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l APRIL 3, 1908
The Commoner.
9
- ' t ii ipiumpatiufi
,ition to insert a provision for a government guar-
lanteo of deposits in national banks was the sub
ject of an extended debate, and was defeated by
a vote of eleven to forty-six, most of the demo
Icratic vote being against the proposed amend
ment. Another amendment offered by Mr. La
Folletto prohibited loans by national banks to
its officers or to any corporations the majority
oi. stock of which is owned by the officers of
the bank. It was rejected, as also was an amend
ment offered by Mr. Nelson (Minn.) providing
that no officer or employe of any national bank
jihall be a member of a stock exchange or en
caged in buying or selling stocks or bonds on
a commission basis. An amendment by Mr.
LaFollette to punish by from one to five years
imprisonment any falsification in bank securities
ras adopted, but was protested against by Scn-
Itor Knox as already provided for by existing
il&w. Senator Teller offered, on request of Sen-
tor Bailey (Tex.) who was absent, the substi-
ite currency bill of the senator from Texas,
rhich he stated was in the main similar to the
ildrich bill, with the difference that it pro
vided for government, instead of bank, paper
md asked for a roll call."
BEFORE THE vote was taken on the Aidrlch
bill Senators Teller and Johnston (dems.)
explained their reasons for voting for the meas-
Pare, and Senator Overman his reasons for oppos
ing it. Mr. Overman said in part: "The Ald
rlch bill does not get at the root of the trouble,
but only ministers to the diseased surface. It
Is said it is a patch; it is a thin patch upon the
crazy-quilt of our monetary system; some salt
solution for use only when death is imminent
or emergency comes. What avail would this
(.bill have been, what relief would it have brought
to the country banks in October last? The coun
try banks do not own state, county, railroad or
municipal bonds. They only bear six or four
per cent interest and the banks can not afford
K to own them when they can loan every dollar
they have at six and eight per cent. These
bonds generally go to the great money centers
rand are held by savings banks, insurance and
trust companies and the great national banks.
Lit is a monstrous proposition to say that the
&banks would have taken $100,000 and more of
currency from their vaults to purchase bonds
J'and get brick in return only $75,000 to $90,000
in high-ta!xt;money." ,.. .' .
FOLLOWING was the vote on the passage of
the Aldrich bill: Yeas Aldrich, Ankeny,
Beveridge, Brandeges, Burkett, Burnham, Bur
rows, Crane, Gullom, Curtis, Depew, Dick, Dil
lingham, Dixon, Dolliver, Dupon, Elkins, Flint,
Frye, Gallinger Gamble, Guggenheim, Hopkins,
Johnson (dem.), Keau, Knox, Lodge, McCumber,
; Nelson, Owen (Dem.), Perkins, Richardson,
; Smith of Michigan, Smoot, Stephenson, Suther
land, Teller (dem.), Warner, Warren and Wet
more total, 42. Nays Bankhead, Borah (rep.),
fcBrown (rep.), Culberson, Frazier, Gary, Gore,
gHepburn (rep.) LaFollette (rep.), McCready,
tMcEnery, McLaurin, Overman, Paynter and Tay-
ttor. Total 16.
?T T IS THE impression of some correspondents
IX that the bill will pass the house. The Asso
ciated Press correspondent says: "It is generally
conceded that the action of the senate in refusing
to adopt the amendment offered by Mr. Nelson
to provide for the federal guaranty of national
bank deposits will make it easier to pass the
Aldrich bill in the house, where little friendli
ness toward that feature has developed. Friends
of the Aldrich bill in the house will be able
to draw for support on the open attitude of
the president in favor of the bill, and it will not
be forgotten by them that some weeks ago
Speaker Cannon expressed himself as generally
favorable to the measure. Inquiries on the
democratic side today showed a general under
standing that the minority will hold pretty fast
to its agreement to support the currency bill in
troduced by its leader, Mr. John Sharp Wil
liams. This bill was reported favorably to the
house by the democratic members of the bank
ing and currency committee as a substitute for
tho Fowler bill."
