The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1908-06-19


gasped for breath under its load Of
dubious securities.
II was to dump upon the govern
ment that load that Aldrich intro
duced the billthat he himself dare not
defend except as makcshift. And
il was that bill which brought forth
an outburst Of Indignation from
every board of trade and CONNER
cial body throughout the land.
The protest was 80 universal that
Aldrich voluntarily Withdrew his
proposal to accept railroad bonds as
security for currency. He did so In
an attempt to forcstall LaFollette's
tremendous Indictment, OF which
this was an essential clause:
For us to pass laws here that
lend government credit to railroad
financiering schemes, that guaran-
tee, In measure, railroad securities
good, bad or Indifferent, into the
currency system Of the country,
without either discrimination or in
restigation, could not be justified
under any pretext Of serving the
public interest"
But on the same March day the
Wisconsin senator warned the
country that the vicious proposal
had been dropped only temporarily
and would be revived. He was
right. Aldrich and his clique even
then were preparing to prove them
selves tricksters and faith breakers.
The anger of the people was lulled
to sleep. The public watched with
coutemptuous indifference the SEN
ates passage Of the emasculated
Aldrich bill and the acceptance by
the House NJ the spineless NIeeland
measure, the latter, at least, having
the merit of recognizing in II small
way the only true basis OF emer-
geucy currencY-cOmmerci paper.
And now at the eleventh hour, the
conspirators deliver their stab at
the commerce OF the country. They
rush forward bill well described as
half Senate infamy and half House
infamy," embodying every rotten
Wall Street device that lay in the
earlier bills and discarding every
amendment for the protection of
honest banking and Legitimate bust
ness.
Commercial paper is mentioned
and railroad bonds are not. Oh, the
wisdom Of these pirates, thinking
they can mask their purpose with
such wordstwistingl Just as If the
business men of the country would
not understand the meaning Of
"other bonds" and securities includ-
ing commercial paper"
State, county and municipal bonds
to be accepted at ninety per cent of
their market value. "Other bonds
and commercial paper to be taken Mt
seventy-five per cent only after ar
ranging complicated and elaborate
associations feasible only for the
New York banks.
And even should such machinery
he formed and the entire assets Of
the banks pledged, they could issue
only thirty per cent OF .the unim-
paired capital and surplus ON the
security of commercial, while on
"ather bonds" the only limitation
placed is that the issue together
with the circulation based on United
States b0nds, must not exceed the
aggregate eapital and surplus OF the
issuing bank.
This law will mean the turning
over of the Treasury of the United
Ststes to the gamblers OF the New
York Stock Exchange for period
of six years.
Ii will mean the making OF good
times" and bad times" of "bull"
markets and "bear'' markets &C
eording to the pleasure Of Rodgers
and R0ckfeiiers in the National
City bank and J ?. Morgan in the
National Bank of Commerce.
1t will mean not the slow and GER
tain movements Of contractions and
initiation by the natura! laws of
commerce, but sharp changes forced
at will by the master gamblers.
IL will mean the gift to the chief
enemies OF the nation Of the power
to issue or retire half billion of
dollars, exciting speculation oreom-
polling disaster according to which
ever best suits their betting book.
What the effect will be upon the
coming elections we do not know. |
We do not know what measure OF
punishment lOng-suffering people |
will inflict upon their betrayers.
1t is not the time to think of poll
ties or craftsmanship. A thing Is be-
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