Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-09-08
CARTER GLASS LASHEs
REPUBLICAN LEADERS
Accuses &. o. r. of Trying To Steal
Credit for New Banking
System.
THEIR IMPUDENCE REBUKED
Because Country Is Entering Cam
paign, Aldrich Is Set on Pedestal
as Man Who BlaZcd Way for Fed
cral Reserve Act.
THEIR IMPUDENCE REBuKED
Especial to The mes-Dispatch. ]

Especial 10 The Times Dispatch
WASHINGTON. September 7.-Repre-
sentative Carter Glass, Legislative
father" OF tho Federal reserve act. in
speech in the House to-day. lashea
Candidate Hughes. Senator's Curtis and
Smoot and Representative Mondcll Re-
pubiicans. for seeking to rob the
democratic party OF tho credit OF
drafting the nations new banking
act. MIR. Glass declared II was untrue
that the Aldrich National Monetary
Commission blazed the way and fur
nished the pattern for the reserve act
The Republican Senator and Rep-
resentative MondcIl have inserted
speeches in the Congressional Record.
in which they declare that the
fundamental principles of the new
banking and currency act originated
with tho late Senator Al6rich and
his monetary commission Candidate
Hughes took up the suggestion and
reiterated such statements In some of
his campaign speeches.
QUOTES FROM SPEECu
OF SENATOR ALDRICH
MI Glass quoted from speech of
the late Rhode Island Senator, delivered
on October Is. 1919. before the Academy
ot Political Science. Of New York.
I'm that address Senator Aldrich
assailed every essential feature OF the
Federal reserve act" said Mr.. Glass
lie attacked tho regional orEaniza-
ton Of the system contrasted to his
central bank plan. finding fault with
every detail OF the scheme of opcrat-
inE divisional banks lie literally
screamed at the note-isSuc provision
OF the bill. hcdccking il with vitupcra-
tive epithets such as 'hatism,' green
backism' and .Rryanism' He bitterly
criticized the establishment OF the
Federal Reserve Board as an irrcsponsi-
hle central bank, with powers inn
providcntly provided. He denounced
the bond-refunding feature. suggesting
the possibility OF the destruction o,
the entire national banking system
lie condemned the rediscount and tae
rediscount requirements as infationary.
He rallied at the open market section.
lie sarasely assailed every reserve fca-
ture OF the bill. particularly the funda-
mental idea OF withdrawing the re-
serve funds OF the country from the
great ceniers. He said the bill was
socialistic in its features OF govern
hicht SoutEoi ne pronounced the Dill
unconstitutional in it's grants OF power,
finally ascribing paternity OF the bill
TO two Virginians. He appealed to the
utterances of John Marshall and Pro-
fessor George Tucker friend and
biographer OF jefferson. to rebuke
these improvident sons OF that Com
monwealth. who. while they have not
ignored the lessons of experience, are
:If n ka hoi 1ep
laton conform to its teachings on
account Of the declarations Of q party
platform.
RANGES THROUGH WHOLE bill.
CONDEMNTNG IT UNSPARINGLY
Thus the chairman of the Aldrich
monetary commission, the author of
the .,ldrich banking and currency bill
for the establishment of central
bank, owned and controlled by bankers.
hecdlessly and passionately ranged
through every section of the Federal
reserve bill, condemning 1t unspa rinEly
and denouncinG every fundamental
feature of ii intemperately Scarcely
one provision escaped his bitter ex-
coriation.
And yet this is the man who, be-
cause he was a Republican and because
presidential campaign is imminent,
we are impudently told now furnished
75 per cent OF the Federal reserve
act"
Mr.. Glass then declared that the sue
cessful operation OF the Federal re-
serve system during it's existence
speaks as striking refutation of evil
predictions that the late Senator Aid
rich made for it.