Mountain Home maverick. [volume] (Mountain Home, Idaho) 1906-1911, 1906-12-13
SUBSCRIPTION RATES

grcss this winter and sandbag it
into authorizing that fake, fiat
money scheme known as asset
currency Henry w. Yates, presi-
dent of the Nebraska National
bank, of Omaha, has in a letter
to the press exposed the graft. He
says in part;
1.-THE so-called asset gcurrency,
but which would be more properly
termed credit currency for the
reason that it will be unsecured,
and based only upon the credit of
the issuing banks, seems to have
recently gained considerable impe-
tus, and stands good chance Of
getting a foothold In our financial
system, by the passage of law
authorizing ii at the ensuing session
sof congress. The scheme now
prominent was prepared in re-
nnarkable manner and is launched
upon the country as an unanimous
agreement among bankers. In the
report OF the special committee of
the American Bankers association
proposing this measure it is de-
.clared: That the present volume
aof bank notes is wholly irresponsible
so the demands of commerce. 1t
does not expand with the need for
currency in the crop moving period,
causing stringency; nor contract
when the uses for currency are
less extensive causing a redun-
dancy. Under this specious pre-
tense it is proposed to involve this
country into system of bank note
currency which met with its
uuietus fifty years ago. The COM
mittee does not explain how it is
that the mere failure to expand
should cause stringency, it is GER
;tainly something else which causes
the stringeucy. What, OF course,
II means, is that the use for money
rat certain periods is greater than its
supply. This is condition which
frequently happens in this life both
to banks and individuals. Bank
notes are singled out as being this
very defective currency but why
should not gold and United States
noses be embraced in the same cate
CORY ?-their failure to expand ought
;Riso to cause stringency under like
circumstances.
said this committees report
was prepared in remarkable
snanner-the facts will justify,
think, the assertion.
In order doubtless to be rid of a
question which was constantly
+'bobbing up the convention of the
American Bankers association held
last year voted the appointment of a
committee to report upon the cur
rency question at the next ses-
sion. This committee presented it's
report at the conveation lately held
an St. Louis. There was no posi-
bility of this committees recon-
lamentations being adopted and the
result would indicate that the main
intention was in some way to get
the association committed to the
general proposition in such a man
ner as TO have the appearance of
unanimity. In the discussion Of
abe question hours were given to
papers and addresses in its favor,
but by the adoption of cast iron
rule, only five minutes we're al
lowed to anyone who might have
something to say against it. This
was the unanimity mentioned in
the committees report. Whether
so especially designed or not there
could not have been better organ
ixation in packed political con-
vention to accomplish a definite
purpose, than there was in this
convention to stampede the bankers
OF the country into favoring the
scheme, by causing it to appear tc
DC unanimous the conclusion of the
bankers there assembled.
In the late hours OF the ConVcn'
tion, when other matters were
pressing, resolution was pu
through for the appointment of {
committee of fifteen to prepare I
plan for submission to congress. o
shr fifteen the five members max
mig the report, whose position wa
well known. were specificail,
manned and the remaining ten wer,
10 be selected in a manner which
pr acticaly preciuded the possibility
sof any one being appointed who die
NOT agree TO the proposition.
Here was unanimity again.
The proposition is clearly and dis
sinctly in the interest of the banks