Gunnison news-champion., 1907-11-29
ThE RsnaaeiaI SsHssin

the lace of danger. Vet one can hard
" cso,se hss ewes T. sne TACT that .
period 81 r.trepchnsen; aud iower
prices Is al hand The cautlased
holding ot ali cash lo~ekei sp IN
esssers bsnAs has pat a crsmp into
business from winch u vii not
quite recover isr some time
To a p.sin man t..,- violation of
Law by the eastern t.saAs aas.~a I
look bat good Ik.-pera,e case.
do require desperate remedies. boi
when aad where Is the t.lng gosng
TO ssop. Cortelyoa dumps <sl5.-
vy).o,j Of national cosn into these
bsaks - relseve the strain and tne,
Only grip the harder Generally
speaking not = ceut gets west 10
help move crops or facilitate basi-
ness. A hundred million comes
from Europe and this also the hun
CRY stock gamblers hoard with death
like grasp. Lawson expressed the
truth when. in IAcems,er Every
bodys" lac states that the system
Which has ON basis OF one hundred
and twenty billion m actual veal Ia
piled another hundred billion Of he
boads is largely respon-ible. II YOU
oUn houses or land or stock or other
forms Of real wealth temporary
strlngency in the money market Is
a c. xsLA.,
comes 10 worst YOU can begin to ex-
change commodity for commodity
after the original style of barter
But the holder Of this watered fictIc-
loas stock 10 crazy 10 get hold OF the
real money. 1t is his only possible
way 10 escape, and as result the
administration has SIMPLY made a
bad matter worse by pouring all the
available gold into New York banks
As the banks were violating the law
any way and refusing to pay depos-
itors, they could not breax whether
they had government gold or not.
The next move is TO issue xJo,Wn,-
600 in Panama bonds and SlOO,OOO,
600 in interest bearing certificates
Of Indebtedness. This is perhaps
wise but simply means that Morgan
and Hartman and their ilk will have
a chance to skim several nil ions in
cresm from the bond sale as they
did fron Clsveland's while we vutsin
iAe skiN silk.-why nos have is-
sued ereeabecks, that wosld NOT
have forced Us 70 paw interest to the
Wall street gamblers who caused
the panic. And why not have pass
ed these greenbacks u,t into the
western country where they would
have really relieved the situation,
instead Of into Wall street banks
where the stock gamblers could nab
them TO save more of their measly
wstered imaginary wealth.
We must confess that there is a
great temptation to here ask why
there is not popular outcry against
Roosevelt for issuing bonds. 1t is
only what Cleveland did and he was
forced to do it by the financial
storm which gat,ered under Harri-
son . administration. However, let
us he fair and say that these period
ical storms show something inner
emily wrong in our financial system
and are not the result Of either re-
publican or democratic rule.
The Clearing house certificates
4 .l>.i-.f .,-l,,h
been invented as relief measures
may he all right for short period,
but eventually are bound TO result
in disaster. They are but piling
more credit upon the small end of
the pyramid. If you hold lot of
these aren you going to cash in the
first morning after the banks begl n
10 pay gold and silver once more
Then when and how are the banks
going to let go.
Sc far, Mr. Bryan has presented
the most sane and logical solution
Of the immediate danger He sug-
gests that the national government
should guarantee the national bank
deposits. Then if bank fails an
assessment should be levied on all
other national banks TO meet the
loss. That would insure confidence
ut once for few depositors would be
frightened if the government prom
ised to repay their loss. At the
same time it would stop wild cat
banking, for other national banks
could not afford TO let an institution
like the Heinze concerns go to wild
eating. They would watch each
other. Then let the state guarantee
its own banks in the same way. 1t is
The ,nnst stafesmanlike idea which