The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1907-11-07
RICH MANS PANsO.s
During the past few
laborer in tls !asee cents

During the past few ~
laborer In The laxee centsl
lation weqIt ~ the IN IA + 4
tbo ~ j ] &}eland tIlH| L L.
ZION VOID h II to adj
prevented d national
4 aching magnitude was
a "a j. 4QtInH 81 the vast resources Of
Ne walton into the national banks
|of New York City for the benefit of
the stock gamblers OF Wall street.
The over two hundred millions OF
the treasury reserve relieved the sit
uation but, judging from the move
ments OF the comptroller, the treas.
nrer and the president, the situation
IL not so rosy as 1t was u few months
ago.
The administration has now con-
cluded that tho proper thing TO do is
for the national banks to issue more
money, not ON their government
bonds, but on other securities, which
must be passed upon by the comp.
troller. In other words, the banks
are instructed TO 70 ahead and Issue
money upon railroad bonds or any
other form Of securities which meet
with the approval OF Comptroller
Ridgley. With the old-time green
hacker and populist this policy VIII
strike them as going their past ideas
several better.
The average republican will point
with pride TO the large balance In
the treasury which the admiaistra-
tlon was able to loan the gamblers.
They will invariably say with at ex-
panding chest. that IL Is cnly repub-
lican policies which would admit of
having such surplus In the treas.
ury; and then point TO the days OF
Cleveland soup houses. These asser-
lions may he true, but will hardly
stand Investigation, for their wisdom.
II must be remembered that under
the working OF the Mckinley tariff,
the Harrison administration depleted
the treasury 10 such an extent that
IL was considered advisable to issue
bonds To relieve the stringencY and
the plates were made for the issue.
Fortunately for the republican party
the issue OF the bonds was STAYED of
until after the national election and
the result was that Cleveland became
president with less than the required
reserve, which was then supposed
To be atty millions. II eau be read.
| ily seen that Cleveland did not have
the necessary surplus lof, by repub.
lean administration TO 80 TO the re-
/ lief OF the Wall Street gamblers US is
the ease with the present. admins.
tration, Therefore, he could no.
stem the tide Of the panic by aoing
TO the relief of the Wall Street gam.
biers, mad lie desired 10 do so.
The recent panic should convince
the people, or at least those who
think for themselves, that the guam.
titiYe theory of money advocated by
Bryan In isa6 Is true In every par.
tieular. With circulating medium
OF but So per capita, the republican
tlnaneiers most emphatically averrod
I that We had plenty OF money with
which 10 do tue business OF the coun-
/ Try, but what we needed was conh.
dence. with all the apparent cond.
dence In republican policies, with a
circulating medium VI nearly s35 per
capita, yet republican tnanciers now
say We need more money. To give
the gamblers what they think they
need the administration has ordered
the national hanks TO issue money
upon securities, which may he worth
par today aud may not lie worth
twenty-five cents ON the dollar this
! dp next week. Is not this wildcat