AMERICA'S CURRENCY

Dominion, Volume 1, Issue 213, 2 June 1908, Page 7

AMERICA'S CURRENCY

A COMPROMISE BILL. STONEWALL DE3ATE IN SENATE. LA FOLLETTE'S RECORD. HT TELEQIt&rn .PEESB ASSOCIATION —COPTHIGHT New York, May 31. Senator La Follotto made a speech lasting eighteen and a half hours in obstructing tho Currency Bill. This is a rccord stonewall speech for tho United States Senate. Other opponents of tho Bill read lengthy documents and newspapers iu an almost inaudible voice. THE BILL' PASSES. "EFFECTIVE BANKING REFORM HAS LITTLE CHANCE." (Rec. June 1, 10.6 p.m.) New York, June 1. Tho United States Senate, by 43' votes to 22, adopted the Emergency Currency Bill, which has already passed the Lower House. The Democrats, wishing to secure the passago of public building appropriations affecting many democratic districts, declined to join Senator La Follette's "filibuster" against the Bill. London, June 1. " The Times," commenting on the hybrid Currency Bill, which is now law, declares that effective reform has littlo chance of being adopted in the United States. Too many powerful interests interpose; and, until an emorgenoy arises, it is impossible to foresee tho effect of tho new Act. Tho Currency Bill just adopted by tho Senate provided-in the form in which it left the Lower House—that State, county, and municipal bonds may be accepted as basis of an emergency currency to the extent of 90 per cent, of their market value; other bonds and- commercial paper to be accepted to the extent of 75 per cent. Tho Bill -is limited to six years. The emergency circulation obtainable on commercial paper is to' be limited to 30 per cent, of the applicant bank s combined capital and surplus. PANIC "MADE TO ORDER." ; This is how Senator La Follette, in his extreme indictments of American bankers and ™nking, strikes the New York correspondent; of "The Times":— . 1 The extreme Radicalism which was the note of Senator La Follette's speech in the" Senatom opposition to the Aldrich Bill this week has alienated even some of his Radical sympathisers. The speech strongly savoured of tho demagogue, and was hardly to be distinguished from the irresponsible, editorials of the yellow journals, whose-thema is"" down with capital." 1 He: brought forward' the charges that .the panic -was made to order, and that tho leading banks of the financial Centre had become the agencies •of promotion and specialisation, and he named over 100 men who hold directorships in great corporate enterprises. This showed the strong community of interest at the mercy of which was the industrial life of the nation. Senator La, Follette stands for many things honest in public life, and has acquired a substantial following in ' Wisconsin as Presidential candidate. Mr." Hearst's party are believed ...to be angling for him to' become their candidate, but, isolated as lie is from tho Conservative wing of the Republican party, he is not likely to "holt" for such a doubtful honour. In' principlo thero is no broad dividing lino between him and Mr. Hearst's fol- • lowing, but personally he has little in common with them. It would seem, though, that his latest speech has brought him nearer to them.