Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1908-02-28


many New York bankers and capital
lists. Mr.. Bryan was one of the speak
ers Victor Morawetz, Andrew Car
negie and Lyman j. Gage, former Sec
rotary of the treasury, preceded Mr..
Bryan on the program. Mr.. Baker,
who took part in the dialogue, is pres
ident of the First National bank of
New York City.
Following is a verbatim report of
proceedings as printed in the Com
moner:
Mr.. Bryan: Mr.. Chairman and gen.
tlemen, | have had a number of de-
lusions shattered here tonight | had
understood hat for the last AZ years
our financial affairs had been in the
hands of men who possessed all the
qualities that Mr.. Gage has suggested
a commission should possess. And
now to learn from excellent American
and Scottish authority that we not
only have the worst system in the
world, but worse than he, with his
fruitful imagination, could imagine,
what shall | say to my people when
go back home? How shall | explain
that three conspicuous financiers VINO
have given this subject great thought,
and who know all the intricacies OF
finance, should be agreed upon but one
proposition, and that is. that they Go
not know what ought to be done.
applause and laughter)
Statement Objected To.
| am assured by one of them that
that is not a fair statement. | will
withdraw any statement that is con
sidered unfair, although it seems tC
me that after | have travelled 1,50C
miles to drink in wisdom from author
itGtiVe sources, it is a breach of prom
Use, at least, Qaughter) not to give
me some information. And yet. as
each one approached the important
part of the subject, he concluded that
we ought to have a commission to con
slider the matter. Is it not strange
that the commission is always resortet
to by those who do not care to elab
crate before an election a plan tina
might not be popular at the election
Great applause.) Is it not strange
that all of our great financial pro
grams are brought out just after the
election, when the people can not 81
in judgment upon the subject
tApplause)
The time allotted to me is not suf
ticient to answer all of the financia
fallacies that have been advanced to
night. |, the champion of sound money
great laughter), have not time to de
fend the honest dollar from the at
lacks that have been made upon it
UaughterD And as l listened to thost
from whom l expected some clear
specific remedy, was reminded of tn,
words of the great apostle, and | d,
not know but l might paraphrase thos,
words and say, That sound financ
which We ignorantly worship, tina
come l to declare unto you" (Grea
laughter and applause.)
Wk;H2 | defend anything that w
have in finance, you VIII not accus
me of defending anything with whic
| have had any connection. Thes
greenbacks that have been describe
in uncomplimentary language were nc
issued by me or my party daughter
But it seems to me that it is strainin
a point to denounce the governmeT
for issuing 34G,000,000 promises to pa
bearing no interest, when he (Ex-Se,
rotary Cage does not denounce tn
issue of 7O0,O00,O0O of bank promise
to pay, that bear no interest. If
banks promise to pay, bearing no il
terest, is fit to serve as money, VIII
should not a governments promise [
pay, bearing no interest, be fit I
serve as money?
Does Not Open Whole Subject.
| understand that the subject tonigl
is the currency question as it presen
itself at this time, and, therefore, it
not necessary to discuss our who
financial system. | do not want
enter into the discussion of a subje
as large as our financial system. B,
l remind you that if we follow Il
suggestion that nothing but gold |
considered good for reserves, then v
will either have to stop making d
posits in the banks, or increase O,
gold so that We can keep in the banl
a reserve large enough to protect Il
banks in the doing of their bushes
(Applause). We have not the gold
this country and we can not get
without drawing gold from countri
that need it. If we draw the gold fro
other countries, and discard the use
money that serves today in the pla
of gold, then the effect must be to
minish prices in foreign countries al
lessen their ability to trade with US.
Today we hold in our reserves n
only gold, but silver and silver C,
tiiicates and greenbacks. And the
yer and silver certificates and gree
backs amount to $94G,000,000 SOC
100000 of silver and $346, zoo, 600
greenbacks. We have about 1920
100000 of geld in the country; that
the best estimate that | have be
able to get. Now if we are going