The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1908-02-21
AGAINST PROPOSED
EMERGENCY CURRENCY.
Doesn't Want $500, 900, 900 More
Currency that Isn't Lawful Money
Wall Street Behind Scheme.

a"0r Tillmau presented Il petition
from Alfred A. Crozi"r, II manu-
facturcr of Wilmington, Delaware,
! protesting against the AIdrirh elias
tic currency bill. There is good
sense as well as some facts which
every body ought to- know in Mr..
Crozicr's protest.
"Such law" says he, would
start agitation that might take from
national hanks- the right under
which they now prOiitnbly issue and
to the qeople nearly 800 900, 600 of
hank-note currency and perhaps
iropardize the gold standard itself.
"Bank-note currency is not a legal
tender. It's acceptance as money
cannot be compelled. Few know
this. Prominent lawyers, business
men and even several members of
Congress disputed this fact until
shown the law. The people general
~ are deceived by the Government
| Endorsement into believing it to be
real money. 1t looks like money,
but II is not Anyone can refuse to
accept it. Then actual money, gold
ar Treasury notes must be found
and rendered. This demand mt the
last moment may work great loss
rnd wrong. DO we want $500 600 900
more currency that is not lawful
Imou"y?'
Referring to the demand for an
emergency currency he says; "They
did not explain why the country
has got on so well for dozen
years without panic or change in
the currency laws. Many believe
the panic was caused by such pro-
moters to pinch the country into
hurrying Congress to hastily pass
the currency Legislation they desire
to punish the administration for en-
forcing the laws without fear or
favor,tO advance interest rates and
to reduce wages of labor and prices
of securities and property for their
lawless purposes and profit.
"The failure OF the Knickcrbocker
Trust Company prcripituted the
runs on banks and panic. Sudden
refusal by one Wall street bank
further to clear for that trust com
pany and wild exploitation Of that
fact in the newspapers wrecked the
trust company. The powerful mas
ter Of Wall street, who is said to
dominate that bank, sat in the gal
lery of the United States Senate and
nodded approval as the distinguished
author of the AIdrich bill spoke in
advocacy of the measure
"Onc of the most prominent
officials of one of Wall street :
large financial institution recently
stated to your petitioner that the
reason for an elastic currency was
that money would not get Overplenty
after crop-moving time; for this
might tempt banks to compete for
loans, and lead to reduction of the
interest rate"
The plan for an elastic currency
Crozier declares, is in reality to put
into private hands the dangerous
power to contract and expand tho
public currency suddenly in large
volume. This, he says, would en-.
able them to manipulate at will the
prices of listed securities, property
and labor, by simply making money
scarce or plenty.
1.-THE biggest joker in theAIdrich
bill, says Crozier, lis the fact that
the restriction upon contraction of
bank-note issues is wiped out en-.
tirely. 1t makes it possible sudden.
ly to contract and destroy in one
day the entire 500. 900 900 bank -n0tc
currency and also the $500 900 ,OOC
emergency currency, of a total OF
81 200 ,0O0,0 900 used by the people as
money. Sudden contraction of but
so 900 900 available money by bank
depositors recently caused Il fearful
panic and alarmed the whole coun.
try. What would happen to the
country when the strangling con.
traction of more than n billion
dollars, about half the avaiIabl,
money supply of the United States
the most active and convenient half
was begun?
"The only way to make this emer.
gency currency elastic more than in
name is to have the Government
.ssue 1t direct to national, State OF
- AAAAA.Axnx. ~ n n "A