Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1903-09-16


control of the general government,
and quantity sufficient for all prac-
teal purposes. Today we have a
larger per capita circulation than ever
before. We have over thousand
million dollars of gold as money and
yet 1t is an admitted fact that scarce
II one half that vast sum is in actual
circulation. Over s3O0,0O0,OOO is tied
up in the treasury Of the United
States, nearly $300000,O00 is tied up
by banks and lost or destroyed.
We depend entirely upon the paper
circulation of our country. Now. as
the increasing demands of trade de-
mand additional money, from what
source is it to come? Since 1896 the
national banks of the United States
have been increasing their circulation
to wonderful extent. Will you per-
NIT banks to control the measure OF
value? Money is aa evidence Of SOW
ereign power, and the sovereign, not
the creature, should regulate the vol
ume.
We have permitted ourselves to be
turned away from the cardinal prin.
ciples OF money and allowed the money
brokers Of the east to give to us new
measure of value. Money that meas.
iures the value of every home and farm
and product Of labor the same as the
yard stick measures every piece of
cloth that passes over the counter.
One should be as true and stable as
the other.
Asset Wild Cat Currency.
Our friends. the enemy. are unwil-
ling that the people should control the
money but wish corporations and
banks SO to do. hold in my hand a
copy of the Aldrich bill, introduced at
the second session of the last con-
gress. Many of our friends have OBJ
jected to the clause in the Democratic
state platform with reference to this
Dill. maintain and insist the enact
ment into law of the provisions of the
Aldrich bill would be ruinous to the
prosperity OF our country and would
place additional powers in the hands
OF the national banks for the purpose
of controlling the money of our coun-
trty. You wish to see the money of
our country carefully safeguarded. Not
single dollar to be worth less than
hundred cents. Our worthy COVER.
nor himself family endorses the Fow.
Ter measure. a bill that means wild
cat currency of the widest sort.
Do you fully appreciate that system
OF craftsmanship which wishes to en-.
graft on the law of our country, a
statute permitting ten dollar bill to
be based upon the assets of some de.
funct bank and is unwilling to have
the ten dollar bill based upon the sill
yer bullion of our country? Which
asset would you prefer? That Of the
bank in the hands of receiver. or,
silver bullion in the vaults Of the
United States?
Such is the intention Of the Fowler
bill The Aldrich bill is along the
same line but a step in advance. BY
Its terms it permits any bank that will
deposit with the treasurer OF the
United States first mortgage bonds OF
any railroad, not including street rail.
ways, which has paid dividends OF not
less than four per cent per annum
regularly and continuously on its en-
tire capital stock for period not less
than ten years previous to the deposi,
OF the bonds. to become depository
of the United States if the secretary
OF the treasury will select the bank.
A careful study of this bill will ex.
pose the cloven foot 1t simply means
further power being placed in the
hands of the national bank. and an
additional market for railroad bonds
There is no reason why the govern.
ment Of the United States is not as
safe to control the money of the coun.
try as national bank. and it is not
advocating fanaticism to so believe.
Personally. and Independent Of par
ty. | am an old-fashioned democrat
believing in the use of gold and silver
as the money Of our country. and SC
believing cannot bring to my mind
the thought that the bank has greater
power or is more secure than the gov
eminent itself
We have given to banks, at the pres
ent time. almost unlimited power
They have 1t within their power to in
crease or decrease the circulating
medium Of the country as they wish
II the banking business and the issu
Ing of money is good thing, then
banks should be willing to safeguard
every dollar of their Issuance, b,
bonds of the United States.
They should not have it within theil
power to base single dollar of the
money they issue on bonds. that are
not as good as the government itself
The Fowler bill gives to these banks
then, additional power They can bu,
railroad bonds whether at par, or not
Of any road. and such bonds will be
come assets of the bank. and upor