Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1908-07-10
THE CURRENCY PLANK.

Republicans Blamed for tho Panic OF
1907-PostaI Savings Banks Favored.
Denver, July 10.-The only import
ant plank of the platform not given out
to the press yesterday was that on
currency.
The plank places upon republican
shoulders the blame for the panic OF
1907. 1t alleges that the administration
aligned itself to Wall street for the
purpose of facilitating stock specula-
ton. Treasury funds were used ilieg-
ally for this purpose and to aid the
passage of the emergency currency
bill.
The plank favors the establishment
of postal savings banks along the lines
of democratic principles, and expresses
dissatisfaction with the measure for
this purpose gathered by the republic
ans II also proposes government in
surance of bank deposits. It is az fol-
lows:
"The panic of 1907. coming without
any legitimate excuse, when the rep,rb-
lican party had for q decade been IN
complete control Of the federal govern
ment furnishes additional proof that
1t is either unwilling or incompetent
to protect the interests OF the general
public 1t has so linked the country to
Wall street that the sins of the specu-
lators are visited upon the whole peo-
pie While refusing to rescue the
wealth producers from spoiliation at
the hands Of the stock gamblers and
spectators in farm products. 1t has de-
posted treasury funds, without interest
and without competition, in favorite
banks. It has used an emergency for
which it is largely responsible to force
thru congress bill changing the basis
Of bank currency and inviting market
manipulation. and has failed to give to
the 15,000,000 depositors OF the cO0n-
try protection In their savings.
1--WE believe that in so far as the
needs OF commerce require an erner-
gency currency such currency should
be issued, controlled by the federal
government ana loaned on adequate
security to national and state banks.
We pledge ourselves to legislation un-
der which the national bank shall be
required to establish guara ~ fund
for the prompt payment Of the depos-
itors of any insolvent national bank
under an equitable system, which shall
be available to all state banking insti-
tutions wishing to use 1t.
1--WE favor q postal savings bank II
the guaranteed bank cannot be secured
and that 1t be constituted so as to keep
the deposited money in the communi-
ties where it is established. But we
condemn the policy Of the republican
party in providing postal savings
banks under plan of conduct by
which they will aggregate the deposits
of rural communities and redeposit the
same, while under government charge,
in the banks of Wall street, thus de-
pleting the circulating medium of the
producing regions and unjustly favor
ing the speculative markets"
Trusts Given Hard Raps.
The trust plank contains a sweeping
denunciation of trusts and monopolies
demanding their determination, and
contains pledges under which there
shall be more effective supervision and
regulation Of corporations engaged in
interstate commerce.
1t is Bryan's platform-Bryan's from
beginning to end.
Its creation began last winter, when
Bryan at Lincoln began the prepara-
lloIl VI liie 4NeUIdsAd SldIc pioIAo1Au.
The planks of that platform were
made by men who were students Of the
particular subjects embraced, Haskell,
governor of Oklahoma for example,
preparing that upon government insur-
ance of bank deposits, and former At
torney General Monnett Of Ohio, draft
ing that upon physical railroad valua-
tion. The various planks OF this plat
form were put together by Bryan him
self, after he had carefully considered
and revised them.