The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1908-07-18

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It could be under the provisions OF his
law. the instant effect would bete-cut
values hurriedly along a downward scale.
l do not assume that bankers who might
avail themselves Of the law would be
gulty OF such misdeeds, but / do assert
that it is a dangerous thing to give to
any class OF men this great power and
What a commentary on American
statesmanship that members of Congress
snonld stand, as many did. on the floor
OF the House and senate and soIemnly
asseverate that in their opinion the panic
Was due more to the temptuo re-
iusal OF national banks to observe the
law ana TO the manipulations Of bankers
than to all things else, should permit
themselves to be dragooned into voting
% confer Tar greater powers upon those
same banks to work their will than h
ever possessed before. To nv thiukinR
It exhibits a course OF conduct abso-
publicanS in Missouri who believe as
these Senators and Representatives be-
heyed. I wonder if they, too, viii be
dfagooned into voting to endorse this
legislative abomination In November?
It Is a diverting spectacle to observe
such statesmen as Aldrich and such
~hnancters as J. Pierpont Morgan and
John D. Rockefeller ciamor.ng for an
asset currency. Once upon a time these
were the champions OF sound money"
They. were among the leaders who bayed
the loudest on the track of the silver
propaganda. They were among those
who cried in all the tones of the chase,
against a cheap dollar a '-dfty-cent
dollar and : deprecated currency. Now
they. stand for an asset currency-that
cured solely by the credit and assets of
national banks- Do You want to estab-
lish a bank oligarchy in America n
turn over to 1t the fiscal affairs OF a
hundred million peopIe2 De not deceive
yourselves, my coUntrymen- for that is
she goal toward which we are hasten
ing, Here is what the Philadeiphia North
American, one of the leading independ-
emit Republican papers of Pennsylvania,
has to say about this law:
This law viii mean the turning over
Of the treasury of ehe United States
to the gamblers OF the New York
Stock Exchange fol a period of six
years. 1t will mean the making of
good times and bad times Of bull
markets and bear markets, accord
ing to the pleasure. Of Rogers and
Bank, and ]. p. Morgan of the Ma
tional Bank of Commerce. It VIII
mean not only the slow and certain
movement of contraction and infa-
ton by the natural laws of COM
merce, but sharp changes forced az
will by the master gamblers. It will
mean the gift to the chief enemies
OF the nation Of the power to issue
citing speculation or compelling dis
aster, according to whichever best
suits their betting book We do not
know what Measure OF punishment
a long-sunering people will inhict
upon their b~etrayers-"
This is from a high Republican source.
1 could quote many like from
other publications of equal character and
potentiality. I appeal to my Republican
felloW-citizens to ponder this subject
seriously and to look down the path OF
the future. If possible, to the end OF
this tendency.
That our monetary system is imper-
feet there is no doubt. That 1t needs
to be re-cast, reformed and revised is
equally certain. It is the handiwork of
Republican statecraft, and formerly they
were wont to boast that 1t was as near
~1-fackto,H a e Dnonpfory avafnm that
human ingenuity could devise, but now
the most blatent boosters among them
concede hat it is radically defective and
Inadequate. Within the last two months
senator Dryden of New Jersey, among
the most distinguished men OF his state
president of the Prudential Life lnsur-
ance Company, a multi-millionaire, and
hitherto a high authority in Republican
circles on matters financial, in a public
speech before the Republican conven-
ton of his state, over which ne pre-
sided, made this declarauon;
1.-THE country's financial system has
passed its day of usefulness; 1t Is
Insufficient and unsuited TO present
needs. and has become a menace, and
ton"
That is a common sentiment among
Republicans now, and. Of course. has
long been the sentiment among Demo
Gratis. On this point at least Republi,
the longtime contention OF democracy
All of us are fast agreeing that the ex,
lSIlTK monetary system - MaaG4ndI
and unsuited to the country. But Sen
ator Dryden went on to say:
THAT whatever action may b
taken should be taken by the party
who's record entities 1t to public con
fdence."
By which he meant the Republican
party. That sentiment Will, of course.
be echoed by Republican orators ano
organs throughout the country. shai
ing. What party has a record entitiing
it I'd public c~onfdence2 WIS constructed
his system we have7 Who begot It,
pres snt state Of lusty imperfectionE II
is q choice creation of the Republican
theii work a failure, is that a record
to insDfre confidence? Should a record
Of failure. demonstrating Incompetence.
command confidence2 Are we, TO permit
the same people to again try their hanoS
and organize a monetary system wnlcn
will deliver over to the banking corpora
tions the sovereign power of regulating
the fiscal affairs Of the nation? The
Democratic party canno do worse than
thes', discounted R~epuDhcans nave zone
be sure, that If the responsibility
OF reforming our financial system IS
to the Democracy, 1t viii be
done In accordance with the theory that
it is the constitutional duty OF the gov
ernn ent to supply money based on
own credit and to control the nScal az
fairs of the people.
A CORRUPT
Bel ore Diminishing this subject I cannot
expressing curiosity as to what
the Republican party
from national bankers Tor the
new favors conferred upon them Dy the
Aldr3 ch-Vreeland law. What compensa-
lion will be made in the way OF cam
oaigal contributions In 1896 the nationa
contributed several million dollars
TO TIE Republican campaign fund Ihey
were caught r~ed-handed In the very actI
81 Contributing, indeed made but little
sffor1l to conceal it. Leading mixer IN
great centers wrote urgent letters to
Oanks all over the country. Dotn state
national, for contributions ana
many Of these letters were given 70 the
press, I have now In my possession q
etter written by a committee of ma
fonaL bankers, stating that their oWn
1anloS had contributed on the basis OF
1ne-e uarter of one per cent of their
mblne capital and surplus, ana urging
hat the banks addressed should do like
wise. It Is that many banks, /
national banks, generously
upon that basis. It Is known
hat many banks contributed more than
nee, but a single contribution on the
,asis stated would raise an enormous
lm. At this time there are 6,69S ma
fonai banks, with a paid-up capital OF l
yer $500, 900, 600 and with an aggregate
urplls and undivided rofts Of $3.50, Co.,
90. II the experience of 1896 should be
epeated this year., and a contribution
DUAL to one-fourth Of one per cent upon
he combined capital and surplus OF ma
ional banks alone, to say nothing OF
tate Institutions, should be made, II
TouIe. produce a political corruption
exceeding "a, 900, 900. No wonder Re
Congressional bosses did not
rant a Federal publicity statute enacted.
rere anxious and urgent to have such
law passed. but the Republicans OF