Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1908-12-18
THE NATIONS FAVORITES.


THE NATIONS FAVORITES.
The report of Secretary of the Treas
ury Corteiyou shows that for next year
there will be deficit of III millions,
basing revenues on the sources now al
work and available. 1t also shows
that during the panic it was found
proper to assist the National banks by
depositing with them as high as 262
millions of government funds. 1t fur
Their shows that about 1852 millions are
still in their hands. IT further shows
that 80 millions of Panama Canal
bonds have just been issued and sold to
raise funds to meet. the present needs
of the government.
The average citizen cannot tell why
bonds are being sold when the Nation
al banks owe The government 1872 MIL
lion dollars. He cannot understand
why the government lakes money out
of the people TO give to the National
banks. He cannot understand why
those National banks are given that
money without interest, and they lend
it to customers at any rate they chose
to charge-in some instances as high
as 1856 per cent.
OF course these things look strange
70 the average man. He does not seem
to desire change however, because
the party that thus handles onr affairs
grows seemingly more popular as it
becomes more wasteful, and danger
Gus. But these things are the subject
of explanation. In the first place the
money in the National banks placed
there by the government to prevent
their bankruptcy, is counted just as ii
it were in the treasury, indeed the Su-
preme Court has decided that the
vaults OF national depository banks
are really the vaults of the government.
Counting the 1852 millions in the bank
vaults there is still an actual deficit
now existing of IS millions, and on the
same basis of accounting there will be
a deficit of ia millions next year. The
reason the government takes care OF
the National banks is obvious. The
banks take care of it, which means
that the National banks having been
created by the Republican party under
the idea of protection, and all power Of
competition having been swept away
in so far as other banking institutions
are concerned, and they given complete
control over the money of the country,
those Natsonal banks would be in
CRATES if they did not do all they could
to preserve the life and power of their
creator. This is possibly the proper
view of the matter from the stand
point of gratitude, but it is hard on the
taxpayers. In taking care of the Re
publican party the banks naturally re-
quire more and more fayoritism. They
require the government to hand over to
them all the loose change laying
around, and to ask them when any
move il made to better conditions,
either by change Of the tax laws or
those relating to the issuance of mon
ey. Most people do not know that the
National banks really dictate the tax
laws of the nation. But they do Mr..
Aldrich of Rhode Island, is the Sena-
tor who represents the National banks
and the Standard Oil in the United
States Senate. He is Chairman of the
Finance Committee, and this is
the most important and power
full committee in that body. No
move can be made without his per-
sonal consent, and of course nothing
can be done that his clients do not de-
sire. Those clients are thus taken care
of in every way, and whilst many peo-
pie do not know how such things are
done, and would be absolutely helpless
to prevent it if they did know, we will
inform them that the pets and govern
mental lambs get the warm places in
government just as they do elsewhere.
We, the people, can only sit by and
look at it as we do jewels in window,
with no power to own, possess or enjoy
any of them.