summarily ii
they could secure the elimination OF
certain features of the bill, including |
the proposals to guarantee bank de-
posits and the redemption of the pro-
posed new notes in gold or lawful
money" met little encouragement and
the leaders almost gave up hope for
an early vote.
Senator Root, in opening his at
tack on the bill, presented an amend
ment calculated to place restriction
on the issue of the proposed govern
ment notes, by taxing the reserves
held against the notes when they fell
below so percent and by imposing a
graduated tax on the issues above
$500, 900 200 and $1,000, 900, 900. |
Some restrictive amendment, he de-
clared, was absolute necessary.
He asserted that under the bill, as
presented by Senator Owen, it pro-
vided for easy money for every
body" and that any one who could
draw and sign a bill" could secure |
currency. An initiation of credit, he
said, could be prevented only by the
action of the federal reserve board. |
Just after Senator Root concluded
his speech, Senator Gallinger of New
Hampshire, launched a presidential
boom for the New York senator. In
statement lauding Mr.. Root, as the
ablest advocate of sound economic
and financial doctrines in this coun-
try, Senator Gallinger said:
unless the Republican party nom
mate Senator Root as their candidate
for the presidency of the United States
they will miss the greatest opportu-
nifty that has ever presented itself to
that party"