The Democrat-sentinel. [volume] (Logan, Ohio) 1906-1935, 1908-04-09
Broken Promises.

cial patient, and are advising al
kinds of treatment, hardly any
two of which approach agreement.
Under the rules of the House OF
Representatives, the Democrats
have no power TO prescribe for the
disease the country is suffering
from. 1t may be said that the
Republican doctors have left the
patient in such a run down condi.
tion that it will require careful
treatment and long period for
recuperation before it will be safe
to put the patient under the knife
for radical cure. But something
should be done forthwith, or a
second collapse will result in a
more dangerous condition than
the present one.
Congress met on December 2nd.
and on the following day the Pres
ident recommended "the need of
immediate attention" to the neces-
sity of an elastic currency. Over
two weeks before Congress met
the President said in letter to
Secretary CorteIyou that the as
surance had been given him that
leaders in Congress are consider
ing a currency bill which will per-
manently meet the needs of the
situation. Did the Republican
leaders deceive the President, or
have they decided upon another
course? Senator Cuiberson offered
in the Senate a resolution direct
ing investigation as to the causes
of the panic, but by the unani-
nous vote of the Republican mem
bers the resolution was referred TO
the Committee on Finance instead
of acting upon it. In speaking to
that question, Senator Culberson
said: 81 want the American peo-
pie to know that there are some
men - the Democrats - in this
chamber who believe immediate
action is necessary" The Repub-
lican leaders, however, took no
notice of the Presidents recon-
mendation, or apparently, of the
panicy condition of the country,
with the banks refusing to pay
their depositors on demand, except
that the Speaker appointed the
Committee on Currency and Bank
ing. On December 21st. Congress
adjourned for 1G days, leaving the
country to suffer without relief,
and when it reassembles on Jan
uary 9th, it will have bill per-
fected to act upon, Such delay is
cruel to those bankers and their
deposltors who are suffering, and
shows the hardness of heart of the
Republican leaders. Not that any
legislation the Congress is likely
to accomplish will cure the disease.
But if, for instance a bill provid-
ing for c secured elastic currency,
drawing Z per cent interest was
enacted, it would relieve the ten
sion IN the larger monetary cen
ters, such as New York and Chi
cago, and that would give relief
to the country banks by allowing
the withdrawal of their deposits
at those centers. 1t would also
help to enforce boarded money
from it's hiding places, and give
some confidence where but little
if any now exists. Such palliative
measures will not cure that finan-
cial disease, for Republican poll
cies have caused too deep seated
troubles to be cured off hand.
There is great danger that when
cash payments are resumed there
will be quiet run on the banks
by many Ieople and when cash is
paid for cotton and wheat, it will
be boarded instead of finding it's
way into the country banks. 1t is
impossible to calculate the amount
of money that will thus be taken
out of the usual avenues of busi-
ness, but will surely be enough to
make trouble for the country banks
unless their percentage of cash de
posits far exceeds the usual limits
A further drain on the country
banks will be caused by the store
keepers being compelled to pay for
goods bought in the fall, for fur
ther extension of credit can hardly
be expected from the jobbers and