The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-28

ard. the only kind in the world that
Is right
Last fall we realized by a panic that
there was something wrong ] can
convince you that 1t was caused by a
bond secured currency I do not say
there were not some other contribute
ing causes, Vast sums of money were
burned up III wars and fires. The
commercial funds OF the country were
seriously incroached upon for CONNER
cial enterprises beyond our means.
When the time came to go slower we
ought to have had such system as
when ship slides from her ways into
the water. instead of as when one falls
from n precipice.
IF last fan the cities that had been
owing s510,oo0,000 or s600O00,O00 had
been able 20 send at once in cashiers
/ checks their debts would have been
paid and their book credits converted
! into current credits. We would never
/ have known that we were moving the
crops. Instead our mechanism broke
down so that it would not permit of the
conveyance of the title of a bushel of
wheat or bale of cotton.
Now, how did we come to this bond
secured currency? 1t was pure war
! scheme invented by Secretary Chase
to sell his war bonds, and has been
a bond selling and a bond specializing
scheme ever since. When you pass
the bounds of government issue and
take in every other form OF bonds what
kind of speculation do you think you
would have in ten years. If we con-
Vert The red corpuscles of commerce
| into fixed investments where will you
| land?
Worst in World.
The system does just the reverse of
| J. L. L. 4,
scientific currency it ought to have
commended itself In forty years toi
some other nation. The Japs tried it
and Kicked 1t out the back door and
adopted a credit currency. Our expc-
| rience compels us to believe that it Is
I the worst form Of currency in the
| world.
The reserve fund of the banks is
the touchstone of our credit Whatever
your standard of value Is that you
| must make Your reserve. II you have
| gold standard you must have n gold
reserve. There Is nothing else in this
| country fit for a reserve. Now, what
are our reserves? National bank notes.
| 1t is estimated that over 100000. 600
| out OF the S7O0,000,000 of national
| bank notes in this country secured on
| government bonds are held as legal
| reserves.
4
ness. We have s346,0o0,oOO of old
| United states notes outstanding in our
/ currency--old due bills made during
| the war to buy shoes and guns for SOL
| diers--due bills out for four years, and
| the Republican party has not the
/ moral courage to-day to proceed TO the
/ payment of these due bills, which are
| outstanding as currency. Some hold
| that the government has only TO coin
! money out of paper to make it gooG.
| Behind these due bills there is but
| S15o,0OooO0 of gold reserve.
Government Bonds.
! "-All of YOU bankers will recall the
I spring of 1905, when the credit of the
nation tottered The gold reserve fell
below the Sl0O.0OO,000 mark, and we
faced dislonor and repudIation and ii
! was doubted whether the Treasury
could continue 10 pay for twenty four
hours. Then that Stalwart American
grasped the monopoly by the throat IN
Tie face OF the protests of his entire
party and said, so far shall this thing
go, and no farther and from the bank
ors Of New York wrung the gold which
saved the nation. | am a Republican,,
but ] thank God for Grover Cleveland,
What would this world do without
such men!
when we know that this bond Sc
cured currency has brought us the loss
OF millions, are we to have more Of 1t"
You are the men to make the protest.
Congress is after all House of Rep
resentatives, and 1t represents you and
others like YOU
Another matter Is the handling of
government funds Take the govern
ments attempts to supervise national
banks, They send out supervisors TO
Inspect the banks and say to the pub
lie, Deposit your money here. / is