The Columbus weekly dispatch., 1907-05-16


in the library of high finance is a
missing number.
The desire to get something for
nothing, or, as the phase goes, ito
get the best of it, has not been
molopolized. Take the measure en-
titled A bill for the issue and re-
demption of national bank guaran-
teed notes, which was reported to
the house from its committee on
banking and currency" which is
intended TO add another rag baby"
TO our multiform family of ragged,
dirty ones. 1t was so tainted with
selfishness, so patent of help to a
small class at the risk and expense
of the many, that it died in the arms
of its wet nurse, of over-feeding.
Why could not an association of
American bankers, national in its
membership, rise to the occasion and
recommend TO our congress meas
ure of national relief-one affording
equal opportunities TO all alike, with
safety and security to all the people?
No, the example of special privileges
of special value to a special few bore
fruit, and patriotism fell when con-
fronted with greed.
Bankers are all used to temptation,
TO resist, than the so-called .Tfinan-
cier'' or promoter. When it was up
to them TO suggest a method for en-
larging the volume of our paper mon
ey they should have stood by their
training, stood by their traditions,
stood by their unselfish patriotism,
and recommended that our govern
ment do the initiating, as it must do
the redeeming. To recommend that
one set of banks be permitted to do
this is a species of favoritism of the
most pernicious character. Bring it
home: There are about three hun
dred State banks in Mississippi today
and about thirty National banks.
Now, then, if our State had the pow
er to authorize the issuing of paper
money, does any man think we could
ever assemble a legislature which
would grant such a franchise to say,
twenty banks, and withhold it from
the balance? If it did, I am sure it
would never re-assemble. Then, if
it would not be right for the State,
how can it be justified for all the
States? Indeed, why should it be
sought to make the government side
or int dof ot oil
paper money is issued, stamped with
it's seal, redeemable at its treasures
in gold Then, inasmuch as it has
put into circulation, say, two billions
/ of paper, why not put out another
billion, if the increase in population
and the demands of trade seem to re-
quire it? Why attempt to place, I
| will put it, this responsibility on
some of the national banks? You all
know that the bulk of our discounts
represents the money of our deposit
ors, and, in heavens name, it is bad
enough to rediscount this paper, but
| it certainly is criminal to attempt to
| lodge these bills in equity for the
security of the proposed new cur
rency.
| The proposed measure is an exam
pie of how people can reverse them
selves, blot out a life-made history
| of good intentions, when their inter
est is made to appear. The terms
rag baby silver idiots green
| backers,'' were invented by the peo-
pie who conceived, put forth and ad-
vocated this measure. But a few
years, when times were hard, the
limit, wheat selling for fifty cents a
/ bushel, cotton for five cents a pound
an imitation of the currency was ad-
| vocated, free silver" the shibboleth,
our statesmen all got tenderfooted
/ but the money power" stood firm
and with the return of prosperity
/ came 1.-The gold standard" Now the
| boot gets on the other leg. Perchance
at times some banks get over-extend-
| ed from service, ambition, or by acci-
dent, and it is righteous, it is "sane
and safe to let them hypothecate
| their bills receivable against their
I-O-Us, which shall pass as money
I think all we old greenbackers, free
silverites, fiat money, and anarchists
ought to get into conversion and
| laugh. If this kind of currency is
| to be foisted on the country, it will
be the plain duty of the South and
West to import gold for their experts
of cotton and wheat, and pile it up,
where it cannot be exported for the
petty profit of exchange. The agita-
ton started something like this: a
railroad president, whose road was