Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1908-02-20
O DOING THINGS"
ONE MORE REPUBLICAN BOAST IS
PUNcTUREp.
Leaders and Editors Alike at Sea as.
to Legislation That Will Save
Country from Effects of
party's Blunders.

The Republican financial experts be-
ing unable to agree on the necessary
legislation to ward off panics, it may
be well for those who are not fnan-
ciers and bankers to take interest in
a matter that intimately affects their
welfare. There are three plans under
consideration for the reform Of the
currency: The Aldrich bill, which
provides for an issue of emergency
currency, with other than United
States bonds as security and limited
to $3.50, 0O0, 900, which will probably
be amended to $500, 900, 900, as the
maximum; the plan for an asset cur
rency proposed by the National Asso-
citation of Bankers, and the general
currency reform measure known as
the Fowler bill. There is no probable
ity of the Fowler bill being considered
at this Session. for it includes a prop
osition f1f the government to guaran-
tee deposits in national banks similar
to the Plan advocated by Mr., Bryan,
which is opposed by the majority Of
both parties as making the govern
ment a partner of the national banks
and responsible for a" their debts to
their depositors.
The Aldrich bill is advanced by the
Rockefeller interests and their tinan-
cial allies. The banks issuing curren-i
cy under its provisions are to pay at
the rate of six per cent. per mum on
the amount issued. 1t is stated by
Mr.. Glover of Washington, who is the
head of the Riggs National bank, con-
trolled by the Rockefeller interests,
that "it is not expected a dollar of
such proposed emergency currency
will be called for under the act The
fact that such a law has been enacted
would quiet all uneasiness and cause
an immediate relaxation of the money
that is even now being boarded" This
opinion was given out on January %
and was published in the Washington
Post of the next day.
But Mr.. Glover also makes some ex-
traordinary disclosures in his state
ment that throw light on the panic and
the danger there is of recurrence. He
says: There is now no further relief
from the United States treasury to be
expected, for it's resources have all
been exhausted and during the panic
the working balance was actually
down to 81 1000, 900, and if the vouchers
which lay on the official desk had been
signed and presented that balance
would have disappeared"
Unless there is some means of
supplying an emergency circulation
further declares Mr.. Glover, 1--WE are
going to run against the same situa-
ton a few months hence, plus the in
ability of the treasury to help. We
will be going through the presidential
campaign, which, this time, is going
to shake the country from n end to
the other. What will the bankers do?
If 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. Enter
prises will stop, and we will have a
presidential year with a panic, the eX-
tent of which l will leave to conjec-
ture."
These direful predictions by such a
high financial authority may not be
verified, and perhaps are only put out
to scare congress into action. The ma
tional banks held on deposit on Janu-
airy %, $249, 1872, OLA of the public
money, and on the same date there
was a deficit of available cash in the
treasury to pay running expenses. No
doubt many vouchers were being held
up because of this lack Of cash, which
the national banks, where it has been
deposited, are unable to repay at this
time. On the face of it, the Aldrich
bill is not especially dangerous and
seem the only immediate way of re-
lief for the mess the Republican finan.
cial policies have tyedght about.
The Republican leaders and or
gans have boosted that they can "be
trusted to do things and that they
know what they want and do it, but
the panic seems to have unsettled the
nerves Of the Republican politicians
and editors alike and they are wal.
lowing around in a sea Of uncertainty
with a babel of advisers, all of whom
declare their plan is the only one that
will bring relief.
The fact is, no legislation can re
lieve the banks from ~repaying the
money deposited with them, short of a
deed of gift, and nothing can relieve
the United States treasury but receiy-
ing back this money, unless congress-
should reform the tariff and finances
and SO bring more money into the !.
treasury, or issue some more Panama
bonds and keep on issuing bonds.
As a taxpayer and a voter how do
you like the prospect, and do you feel
that you can indorse the party that
has brought it abont2
For teos-Tariff Reform.
Prompt and emphatic, from prom
inent Democrats in many states, is the
favoring response to the tariff-refornh
message Of Gov. Johnson of Minnesota.
printed by the World. Mr.. Hemphill
Of the Charleston News and Courier
well states the general opinion when
he says OF it that GOV. johnson has in
this message to thu World ssmade tbe