Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1908-07-16

the credit Of the canal fund. Both bonds
and certificates were sold to aid the ma
tional banks. Whenever anything relat-
ing to bonds or the currency is on deck.
the national banks are sure TO be In the
midst thereof. One feature of this bond
transaction / wish to emphasize, since
Il exhibits the touching tenderness OF Cor
telyou for the banks. In his first pub
lished offer he proposed to sell them, as
the law requires they should be sold, to
the public without discrimination, for
cash full paid on the terms of the ofer.
Subsequently he arbitrarily changed that
policy so as to give preference for both
bonds and certificates to national banks
Hone. This he did on the ground that
individual purchasers would demand
money from the banks with which to
make their payments. The spectacle OF
depositors asking their own money from
the banks to make investments appealed
to the Secretary as so unconscionable and
as involving so great a hardshl TO tne
banks, that he determined to deal with
the banks alone. AS to the $50, 600, 600 OF
bonds, he declared his intention to re-
quire only 10 per cent cash from the
banks in payment for them, and that the
remaining 80 per cent should remain IN
the banks as government deposits with
out interest. Now these bonds draw 2
per cent interest, n so when a bank
purchased a 800 bond, and paid only $40
o n it, retaining the other $50 as a de-
post without interest, the bank while
| lldt COIluAllOH ldSlCds WOuiu OC lNoLAiy y
ceiving 20 per cent interest on the
amount actually invested. For one who
accused the banks, as the President did,
of being chiefly responsible for the panic,
this favoritism is astounding. 1t is such
Inconsistencies that make me so often
question the good faith of his utterances
Republican apologists, unable to agree,
are "scrapping' among themselves as to
the cause of the panic. Some say it is
over-production, some that it is over.
speculation, some that it is bad banking,
some that it is an insufficient currency
some that it is a defective monetary sys-
tenn, while others charge it directly t
what they denominate the rabid indis'
c~retions of the President; and the Presir
dent answers to the mayor Of Omaha, 81
the a says, that if the panic wa!
to come the sooner the better, and HI
was proud of his part in it, Proud o
it! What think you of that? Proud t.
have worked havoc among the industries
of q great nation proud to have brough
idleness to a million men and the gaun
specter of want to countless homes
proud to have, clogged the wheels Q
progress; proud to have cast a darl
shadow over a happy land. I know tn
mayor of Omaha. He is an old-tim
friend of the President, and l know hir
to be an honorable man. Yet it surpasse
belief, it seems incredible. that tn
President of the United States, thi
popular darling, could W. SO eXpresse
himself. But whatever the cause, an
it is undoubtedly due to more than on
cause, the great central fact remain
that we have suffered a disastrous PAM
under Republican auspices. How Ion
the panic may linger none can forecas,
The recuperative energy of our people j
marvellous, and already they are bringin
order out of chaos. We will have tn
experience of other panics. Gradual
our wounde industries will limp out c
the storm, and sooner or later norma
conditions will be restored. But for tn
enormous damage already done, and fc
inevitable losses yet to accrue, there ca
be no restitution. Out of it all come
only this poor consolation, that 1t is
Republican panic. Not even in the r.
hottest degree can it be charged to ii
Democratic party. That is the signit
cant fact l wish especially to impress.
proves the falsity of Republican accuse
ton and the emptiness of Republica
, boasting. Hereafter sane men will Civ
less heed to traducers when the name
Bryan is heard.