MR. BRYAN spoke at Richmond, Va March
25 under the auspices of the general as
sembly of Virginia. A Richmond dispatch to
the Denver News says: "He addressed an audi
ence of 5,000 in the city auditorium tonight.
Several times as many more thronged around
the building In a futile effort to gain entrance.
Tho members of tho legislature, state and city
officials and party leaders from all parts of the
state were seated on tho rostrum and immedi
ately around it. 'One In public life has much
to hear that Is unpleasant,' said Bryan in his
speech, 'but there are many compensations and
great rewards. It is unpleasant for one to have
his motives Impugned and his acts misrepre
sented. It is unpleasant to bo made the victim
of editorial venom and abusive speeches, yet,
when one has added together all that Is unpleas
ant and weighs against it tho rewards of public
service that ho can remember with gratitude
and delight, it makes him lose sight of that
which stings and burns. Among the rewards
which have come to mo I shall treasure this in
vitation extended me by tho lawmakers of this
grand old commonwealth. I am glad to come
from my distant homo and assure them of my
deep appreciation of tho compliment and honor
they have done me. I want to take this oppor
tunity to toll tho people of the south how my
heart was touched by this loyalty of twolve years
which they have shown mo, not only for mo
personally but as tho representative of tho ideas
for which I stood. Nowhere in all the land have
I had more faithful friends than in tho states
south of the Mason and Dixon line. I was born
in the north and live in the west, but you of tho
south became my champions. In the national
convention, when I was only thirty-six years
of age, you did not ask where I was born; you
simply asked the direction I was going and you
have walked side by side with me. I have no
words to express my gratitude for all this de
votion.' "
A READER of the Philadelphia North Ameri
can signing his letter "Independent" writes
to that paper to say: "Your, paper has always
held such a high place in my regard, because
of its fearlessness, and Its freedom from party
bigotry, that I was immeasurably shocked when
I read in your editorial this sentence, teeming
with partisanship: 'The North American 'does
not think it conceivable that the republican
party could, by any possibility, nominate a can
didate for the presidency so unworthy as to com
'pel this newspaper to support William Jennings
Bryan.' I am not a Bryan ito. I voted against
him twice. But I can easily conceive a situa
tion In which I would voto for him against tho
republican nominee- You profess to admire
Bryan. Have you become so hidebound in your
devotion to the republican party that you would
support an Aldrich or a Foraker rather than
Bryan? I haven't.' " Replying to "Indepen
dent" the editor of the North American says:
"Neither have wo. We thought our whole edi
torial showed that. 'Independent,' excusably,
perhaps, has read something into our words that
we did not intend to put there. What we meant
to say was that the North American can not be
lieve otherwise than that the republican party
will nominate a man Imbued with the spirit of
Rooseveltism, and tho ability to carry on tho
policies of the present administration. We can
not conceive that a reactionary can possibly be
nominated. But if we are deceived in this, If
a tool of tho predatory and criminal aggregations
of wealth should be nominated, we certainly
would support Bryan rather than the reac
tionary." Editor.
SO FAR TROUBLE has occurred in every
republican convention held in the south.
The Associated Press makes this Interesting re
port of tho republican state convention that met
at Nashville March 25: "No sooner had the
republican state convention been called to order
at the capitol than pandemonium broke loose,
resulting in a dozen fist fights between members
of the Evans and Brownlow factions. Order
was restored in a few minutes by the police. A
negro and a white man later had a set-to. They
were arrested and sent to the police station. W.
J. Oliver, the contractor, is a candidate for na
tional committeeman. A special Oliver train
from east Tennessee arrived this morning with
800 men and two brass bands on board. Tho
Oliver crowd had secured the capitol, and every
public hall in the city. For nearly an hour a
battle royal raged. It was a fight in which
hundreds participated from time to time a
genuine rough and tumble affair, precipitated
by the efforts of the Evans-Hale delegates of
Tennessee republicans to take charge of the
rostrum already held by the Oliver-Austin-Brownlow
wing. Tho Oliver host filled the big
auditorium shortly after 6 o'clock. They had a
key to the hall and marched in on the five un-
suspecting Evans-Halo guards, and took tho
room. They kept it and held it straight through
until tho hour for convention, and whon tho
Evans-Halo delegates walked into the room at
10 o clock tho Oliver men woro In the saddlo.
