Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1907-01-25
ASSET cURREScY.

AS long Rs the bankers n agree
On currency reform how can they expect
congress TO pass a bill that will give
general satisfaction Tie fact is the re
is no need for more currency Tor the
volume is constantly being increased by
the enlarged gold production and the
organization Of new national banks md
there is now over 50 per Cent more
money in circulation than the re was ten
years ago.. All the proposals for chr.
rency reform are III the interest OF the
great banks, which are paying enormous
dividends and il the frenzied tinanciers
OF Wall street had not tied up go many
millions in stock jobbing there would be
more tina enough money for all leglti-
mate business. The fact that for stock
exchange purposes interest on money ia
bid up far beyond the maximum legal
rate, indicates that 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 Ut most OF the best informed fl
nancial experts, but the reformation
when undertaken, must be in the in
terest OF the public and not for the pur.
pose OF giving the secretary Of the
treasury or tho great bankers q monopoly
OF the increase or reduction OF the vol.
ume OF currency ut will. That is too
great a power to be placed in the hands
OF any man or set o; men and will not
be tolerated by the business interests or
the people. The chief eau u OF the lack
Of money in Wall street is speculation,
and as long as our trusts and corpora.
tons are allowed to issue new stocks and
bonds without proper supervision there
will always be periodical semi-money
panics.
II enormous commissions and profits
on such new issues OF stocks and bonds
are a standing temptation for the
trenzied tinRnciers to undertake to float
such issues and compel the withdrawal
Of vast sums from legitimate busi. ess
purposes. Every bank and trust com.
pany in New York is loaded up with
loans on tho 20 undigestcd secnritirs
waiting for the public to. buy them at
the fictitious price act upon them. Many
OF these securities have but little real
value and may never pay dividends, but
money ia loaned OH them by the bankers
in conjunction with other stocks OF moro
real value. They are the wild cat cur
rency Of Wall street, md the PROPOSE.
ton to allow the banks to issue asset
currency is for the purpose OF digeating
these indigestible securities winch the
financial stomach has 30 far refused, or
taken as u necessity 10 prevent the Wall
street patient from collapse.
The people generally have nothing to
do with speculation in Wall street and
are satisfied with the present volume OF
currency and its being legal tender for
what they purchase OF sell. Any pro.
posed change IN the system they regard
with suspicion, The more so, as the pre-
datoy trust promoters and the irenzied
f%nanciers are the instigators OF the pro-
posed reform. The country in now OH
the top wave OF high prices, which have
advanced 50 per cent in ten years. pro.
duced by currency imitation OF 80 per
cent during the same period mad the
republican policy Of protection to the
trusts. To initiate the currency further
with unsecured bank notes would only
add IL further burden on the farmer, the
wage Garner and especially on those with
email fixed incomes, on whom tho
greatly increased cost Of living il rs.
p~ecially onerous.
Any proposed reform in IL currency
must therefore have the 'irst requisite Of
safety to The people and this the asset
currency proposed dotS not coutain.-
-Exchnnge.