The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1903-10-21
THE ALDRICH BILL.
Objections to Pointed Out by Hon
W. J. Bryan.
TIE NATIONAL BANKS FIXED

TIE NATIONAL BANKS FIXED
By It So as They Will be Able to
Furnish the Republican
Party Big Campaign
Fund
The following letter was addressed
through The Commoner to the Secre-
tary of the Treasury Shaw by the
Hon. ". J. Bryan. 1t is worth read
ing:
You are quoted as having expressed
yourself in favor Of the Aldrich bill OF
G: some measure Of like charater. The
objoct OF the bill is to enable the gov
ernnent to deposit in the national
banks a much larger SUN than 1t has
been in the habit Of dep sitting. II
has been estimated that acc riding to
the provisions OF the Aldrich bill some
thing like three hundred millions OF
government money could De deposited
With various national banks. Not
withstanding the fact that the Re
publican national platform OF 1883
condemned the loaning Of the govern
ment's money without interest to
pet banks" you have loaned more
money to pet banks without interest
than any former secretary Of the
treasury, and the purpose OF the Aid
rich bill is to still further increase
these loans.
There are certain objections to the
Aldrich bill, and you ought to be pre-
pared to meet them before you urge
such q measure upon congress. in the
first place the loaning OF government
money to the banks is an act OF 1aVor-
itism. The secretary OF the treasury
has to select the banks. whether ne
selects Justly or unjuStly is question
which the public cannot pass upon,
because it has not the facts before 1t.
It is a. fact that one Of the New York
city banks urged its claim to considera-
tion on the ground that its directors
rendered valuable assistance to the
Republican party in the proceeding
campaign. The power OF the govern
ment to thus reward political friends
and to withhold deposits from pollti-
cal opponents is tremendous power
in the hands Of an administration that
is disposed to use it for personal or
party advantage. What has happened
since 1883 to take to loaning Of gov
eminent money to pet banks less
reprehensible than it was then?
Second-The leaning Of government
money to the banks makes the govern
uent dependent upon the banks. II
II loans large sum las it is doing
Hew) it is liberty to with
sSs& &$she money, for the Withdrawal
of a considerable sum would disturb
business and threaten a panic. II tne
government goes into the business OF
loaning money to the banks 1t will be
difficult to withdraw deposits, and
what is therefore regarded as an ener-
gency deposit is very apt to grow into
q permanent deposit.
Thirdly loaning the governments
surplus to the national banks these
powerful institutions are given a
Decuniary interest In the maintenance
OF high taxes and in the collection OF
large revenues, for the more money
the government collects the more it
has to deposit. 1t is evident that
every banker who has large govern
ment deposit is permanently interest.
ed In preventing any reduction OF
taxation, however onerous the burden
NAV become to the people. Can we
afford to array so potent an interest
against reduction Of taxation? Is
it not difficult enough now for the
taxpayer to secure a hearing? Will 1t
not be more difficult when the national
banks profit largely by heavy taxa
ton? Can the people afford to use
their own money to hire the National
banks to work against them.
Fourth-The Aldrich bill provides
for the payment OF interest at the rate
OF Il per cent. Some opposition has
been expressed to this provision, and
until the measure is finally enact
ed it Is Impossible to know that COM
pensation, II any, will be fixed. But
whether the money is loaned at Il per
cent or is loaned without interest, it
is evident that the banks receiving
the money can make large profit by
loaning it. II, for instance, $780,
900, 900 is loaned to the banks at !:
per cent the amount paid to the gov
ernment would be four millions and a
half. II this money is loaned out at
3 per cent, the banks profits is four
millions and half. II it is loaned at
Il per cent the banks make a profit
Of se,OO0,o 900; If it is loaned at 6 per
cent the profit is sl3, 500, 900.
= The banks that receive the benefit
of these deposits can well afford to
contribute to the campaign fund OF
the party that continues them. At
the lowest rate suggested above the
banks would make four millions and
half. II they can make this sum each
wear FOR four years, can they not al
ford to give one years profit to insure
four years more? Is it not apparent
that the Aldrich bill lays the founda-
tion for an enormous corruption fund?
At the lowest possible rate at which
any one will calculate the profit to the
banks, the national banks can afford
to contribute more to the campaign
fund OF the party that faVors them
than can be collected from all the
people by any party that opposes
special privileges and seeks merely the
equal right Of all.
r. NAV he added that the AI6rich