The labor world. [volume] (Duluth, Minn.) 1896-current, 1908-06-06
''|MLI CURRENCY Bit
\. Menace 70 NATION [ !
Law Said to be Immeasurably
Worse than any Currency Meas
= ure Ever Enacted. y. t
Its Provisions 50 Complicated that
Only Wall Street Can Make sS.
y. @=~ Them Feasible. %:A -:


North American arraigns the Repub-
lfcan party in no uncertain language,
for it's vicious tendencies upon cur
re1lcy legislation. The Americans edi-
torial is as follows:
The Currency Crime.
dead and damned!" was the cpl
taph which a famous Democratic edi-
tor once wrote at the close Of a Demo-
cratic congress which had proved it
self the enemy of the common interest
and the servant of public enemies.
Are there not three or four. Repub-
lican senators big enough, broad
enough, r-sighted enough, and suffi-
GENTLY patriotic to save US the humili-
alton of being compelled by honesty to
repeat that epitaph when this present
congress dies-none too soon?
The Republican party is about to- go
before the people with the; mongrel.
hybrid, cheating, swindling thing la
beled the Aldrich- Cannon currency
bill as it's claim to the ballots OF
American workers and business meE,
already long suffering and embittered
victims of the gamblers of New York.
It has been whipped through the
house, to- the shame Of the men who
have stilled their own convictions and
crouched towards under the lash Of
fear Of his threat to deprive them Of
their slices from "the pork barrep'-
their appropriations in the omnibus
building bill.
: It will be whipped through the SEN
ate in like fashion, in all likelihood,
thanks to the feebleness of the Demo-
cratic minority, playing the donkey's
role as usual, in their inability to see
the chance to gain favor by flibuster
that would be patriotic craftsmanship.
Worst Of all, we believe that Roose-
welt will make the bill a law by sign
ing it. He will hurt his country and
his party not because of lack Of cour-
age or of good intent He will do this
sin because of lack Of understanding.
In grasp of financial questions he is
an infant. He trusted Cortelyou. That
was excusable. But he continued to
trust him after last December. And
now again, with the best of motives,
he will commit one of. those plumbers
which Talleyrand rightly called worse
than crime
Are there not two or three men in
the United States senate not too deaf
to hear the stern warming Of all the
legitimate business interests of Amer
lea? -
Has not Roosevelt enough friends
there to save him from himself?
Are there not enough loyal Repub
leans to keep the party from being
rushed into gravest peril by this foist-
ing upon the people at the dictates OF
"a Wall street a law immeasurabiy
practically every. organized body Of
business in the nation? -.
Original .AIdrich Bill.
Even the original Aldrich bill was
better than this inquiry. Even the
two headed freakish thing promised
by the conference conspirators was not
so vicious. as the swindle rushed to
passage in the house after one. hours
debate, before a single member had a
chance to read the bill upon which he
voted.
/ It was only Is months or so ago that
Aldrich, on the floor of the senate
made this declaration regarding NUM-
"cipal and railroad bonds: I'm these
days they are 1uctuating widely, and
no prudent banker could afford to buy
| bonds other than the bonds Of the
United States"
But that was before he. had new
| orders from rs Broadway and the Ma
tional City Bank, and before J. p
! Morgan's office boy in Washington re-
ceived the message that illegal bond
| issues would be needed for Wall
streets convenience, In addition tc
$3.50, 100000 deposits of the peoples
! money.
Those high financiering banks Of
New York owed outside banks $41O,-
100000 just before last falls panic
! From August until December the coun.
J try could squeeze only per cent o.
it's own money from New York's
clutches And Wall street made vir.
tue of paying $20,000,O00 Of it's $780,.
! 100000 Indebtedness to the distressed
| country during period when the &C.
communicating Cortelyou increased TIL,
treasury deposits in New York banks
$47,O00,0O0
But Wall street had bonds in plent,
railroad and municipal bonds unsal
able, unacceptable by savings banks
and so speculative and unstable tina
many of them 1uctuated from lotto 2
per cent within a year. - - !, -. y.
New York was the defaulter of TIL
nation, with its Illegal clearing hous
certificates. But there were bonds t
build new skyscrapers in Broad stree
# heaped in bundles, hotation upo
flotation. VI =. , = r.. ,.ss,,l I
There were bonds enough when MI
Cortelyou opened the treasury doors /
them to increase the deposits Of rail