Gunnison news-champion., 1907-11-15

irwin Ah tLe thAFkt thai hAe pane
wa- an part al least made a. order
for the expEe.s parpo.e oi iorcrng
this currency scheme throsEh con-
Sre-s.
/, has been noted thai the New
York .nd other eastern banks were
On the hog from the first Western
states We're never 80 prosperous
Business was thriving, wc had no
9res,t degree IL over speculation.
except in wa,ered stocks IL certain
railroads aud other corporations. the
control of which was almos, without
exception in New York Vet when
the harrv came. although the ad-
ninistrstion dumped over &AO.po-
coo in coin in the New York banks.
aithoagh ship loads Of gold came
from Europe, it was all locked up
as fast ss hands could be laid upon
it. Also just previous TO this a very
high rate Of interest had coaxed
every available loose dollar from
western banks into these same
Golfers. Then, with the gold cor
nered New York banks proceeded to
refuse TO fulfill their Just obligations
and, casting all law to the winds,
put the screws to the great produc-
ing states Of the west, bv refusing
to let them have dollar. Nor is
the administration Gulltless. 1t was
L. Al ..l..II
suffer needlessly, or Deliberately fell
into the trap laid The truth prob
ably is tha, Cortel yoa Is a creature
of the Wall Street 6napciers and
helped lay the trap, for we do not
believe that Roosevelt was party to
it,
As matter of fact however, every
move of the administration helped
out the game. Instead of sending
the money to move the crops and
keep open the arteries Of trade II
put every dollar Of available cash
left in the United States into. the
grab bag at New York II five
million had been sent to Denver,
three million to Salt Lake, twenty
million TO Kansas, etc, the money
strin9ency would have yielded in
dav.
Now, as the shrewdly planned sit
uation reaches its climax, comes this
assistant. ear piercing demand for
an saset csrre~cy. What 10 On asset
currency. Simply that the national
banks which are now allowed to
issue bank notes of their own on %
per cent of the value of government
bonds owned at the bank, shall be
allowed to issue such notes on any
sort of an asset, such as railroad
stocks and bonds. city and munici-
pal bonds, in fact any kind of secnr-
ity that might be approved by a
bank examiner. This, we are told,
would give the necessary elasticity
No doubt. 1t would also make the
bankers absolute master of every
channel of commerce. With this
complete control of the money Of the
country they could contract or ex-
pand at will Today they could
contract all values as they did after
the denomination of silver and sell
rvthing under the hammer To-
morrow they could expand business
and dispose of their i'll gotten prop
er'y at immense profit, only to loan
money on it again, force another
period of depression and continue
the process Of shearing the puollc
both in spring and fall If any po-
litical party dared to nominate a
strong man like Bryan or LaFollette
or johnson or Taft or Folk, it would
be the simplest thing in the world
to show teeth, precipitate partial
panic and defeat him. oh, it's a
great scheme for the fnanciers. this
asset currency, and it will take hard
heavy hitting on the part OF the
friends of the people to strike it
down.
As one prominent man remarks,
1T would be panic breeder in
stead of a panacea. 1t would ag
gravate rather than relieve the stu
alton 1t would increase the banks
liabilities Just at a time when depos-
itors are fearful that the bank can
not meet present Liabilities.
If there is any more money to be
issued, let the government, which is
the people. stand hack of every dol
lar A postal savings bank system
will help. More greenbacks will
help. Coming more silver will help.
There are plenty of remedies that do
not involve turning over our nation
al prosperity body and breeches into
the Wall street nav.