Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1908-02-28
NOT DOING THINGS"

ing unable IN agree on the necessary
legislation to ward of %panice, it may be
well for those who are moi tinanciers
and bankers to take interest in II matter
that intimately rffect, their welfare.
The re are three plans under considera
ton for The reform Of the currency:
The AIdricb bill, which provides for no
issue OF emergency currency, with other
than United States bonds rs security
and limited /" 800, 900 ,0C0, which will
probably be amended TO $500 900 COO, rs
the maximum; the plan Tor an asset cur
rency proposed by the NatioI.a al AssOcia-
ton OF Bankers, and the general cur
rency reform measure known MS the
Fowler bill. There is no probability oi
the Fowler bill being considered nj this
session, for it includes n proposition for
the government to guarantee deposits in
rational banks similar to the plan adj
vocated by Mr.. Bryan, which Is opposed
by the majority OF both parties as
making the government n partner Of the
national banks and responsible 'or all
their debts to their depositors.
The Aldrich bill is advanced by the
Rockefeller interests aud their tiuancial
allies. The bnnks issuing currency
under is prov -sions are to pay at the
rate Of six per ecu; per annum on the
amount issued. 1t is stated by Mr..
Glover OF Washington, who ls the head
of the Riggs National bank, controlled
by the Rockefeller interests, that at is
not expected a dollar OF such proposed
emergency currency will be called for
under the act" The fact that such Il
Law has been enacted would Iquiet al
uneasIness and cause an immediate 70.
laTdop OF the money that Is even now
being boarded This opinion was
given out on January ~ and was pub
lished In tie Washington Post Of the
nert day.
But Mr.. Glover also makes some or
trsordinary disclosures in his statement
that throE light on the panic and the
NADB1t x "a recurrence Ile edN G..
there Is noE no further relief FROM tht
United States treasury 20 be expected,
for its rEsourcSs have eli been exhausted
and during the panic the working
balance was actually DOM TO g. ,00p, 0G0,
and il the vouchers which lay on the
desk bad been signed and pre-.
sented that balance would have disaI-
peared.'
-Unless the re- is some means OF sup
plying An emergency circulation"
further declares Mr.. Glover, "we are &C.
ing TO run against the same situatiou a
few months hence, plus tie inability OF
the treasury to help. We will be going
through the presidential campaign,
which, this time, If going to ehRke the
country from one enc TO the other.
What will the bankers dor II congress
should adjourn without providing the
means for obtaining this emergency
currency, every banker in the country
would Immediately begin to 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. Enterprises will
stop, and we will have a preside ntial
year with a panic, the extent OF winch |
will leave TO conjecture"
These direful predictions 10y such a
high financial authority mny not DO
verified, and perhaps are only put ont
to scare congress INTO action. The ma.
tioBal banks held on deposit on Innuary
%, s259,7S!,nlI Of the public none, =,
and on tie came date there was a deficit
OF available each IN the treasury to pay
running EXPENSE. No doubt many
vouchers were being brld Up because Of
this lack Of cash, which tho national
bauks, where il has been deposited,
are unable to repay at This time. On
the face ef il, the Aldrich lii liz not
especially dangerous and seems the only
immediate way OF relief for the niees Tue
republican financial policies have
brought about.
Tho republican lenders and organs
have boosted that they can she trusted
10 10 things" mud that they ~Rnow what
they want and do it, bu, the pnnic
seems to have unsettled the nerves OF
the republican politicians aud editors
alike aud they are wallnwing around in
sen OF uncertainty with a babel Of
ndviscro, oil Of whom declare their plan
lie the only II that will bring relief.
Tho fact ie, no legislation can relieve
the banks from rcpsying the money
deposited with them, short OF n deed Of
gift, and nothing can relieve the United
States Treasury but receiving back this
money, unless congress should reform
the tariff md ihaDcce and so bring more
money into the trcasury, or issue some
more Panama bonds aud keep on isa suing
bonds.
AS a taxpayer and u voter how do YOU
like The prospect, aud do you feel that
you can indorse the party that bns
brought II notwithstanding.