Amador ledger., 1900-09-14
THAT BAD BoGY BANK MAN.

Of all the Bryanistic bogies of bogy
campaign none except the bogy of I'M
perialism will see harder service than
that bad bogy bank man who represents
the money power. "
1t may be observed in passing that
with millions of money seeking invest
ment in government securities at per
cent the locks of that Samson have been
pretty effectually shorn.
One of the reasons why bank notb
circulation is needful is that the gof.
ernment has no adequate means Of get
ting the currency it issues into the chen.
nels of trade where needed. While The
government may borrow it never lends
and what it pays out for services rem.
dered comes back in taxes levied, and ID
has no means of adjusting the volume
of currency to the requirements Of
trade
A bank note circulation adjusts itself
automatically to the requirements Of
"'"'''' 10 'dhOli Oib WHSu WdAICu W
borrowers and brought back when not
required by repaying the bank. It
therefore needfully supplements the
government currency and the use Of
metallic money and to deprive the peo-
pie of that. form of reinforcement to
their circulating medium as Mr.. Bryan's
party has pledged itself to do would be
to seriously impair the efficiency of the
circulating medium of the nation.
bank note circulation under a rigid
system of inspection and control on the
part of the national government, hav-
ing had more than generation of cru
cial test to justify its continuance. has
been continued and improved by the
Republican party and the party now ap-
peals to the intelligence of men, and net
to their passions, in justification Of this
policy
1t is not true as the Bryan organiza.
tions falsely claim in their platforms
that the Republican party has surren,
dered to the national banks any part o{
the authority of the government to III
sue currency
The sovereign power OF governments
may be exerted either directly or through
delegated medium acting under the
supervision of the executive admistra-
ton The state may build roads or Ii
may authorize toll roads to be built.
Just i'll the same way the government
may issue currency or it may coin.
mission a bank to issue such currency
under its supervision.
The national bank issues a supple
mental currency under the supervision
of the government and because that Is
the most effective way of getting part
of the currency into the channels of
trade, but congress may at any time
limit the national banking issues of
currency. Our government has not alb
dicated any part of its sovereignty to the
banks, but has merely chosen these
banks as agencies for the government.
/ Oli VI AAAdtA'
cial ranters that banks, with malice
aforethought, combine and conspire to
produce monetary panics by contract.
ing and expanding the currency is the
biggest bogy of them all. The banks
are first to suffer and about the last tc
recover from panics and are never &C
content as when business is prosperous
the currency stable, credit unimpaired
and the people contented.
There may not be much in this view
of the Bad Bogy Bank Man to comfort
those who love to feed ON the fiction oi
demoniacal possession of the money
power" as exemplitied in our excellent
national banking system, but it is the
plain truth and it is by plain and truth
full appeals to the reasoning powers o.
rational men that the Republican party
seeks justification for its policies ant
justification for the men chosen to carry
out those policies,