The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1907-01-18
ASSET CURRENCY.
PropOsed Reform Is In the Interest OF
the Banks.


the Banks.
As long as the bankers cannot agree
on currency reform how can they ex.
pect congress TO pass a bin that viii
give general satisfaction The fact
is there Is no need for more currency
for the volume Is constantly being in.
creased by the enlarged gold produc.
ton and the organization OF new ma.
tional banks and there is now over so
per cent. more money in circulation
than there was ten years ago. All
the proposals for currency reform are
IN the interest OF the great banks,
which are paying enormous dividends
and II TO- frenZied ~nnanciers of Wal
street had not tied up so many mil
lions in stock iobbing there would be
more than enough money for all legiti.
mate business. The fact that for
stock exchange purposes interest on
money is bid up far beyond the maxi
mum legal rate. indicates there is
something rotten In the prevailing
conditions in the financial center.
That our whole financial system is
an anomaly and should be reformed is
the belief OF most OF the best informed
financial experts. but the reformation
when undertaken. must be in the in
terest of the public and not for the
purpose of giving the secretary of the
treasury or the great bankers a mo
nopoly of the increase or reduction OF
the volume OF currency at will. That
is too great a power to be placed in
the hands Of any man or set OF men
and will not be tolerated by the bust
G interests or the people. The
chief cause OF the lack OF money In
Wall street Is speculation, and as long
as our trusts and corporations are al
10 issue new stocks and bonds
without proper supervision there will
be periodical semi-money
The enormous commissions and
profits on such new issues of stocks
and bonds are a standing temptation
for the frenzied financiers to under
TO float such issues and compel
the withdrawal Of vast sums from
legitimate business purposes. Every
bank and trust company In New York
IS loaded up with loans on these undl
gested securities waiting for the pub
lie to buy them al the fictitious price
set upon them. Many of these securi
Ties have but little real value and may
never pay dividends. but money is
on them by the bankers In cor.
with other stocks OF more
real value. They are the wildcat cur
rency of Wall street. and the PROPOSE
ion 10 allow the banks to issue asset
currency is for the purpose of digest
ng these indigestible securities which
he financial stomach has so far ~
used. or taken as a necessity TO pre-.
-ent the Wall street patient from col
apse.
The people generally have nothing
o do with speculation in Wall street
are satisfied with the present
of currency and its being
egal tender for what they purchase or
Any proposed change in the
ystem they regard with suspicion. the
more so, as the predatory trust pro.
noters and the frenzied hnanciers are
he i%nstigators OF the proposed re. Z
orm. The country is now on the top I
of high prices. which have adj
.anced 50 per cent in ten years. pro >
.uced by currency imitation OF 50 per Z
ent. during the same period and the {
republican policy OF protection = the {
rusts. To initiate the currency further I
unsecured bank notes would only
do a further burden on the farmer. I
he wage Garner and especially on {
hose with small fixed incomes. on
fhom the greatly increased cost OF
wing is especially onerous. !
Any proposed reform in our cur.
ency system must therefore have the
requisite Of safety TO the people $
nd this the asset currency proposed ,
Ops not contain q