The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1908-07-17

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
II exhibits the touching tenderness OF Cor
telyou for the banks In his first pub
lshed offer he proposed to sell them, as
the law requires they should be sold. TO
the nnbllc without discrimination, for
cash fun paid on the terms OF the offer.
subsequently he arbitrarily changed that
policy so as to give preference for both
bonds and certificates to national banks
alone. This he did on the ground that
individual purchasers would demand
money from the banks with which 10
make their payments. The spectacle OF
deposItors asking their own money from
the banks to make investments appealed
to the Secretary MS 30 unconsciunable and
rs involving so great n hardship TO the
banks, that he determined to deal with
the banks alone As to the $50. 900, 600 of
bonds, he declared his intention to re-
qulre only 10 per cent cash from the
banks In payment for them and that the
remaining 70 per cent should remain In
the banks as government deposits with
out interest Now these bonds draw 2
purchased n $50 bond. and paid only $40
on It, retaining the other 500 as q de-
post without interest, the bank while
that condition lasted. would be really re-
amount actually invested For one who
accused the banks. as the President did
~ being chiefly responsible for the panic
TINS tavoritlsm Is astounding. II is such
Inconsistencies that make me so often
question the good faith OF his utterances
Republican apologists, unable to agree.
are scrapplng among themselves as to
the cause OF the panic. Some say It is
oNcr-production, some that II liz over
speculation, some that Il is bad banking
some that II Is an insufficient currency,
some thnt 1t Is a defective monetary sys-
tenn while others charge IL directly IN
what they denomnate the rabid indis-
crotions of the President; and the Presi-
dent answers to the mayor OF Omaha so
me mayor says, that. IL the panic was
| to come the sooner the better. and he
was proud Of his part in IL Proud of
Il What think you OF that7 Proud To
I huN" worked havoc among the industries
| "i great nation; proud to have brought
'dlrncss to million men and the gatInt
sp'cicr OF want to countless homes
proud to have clogged the wheels of
progress; proud to have cast n dark
shadow shadow over happy land know the
| friend OF the President, and I know him
TO be an honorable man. Yet II SURPASSED
belief, 1t seems incredible, that the
| popular darling, could have so expressed
! himself. But whatever the cause and
| 1t is undoubtedly due to more than one
cause, the great central fact remains
| that we nav" suffered a disastrous panic
, under Republican, auspices. How long
! the panic may llnger none can forecast
! tn" rccuperative energy of our people is
marvellous and already they are bringing
order out OF chaos. We will have the
experience OF other panics. Gradually
| our wounded Industries will linn out or
the storm, and sooner or later normal
! conditions Will be restored hut for the
| enormous damage already done and for
! inevitable losses yet to accrue there can
| bc no restitution. Out Of il all comes
| only this poor consolation that II is a
] Republican panic Not even In the re-
/ notcst degree can it be charged to tho
! Democratic party That is the signIn-
| cant fact l wish especially to impress II
| proves the falsity Of Republican nccusa-
| non ana the emptiness OF Republican
| Roasting. Hereafter sane men viii give
less heed to traducers when the name or
| Bryan IL heard