The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1908-02-22
O DOING THINGS"
ONE MORE REPUBLICAN BOAST is
PUNCTURED.
leafers and Editors Alike at Sea as
to Legislation That Will Save
Country from Effects Of
Party's Blunders.

The Republican financial experts be
ing unable to agree on the necessary
legislation to ward off panics, it may
be we'll for those who are not finan'
ciers and bankers to take interest in
a matter that intimately affects their
welfare. There are three plans under
consideration for the reform of the
currency: The Aldrich bill, which
provides for an issue of emergency
currency, with other than United
States bonds as security and limited
to $3.50, 600, 900, which will probably
be amended to $500, 900, 900, as the
maximum; the plan for an asset cur
rency proposed by the National AssO-
citation of Bankers, and the general
currency reform measure known as
the Fowler bill. There is no probabil.
ity of the Fowler bill being considered
at this secession, for 1t includes a prop
osition for the government to guaran'
tee deposits in national banks similar
to the plan advocated by Mr.. Bryan,
which is opposed by the majority OF
both parties as making the govern
ment a partner of the national banks
and responsible for all their debts to
their depositOrs.
The Aldrich bill is advanced by the
Rockefeller interests and their finan.
cial allies. The banks issuing curren.
cy under its provisions are to pay at
the rate of six per cent. per annum on
fhR MANN iccttOI II &c Cfofnd hy-
Mr.. Glover of Washington, who is the
head of the Riggs National bank, con-
trolled by the Rockefeller interests,
that ut is not expected a dollar Of
such proposed emergency currency
will be called for under the act" The
fact that such a law has been enacted
would quiet all uneasiness and cause
an immediate relaxation of the money
that is even now being boarded" This
opinion was given out on January p
and was published In the Washington
Post of the next day.
But Mr.. Glover also makes some eX-
traordinary disclosures in his state.
ment tAat throw light on the panic and
the danger there is of recurrence. He
says: There is now no further relief
from the United States treasury to be
expected, for its resources have all
been exhausted and during sthe panic
the working balance was actually
down to 81, 600, 900, and if the vouchers
which lay on the official desk had been
signed and presented that balance
would have disappeared"
Unless there is some means of
supplying an emergency circulation"
further declares Mr.. Glover, I'VE are
going to run against the same situa-
ton a few months hence, plus the in
ability of the treasury to help. We
will be going through the presidential
campaign, which, this time, is going
to shake the country from M end to
the other. What will the bankers do?
If congress should adjourn without
providing the means for obtaining this
emergency currency, every banker in
the country would Immediately begin
reach out for all the currency he
could get and lock it up The scare
we had last October will be duplicated.
The banks will cease to loan. Enter
prises will stop, and we will have a
presidential year with a panic, the ex-
tent of which | will leave to cOnjeC-
These direful predictions by such a
high financial authority may not be
verified, and perhaps are only put out
to scare congress into action. The ma
tional banks held on deposit on Janu-
airy %, $249,7S2,O14 Of the public
money, and on the same date there
was a deficit of available cash in the
treasury to pay running expenses. No
doubt many vouchers were being held
because of this lack of cash, which
the national banks, where it has been
deposited, are unable to repay at this
time. On the face of it, the Aldrich
bill is not especially dangerous and
seems the only immediate way of re-
lief for the mess the Republican f1nan-
cial policies have brought about.
The Republican leaders and or
gans have boosted that they can he
to do things" and that they
know what they want and do it," but
the panic seems to have unsettled the
nerves of the Republican politicians
and editors alike and they are wal,
around in a sea Of uncertainty
with a babel of advisers, all of whom
declare their plan is the only n that
will bring relief.
The fact is, no legislation can re
Iieve the banks from repaying the
money deposited with them, short of a
deed of gift, and nothing a relieve
the United States treasury but receiv-
ing back this money, unless congress
should reform the tariff and finances
and so bring more money into the
treasury, or issue some more Panama
bonds and keep on issuing bonds.
AS a taxpayer and a voter how do
you like the prospect, and do you feel
hat you can indorse the party that
has brought it about?