Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1908-07-10
REPUBLICANS RAKED FORE AND AFT BY
PERMANENT CHAIRMAN HENRY D. CLAYTON
Continued from Page 81


private monopoly in another or in
magnitude, can endure without one or
the. other.
The Recent Panic.
Proceeding at once to a mention of
the Republican party's dealing with
the disturbed finances of the coun-
try, we are brought before that curl
Gus legislative compound, the
Vreeland-Aldrich bill. The Republi-
can party boasts of its knowledge of
finance. What have. they given us in
this law?
1t will be remembered that in 1928
under a Republican administration
panic was anticipated. The panic
came: with Republi ian eHronteiy,
they charged that panic to the Demo
cratic party Now. controlling every
branch of the government, they igno-
miniously seek to charge on us every
consequence growing out of their
own maladministration of the gov
eminent.
The only sort of legislation with
any great force of public opinion be
bind il that the Republican party at
tempted to enact was bill to prevent
the recurrence of panics. The last
panic was a depositor's panic. brought
about by fear upon the part of the de
position that he could not get back
his money which had been left in
bank. This fear was produced by
the fact. which had become known,
that the banks had been spending
their depositoTs' money in risky, ii
not unlawful concerns. A run upon
the banks by depositoTs. not by note
holders, in consequence occurred.
The Republican party has attempted
to prevent the recurrence of deposit
tors panics by an emergency bank
note bill. in the provision of which
they nave decreased the security
that the depoSitor had in a two-fold
way. first by reducing the amount
of reserve required by law to be held,
and secondly. by making the new
emergency note prior lien upon all
the assess of the bank. decreasing
the security that the bank had to
keep for the deDositor and increasing
the bank liabilities that might be
charged against deposits. In my
opinion it is an accomplished scheme
to enable banks that have floated
questionable enterprises to digest
otherwise indigestible securities by
making them the basis of a national
circulating medium of exchange. The
future will show whether this miser-
able make-shift, part House infamy
and part senate infamy. as great Re-
publican newspaper has said, Will
answer its purpose. Whatever it may
show in the way of sins of commission
or omission. not only is it the fault OF
Republican legislation, but the evil
which il pretends to cure was alto
gether and exclusively the fruit of
Republican legislation. Theirs is the
responsibility for the bill and theirs
also the responsible for the condi-
ton which led to the enactment Of
the law.
Republican Failures.
Thus. my countrymen, in this re-
view we have the sDectacles OF
president urging a refractory con-
gress to pass needed reform and p
( peling in vain. or we have another
! spectacle. that Of a president for the
sake of his own popularity or for the
/ sake of the popularity of his own
candidate making a political play by
urging that congress do what ne
must have known it would not do
land what we are forced to consider
he did not wish done. The president
Glands SPONSOR for Mr.. Taft He de-
sires that the laboring man; that
those who would have the govern
ment effectively regulate the rail-
lroads. that those who would revise
land reduce the tariff and destroy the
trusts: these should believe that MI
Taft is not a reactionary but mill
liant performer. saturated with MS
ideas and that he will carry out my
lnoIicies" Mr.. Taft will have to re-
ceive about seven millions of votes
Ibefore he carries out any policy. TO
get the votes for hin the president
wishes to show what fine policies ms
chosen one will carry out If elected;
land he can show it cheaply by point
ing to recommendations that his
marty associates have ignored and
win ignore. If the president were
sincere and honestly insistent and
still was not needed by his party
Notwithstanding his great persona
popularity, what reason IS there u
suppose that the same party asSoCI
a+es will not be deaf to the same rec
concentrations made by one VINO Il
merely the presidents legatee. we
may INQUIRE here why tae special il.
terests those enjoying special Priv
} leges. predatory wealth-and IhlhI
7 mote Mr.. Roosevelt. VINO OOFFONe'
fine words from a distinguished Dem
Iocrat-have all united in eXpressihs
eminent satisfaction upon Mr.: IaIt
lnornination? The masses and equa
lights to all on the one side or IN
classes fat on privileges on the oIH