It was on tho advent of the ISvans corps that
trouble camo, and for an hour pandemonium
reigned. During the trouble moro than a dozon
list fights occurred, and In several instances
pistols were drawn. Ono man produced a
hatchot which he was preparing to wield when
intercepted. Newell Sanders, chairman of tho
state committee, an ardent Evans man, was
choked almost into insensibility by a member
of tho Brownlow faction. When finally tho
police restored order tho Oliver men were in
control. After ordor had been restored tho
Oliver people organized by electing State Sen
ator W. T. Davis of Clniborno county as chair
man. The convention got down to business in
a very greatly confused manner. The following
were elected delegates for tho state at largo
to the national republican convention: Daniel
Cooper Swab of Claiborno comity, Jesse L.
Rogers of Knox county, II. -C. Anderson of Shel
by county, Jesse M. Littleton of Franklin county,
w. J. Oliver was indorsed for national commit
teeman. Tho convention commended Taft,
Hughes, Fairbanks, Cannon and Fornkcr, mak
ing no specific indorsement for president. Tho
policies of President Roosevelt woro indorsed,
and the' 'pernicious activity of federal ofilco
holders' was strongly condemned."
TN THE MIDST o: all the unfriendly refcr
X enccs to Mr. Bryan in tho New York World
appears this kindly notice: "What, may we ask
has Mr. Bryan done to bo constantly discredited
by your paper? We can consistently understand
your opposition to him on tho monoy question,
b.it as that is settled, at least for tho present,
why-ppntinue to create a sentiment against him?
Can you not seo in Mr. Bryan an honest and con
structive statesman? An able champion of con
stitutional liberty, equal rights and the plain
people? If not to Mr. Bryan, to whom will tho
great majority of democrats . look for honest
leadership? Truly, Mr. Bryan has been to tho
present generation an inspiration. 'A giant
among the pigmies.' Clean and consistent, con
servative and yet progressive, a strong person
ality, his words fairly ring with hopefulness and
sincerity. Ho has been j-stly called a 'Samson
In tho field,' and a 'Solomon In counsel.' Tho
ultra-conservatlvo wing or dement of our party
had their say at tho last national convention,
and without any unjust criticism of them, I think
tho map published by you reflects credit upon
the two previous campaigns led by Mr. Bryan.
Mr. Editor, give us Mr. Bryan, and give him
your able and honest support, and If elected,
which I think ho will bo, tho country will find
In him ono of the greatest presidents It has ever
known. James A. Graham, Itldgewood, N. J..
December 22."
, -o-
JOHN F. STEVENS, a vice president of the
Now York, New Ha' en & Hartford rail
road and a former chief engineer' of the Panama
canal, has issued a statement regarding the lat
ter enterprise, In which he prophesies a failure
of the undertaking. Stevens says the canal will
not help the United States In Its trade with
South America, as practically all the inhabitants
of the southern continent are on the east of tho
Andes. Stevens also says our commercial re
lations with the islands of the Pacific and tho
far east will be little benefited. Our coal and
wheat centers are inland. Their products
have to be started on their way by rail. Y'hen
once loaded on cars it would not be cheaper
to ship to the Atlantl and then ship to the east
by the way of the canal than It would be to
send directly to ports on the Pacific coast and
then get on board ship. Furthermore, Stevens
believes our coal supply is fast diminishing and
that China will be t'ie source of future coal
supply. Siberia, he says, will be the wheat
country of the future, with India as a close
second. Stevens maintains the Panama canal
will not meet expenses and will cost more than
is expected. The date of the finishing of tho
canal he fixes as January, 1915. The Idea o
the canal being of great value to us in times
of warfare, since our naval forces can quickly
be sent from one coast to the other, he says
is absurd. It would take days for the ships to
get around and during that time hostile sheila x
could have done their -work. Ho believes it ?
would be a far wiser plan of defense to put tho a
money that the canal wIU cost into a greater
navy.' -
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