The labor world. [volume] (Duluth, Minn.) 1896-current, 1908-06-06

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the country, without either. discrimin-
alton or investigation, could not be
justified under any pretext of serving
the public interest" -.a,
But on that same March day the
Wisconsin senator warned the country
that the vicious proposal had been
dropped only temporarily and would
be revived. He was right. Aldrich
and his clique even then were prepar-
ing to prove themselves tricksters and
faith breakers,
The anger Of the people was lulled
to sleep. The public watched with
contemptuous indifference the senate's
passage of the emasculated Aldrich
bill and the acceptance by the house
Of the spineless Vreeland measure, the
latter at least having the merit of rec
ognizing in small way the, only true
basis of emergency currency-commer-
cial paper ,:.
And now, at the eleventh hour, the
conspirators deliver. their stab at the
commerce Of the country. They rush
forward a bill we'll described as half
senate infamy and half house ,infamy,"
embodying every, rotten - Wall street
device that lay in the earlier bills and
discarding, every amendment for the
protection of honest banking and legt-
innate business. -.
V Commercial paper is mentioned and
railroad bonds: are-.no :. Oh, the wis
dom of: these. pirates, thinking they
can mask their purpose with such
word. ,twisting!~ Just as if the business
men Of this country would not under
stand the meaning a. "other bonds"
and "any securities,;>e including CONS:
mercial paper" J T.: r., ~:
State, county, and municipal bonds
to be accepted at 90: per cent Of their
market value, Other bonds and
commercial paper to- be taken at Is per
cent only after arranging complicated
and elaborate, associations feasible
only for the New York banks.
And even should such machinery be
formed and the entire assets Of the
banks pledged, they could issue only
30 per cent Of, the unimpaired capital
and surplus on the security of COM
| mercial paper, while on '"'other bonds
the only limitation splaced is that the
issue, together with. the circulation
based on United States bonds, must
| not exceed the aggregate capital and
| surplus of the issuing bank.
| ,...,.:.. What Law Means. . u
This law will meantime turning over
| of the treasury of the United States
to the gamblers of the New York
Stock Exchange for; "a period Of six
| years. r"
It will mean the making of "good
times" and "bad times" Of "bull' mar
kets and "bear" markets, according ia
the pleasure of Rogers and Rockefeller
in. the National City Bank and J. p
Morgan in the National Bank Of Com
merce. H.
| 1T will mean not the Slow and GER
| tain movements of contraction and In
flation by the natural laws of cont
merce, but sharp changes forced al
will by the master gamblers.
: It will mean the gift ito the CHIEF
enemies of the nation of the power tt
issue or retire half q billion Of .dolla rs
exciting speculation or compelling dis
aster according to whichever best suits
their betting book. NJ ~ "%,'
:, What: the effect will be upon thu
coming election we do not know. W.
do not know what measure OF punish
ment long suffering people will In
fiict upon their betrayers.
1T is not the time to- think Of poll
! tics or partisanship. IS thing Is bein.