Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1907-12-20
WATSON AND eREENsAcKs.
PopuIist Statesman Discusses Currency
Question.

Thomas E. Watson Of Georgia,
Populist candidate for president Of the
United States in 1904, last Monday
took luncheon and discussed the finan-
cial situation with President Roose-
Welt. To what extent Mr.. Watson in
terested Mr.. Roosevelt in his project
of issuing greenbacks under an old law
from the civil war period, which, he
claims, has never been repealed, Is not
divulged.
The Populist leader gave out an in
terview, however, in which he pre-
sumes to say nothing for the president,
but a great deal as to what he thinks
should be done and should not be done
to cure our currency ills. He said these
things to the president. A few para
graphs from Mr.. Watson's interview
are as follows:
"The great trouble with our financial
system Is that the national bankers
have been allowed to narrow the foun-
dations upon which It rests. II every
ed in yellow dogs, at the option Of the
holder, the yellow dogs would imme-
diately become the most precious OF
CANNES. So where gold Is made the
money Of final redemption, the few men
who control the gold become masters
Of the markets Of the world.
ITO this narrow foundation Of gold
the national bankers have shrunk the
money Of final payment; and upon this
narrow foundation they have raised
the giddiest superstructure, credit
money, that the world ever saw. There
are a few ar-sighted men who knew
that the financial situation was fraught
with national peril, but the warnings
Of such men went unheeded. Then
one fine morning something shocked
public confidence and the people began
to clamor for real money.
"There was not enough real money
in the United States to meet the de-
mand. Therefore, panic, disaster, uni
versal decentralization came.
"Panics are caused by contraction;
their only cure is expansion. II the
president will issue $100,000,000 Of
greenbacks, these nasty little clearing
house certificates will disappear, conf
dence will return and normal condi-
tions will be restored. But we never
will have a just and sound system OF
national finance so long as we allow
the national banks to run that part OF
the government.
IF ever these corporations wrest
from the government the power to
make such an elastic currency as they
are clamoring for, the most violent and
disastrous fluctuations in prices will be
of constant occurrence and the entire
business world will be in complete
subsection to the 5000 national bank
ers.
AT this time no act Of congress Is
needed, for the reason that the acts
of 1852 and 1863 are still in force.
These give the president the author
ity to issue s450,OO0,0OO in greenbacks.
AS we now have only $346.681, 900 OF
greenbacks, Mr.. Roosevelt could at
once issue s1O3,5O0,OO0 Of real money
and thus go far toward the relief Of
the country"
Statesmen In Cowardly Fear.
"Our statesmen are not ashamed OF
a congress which votes away nearly
billion dollars Of the peoples treas
ure, every time 1t meets, but they are
so cowardly in their fear Of the nation
al banks that they dare not favor a
system Of United States treasury notes
which would enable the taxpayers to
bear much more easily the tremendous
and ever increasing load of taxation.
Isn't 1t amazing that anybody should
express a fear that a flood Of govern
ment notes will ruin the country? For
years and years the country has been
flooded with bank paper Of various
kinds, which has not only caused the
whole financial system to become rot
ten. but which has poured compound
interest by the hundreds Of millions
into the Golfers Of these pet banks.
Yet they have the infinite cheek to
talk about flooding the country with
irredeemable paper!"