The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-23


was carefully examined, / was espe-
cially cautious as to the use of lam
guage. and / shall not put this govern
ment, which bought silver at so cents
and coined il into "A dollar i'm the same
category or company with those who
fioated the billions of dollars of stocks
and bonds that represented nothing but
the expectation that those who issued
them would. unmolested. reach their
hands into the pockets of the people
and draw from them dividends TO which
they were not entitled. The govern
ment did buy silver at so cents and
coin it into a dollar and no man who
took the dollar ever lost one cent, and
that cannot be said of the men who
took the securities and suffered a
shrinkage of one-half So much for the
cause of the panic.
Remedies for Financial Condition.
But, my friends, the study of causes
does not help us unless it suggests rem
edies, and it seemssto me ii is time to
suggest remedies. / have heard that
elastic currency was necessary. l am
led to the conclusion tonight that We
have overestimated the need for elias
ITCHY. for if we can postpone for a year
the getting of that elasticity. merely
because the campaign is on, the need is
not as urgent as | had been led to
think (Great applause and laughter)
l had been losing sleep at night CCries,
You don't look like itD, wondering how
long it would be before we could re-
spond TO the urgent need for elastic
currency / had been anxious that as
little times should intervene. as posi-
BILE, and have been much disturbed by
the failure of our advisers to agree upon
some plan which would at once relieve
the, stringency. We have two bills i'm
congress, one known as the Aldrich
bill and one known as the Fowler bill
The Aldrich bill attempts to provide
an emergency currency by the issue of
bank notes upon certain specific securi-
ties deposited with the government
The Fowler bill contemplates an entire
change in our bank currency. 1t is
even more radical than that proposed
by the Aldrich bill At present the
bank notes rest on government bonds
and | do not think il is so absurd. as
Mr.. Gage seems to, that the govern
ment should make it's bonds the basis
of notes, if we are to have bank notes
or that the government should guar
antee the notes that rest upon its own
bonds And the stringency is not now
as great as it would have been if there
had been doubt as to the ability of the
banks to redeem their notes. The best
feature of the bank note is the govern
ment guarantee; when men take it,
they do not ask whether the bank is
good one, they take il because the gov
eminent is back of it. Here is the diff
ficulty- about the emergency currency
1t must either be a bank
or a government currency,
NJ fhnCn ha ha, nj
seem to be so determined that it shall
be a bank currency that they are not
willing that the distress shall be re-
lieved by a government currency In
other words, the principle involved is
to them more than the need to be sup
piled. Certainly, the emergency is not
great if ii can be postponed or defeat
ed merely because YOU have to accept
a government note inst cad of a bank
note.
Government Note or Bank Note.
The first thing to be considered
is whether this should be d govern
ment note or a bank note. If l were
the Aldrich bill, there are
several features which / would criti-
cize. one of them the use of the rail
road bond as a security. If l were dis
cussing the Fowler bill. there are a
number of features of that bill that /
would criticize. The Aldrieh bill pro-
poses a bank note resting on various
kinds Of bonds. and the Fowler bill
proposes bank note resting upon no
bonds, but upon the assets of the
banks. l prefer that the emergency
shall be a United States note,
and not a bank note at all. l am not
afraid TO trust the United States: l am
not afraid to have its notes issued. And
remind those who are fond of bank
notes, that when gold and silver went.
to a premium, the banker did not take
the trouble to go out and find. gold and
silver. The greenback was good
enough for him; he redeemed bank
notes with it. Concede the point that
this note shall be a government note
and it will be easy then TO agree upon
the security upon which it shall be
loaned. And. my friends, / would not
appreciate your courtesy as l do, if /
lid not speak to you frankly. / do not
i've in New York. ! am some distance
rom New York, but we i'm the west
nave had experience. How many banks
have suspended in New York? How
many in Brooklyn? Our experience
teaches US that it is better to trust the
government than to trust the finan-
,iers in the control of money If any
IF you think that proposition unsound.
present the opposite proposition and
give the voters a chance to express
themselves. This is a government of
Eighty millions of people and not a gov
eminent of six thousand bank presi-
tents. No financial system can be ex-
Dected to be permanent i'm this country
hat does not have back of it the
hearty approval of the public We are
old that this must be left to a commits
zion made up of men who will put their
patriotism above their party Finan-
:iers are not the only patriotic men.
You can find men in every hamlet who
out their patriotism above their party
Up to Congress in the End.
A few people cannot settle these things
or the rest of the people. If you ap-
)oint your commission. the bill, when
l. comes in, has to be passed upon by
Ill the people through their represent
atives in congress. Now, if you con-
EIDE the point that the government
hall issue the money, then it becomes
matter of detail. The government
an meet the need simply and quickly, !
md / believe provision should be made
or the issue by the government of the |
United States notes. like our green
JACKS i'm form and in redemption, and |
hat these United States notes should |