The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1908-09-26

nels Of trade. This can only be done
when the depositor has confidence in
the soundness of his bank.
Panic IS the specter that haunts the
waking hours of every business man,
and panic is most frequently precipi-
tated by the small deposition losing
confidence in the security of his place
of deposit. Once imbued with that
idea, he rushes to withdraw his
money, and we are brough. face to
face with all the evils of a suddenly
restricted currency. To remedy this,
the Republican party offers the Emer-
gency Currency Bill of the last Con
gress, which permits national banks
to issue currency based only on their
assets, and gives TO the government
a first lien on those assets to redeem
the currency.
Under this plan every issue of adj
ditional currency by a bank exhausts
its assets, and tends rather to excite
than allay the fear of the depositor,
so the effort of the bank to meet a
pressing need only increases the de-
mand upon its strained resources.
The Postal Savings Bank will give
security to deposits, but it purchases
this relief at the expense of putting
the government into the banking bust
ness and the individual out; and the
funds gathered by the government in
these Postal Banks will, if present
Republican policies are continued, be
concentrated in central places of de-
post, and in the end go to swell the
volume of Wall Street speculation.
DEMOCRATS oFFRR A REMRDY-RE-
PUBLICANS SILENT.
To meet this situation, we propose
a state and national guaranty law, UNI
der such regulations and restrictions
as will insure a conservative banking
policy and security of deposits. This
of necessity means improved inspec-
ton, and will result in each banker
becoming a watch over the other.
The tax upon the bank will be small,
and will be paid many times over in
the additional security to the public.
Business relieved of the fear Of panic
will move forward to assured and
continuous prosperity.
On this important policy the re-
publicans of Missouri are ominously
silent. They fear to adopt a plan
that has not yet met with the ap-
proval of the great national bankers aHlST 5,
and they fear to oppose a plan offer
ing so much relief to the average citi-
zen. So they pass in silence what
they dare neither to oppose 0 APP
prove.
Interesting and important as are
these questions in regard to State af-
fairs, yet after all it is the policies of
the nation that bring prosperity or
adversely to the people of the State.
If the national government pursues
false policies, citizens of every state
must suffer for it.
REPUBLICAN, NOMINEE QUESTIONED
ON NATIONAL PLATFORM.
National issues are a part Of this
campaign, and we shall not allow Mr..
Hadley to avoid them. He was a
member of the Convention that
nominated the candidates and made
the platform; he cannot shirk respon-
sibility for either. If he endorses
them, he is not entitled to the vote
of a laboring man in the State. If he
refuses to endorse them, he will lose
the support of his party. He must
take one horn or the other of this
dilemma, and either will be fatal to his
hopes.
Nothing, in my judgment, would
more surely promote the general
prosperity of Missouri than the build
ing UP within her limits of a great
manufacturing industry. Every nat
ural resource invites the building
here of factories. Our wealth of raw
material, our wonderful mineral re-
sources, our central location for pur-
poses of distribution, Il salubrious
climate, our vast beds of coal, the swift
streams of Il southern counties wait
ing to be harnessed, the variety and
plentitude of our agricultural products,
cheap food, all are invitations to the
manufacturer to make this his home.
Why does he not acceptS Why are so
many articles, necessities of our daily
life, which could be manufactured out
of our raw material, imported from
other states and we compelled to pay
the cost, both of the transportation
of the raw material to the factory,
and the finished product to our
homes? The answer is the manufac-
turer already has his money invested
in plants in eastern states, and so
long as under a protective tariff he
can crush u competition by com
bination, he can compel the customer
to pay these additional costs of trans
portation without reduction of his
profit. Already protected from for
eign competition by 1900 miles Of
land ard 5000 miles of water, Mis-
souri, has everything to gain and moth
ing to lose by a reduction of duties.
Every dollar that we pay beyond
what is necessary for government
revenues is not only an unjust burden
upon our citizens, but a premium to
the eastern manufacturer to prevent
the upbuilding Of Missouri industries.
Low TAXES, LARGE COMMERCE.
WANTED.
Taxation and commerce are the two
great problems of government, and the
duty of craftsmanship is to keep one
at the lowest and the other at the high