The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1903-05-29
FINANCIAL LEGISLATION.
aspublieaa Leaders Engaged IN Pre-
Dsriny = Biil to Prop ~
TOssering Structure.

The republican party has been the
sole architect Of the financial policy
Of the United States and after years
OF tinkering now acknowledges that
the whole f. bric is failure.
The leaders are now preparing more
legislation 10 prop up the tottering
structure which has given warning, by
various cracks and flaws, that IL 10
unsafe. 1t should be noted that the
demand for financial legislation does
not come from the public, or even from
the country banks, but from Wall
street. There is a constant wall Of
distress from the kings of finance who
rule the financial world and dictate to
the republican leaders, that more
money must be provided or they will
not be able ito move the crops"
Having secured from compliment
secre taries of the treasury pretty
much all the loose cash in the treas
ury, to the tune of over 10000, 900,
these Wall street financiers are con-
stantly calling for more. The repub-
lean leaders Of the senate are prepar-
ng TO aid them, to the extent the
Rockefeller element think most profit
able to their interests. The chief de-
mand of their bankers Is to be allowed
to withdraw the United States bonds
that have been deposited to secure the
loans from the treasury and replace
them with municipal or railroad bonds.
This would release $l54 900, 900 of Unit
AL m h. nd u mi a 4 bo he n q
as basis for further bank circulation.
These Wall street bankers are also the
chief owners Of the railroads and con-
troll or can borrow railroad bonds TO
subst itute as aforesaid. The further
demand is made by Wall street that the
receipts from customs may be depos-
tied with the banks as the receipts
The Aldrich bill provided for this and
as sop TO public opinion further pro-
vided that one and one-half per cent.
Interest should be paid on such depos-
I its. As no interest has been paid on
4 the vast amount now loaned the banks
\ and they are in constant dread Of the
requirements of the treasury being
they now hold might be demanded. it
was intended by the interest provision
of the Aldrich bill to give the banks
more complete and legal control of
that money. 1t is probable that the
banks will never repay thatyast sum If
the Aldrich bill or similar one is en-
acted, as it would result in panic II
~ 10 IaI ~ 10
The money having been loaned out by
the banks on Wall street securities, it
would be necessary to call those loans
and that would result in most instances
in throwing the stocks held as collat-
eral on the market. and down would
go the price and a full fledged panic
would surely result.
There are other advantages the
banks want. but they are not entirely
agreed on details. Some are demand
ing I hat asset currency be issued by the
banks to gradually replace the present
bank notes now secured by United
States bonds. Some Of the rer .iblican
leaders in the house of representatives
favor that plan. but the senate leaders
no uol secui W dSiSt win thSih-
The public, whose interests do not
appear to be much considered, do not
care what the bank currency is. so that
it is safe and on a par with green
backs and treasury notes and always
receivable for debts and purchases
Greenbacks have been an ideal money
for I he people but they are now rarely
seen in circulation. the new plan be-
ing 10 retire them. probably because
the banks make no profit on their cir
culation. The treasury notes. silver
certificates and tine rational bank cur
rencv Is the present money in the
hands Of the people and the gold and
gold certificates in the bank reserves
As long as there are different kinds 81
money the banks will always keep the
best in their own vaults and pay out
what they consider the most undesir-
able. II asset currencv-bank notes
without bonds ne securify--is provided
for in the new law. II will be the least
desirable money. as ~ will have only
the assets Of the banks back Of IL. and
will rapidly supplant even the silver GER
tfcates in the ordinary transactions
Of the great mass ofthe people. This
constant tinkcring with the currency
and always for the benefit Of the banks
should be enough 70 defeat the repnb-
lean party and viii do so when the
next time Of stress comes around. and
unless all signs fail the periodical panic
Is not far on