The herald and news. [volume] (Newberry S.C.) 1903-1937, 1908-07-28

p''>~ VI 'hoii ooluS. w nctICf tn(
law is made use of or not, the mere
fact that these other bonds are mad,
available as a, basis Of bank circula
ton will, from it's sentimental effect
alone, cause an appreciation in theil
price. In fact should tho principle
OF this law be permanently embodied
IN our banking law-and that is what
is aimed at-thcrc need no longer be
any indigcstiblc securities." The
SrndicatcS can buy the bonds, and
gradually work them off on the public
through the banks, for in the end q
b"nd-Sccnrcd bank note is only part
OF the bond upon which the note is
based. The syndicates will buy
these bonds, turn them over to their
banks, and these in turn will put
them up with the treasury for So
called bank notes (actually non-in-
tcrcSt-bcaring bonds in small dcnom-
1nations) and these will be handed
ont to the people instead of money.
This will help create market for
tlIc securities made available as a
basis for bank circulation. Hereto
fore the only bonds that could be us-
cd to secure the circulating notes Of
! the national banks were United
States bonds. Now the door is opcn-
ed to Il miscellaneous class of sccuri-
| ties.
The currency that may be issued
under the new law will not be Of any
bcnrtit to Legitimate production and
trade. 1t will be Of service to Wall
street speculation and will boom thc
securities dealt in by bond syndicat-
In framing the law the wa~c-ca,y. .
'r' the farmer, the merchant, the
manufactures and all legitimate bus
mess interests seem to have been
completely ignored and the Wall
street Spcculator and the powerful
Financial Syndicatcs most tcndcrlv
cared for.
Tie Republican politicians in fore
nj" through measure Of ihi: choroc-
ter nav" shown an utter contempt for
public opinion. They seem bent only
on plaratin" certain "intcrcsIs. re-
GardlcSS of lhc welfare Of the busi-
ness community. To carry out their
plans they were compelled To resort
t" coercion and constructive bribery.
We shall not at this time enter up-
on a discussion Of the details of this
law. They seem Of little Importance.
but, involved in it's passage, is a
question OF momentous import to the
people of the United States. Tt is
their operations and the latter arc
acted and administered for the pco-
pies benefit or for the benefit of
spectators and bond syndicatcs?
This IS the main issue now to be
dcrided. AT present the spectators
and the Syndicatcs have triumphcd
IN" former are furnished with unlim-
''rd supplies Of currency to carry ON
htrIr operations and The latter are
pr"Nld"d with Il market for their So
c'n1llrS. enabling them to reap prac-
tlrally unlimited profits. The men
VIII" toll and sweat to produce the ma
11"n : wealth: the men whose capital
amt skill keep labor employed: the
men whose brains and energies keen
the wheels Of commerce movins-for
all these supports of our industrial
ahd commercial fabric this new law
contains not 4 line or a syllable.
l'nl their voice will yet be heard
ana th"'r power will yet ac felt.
nl"~S the Republican party in lis
| platform 1T Chicago shall demand
the repeal Of this bond-svndcatc and
S'"rk-Sprcnlators' currency law, and
take strong ground in favor of thc
! passage ct measure that will be for
/ tie benefit Of i'll the people. and de-
Inandin" also that the surplus pub-
ne funds of the treasury be no longer
made arallahl% for the use Of stock
! Spectators. then il will be the duty
! "f every patriot. Of every honest man,
[" Labor and vote for the defeat Of
the Republican party. in order that
government Of "thc INTERESTS" for
9TH" lntcrcsts' and by "thc inter-
eSts' shall perish from the face of
! the earth.