The Montgomery advertiser., 1908-07-17
Letter to The Editer
whIther Are VI, I,rsftinss.

Whtther Are We Drtftingf.
 In reading the Demoeratic platform the impression made on my mind is. that the party ls In . transition state. sibls and leaving as much as possible a policy of centralized action--if not srosherhood of aa pua it leaves us so fretted with discontent over exist ing conditions, that humble minded devotion to duty, with cheerfulness, seems the state of mind Of reaction
 The American people. in spite of the panic, have a full water barrel.
 True, the water is breeding mos caused malaria, but can but doubt the policy of knocking the bung out of the water barrel, when a little kerosene mosquitoes and stop the malaria.
 Words sweeter than honey have flowed from the lips of our. silver tongued nestors from the days of Yaneey able differences aroused by these sweet words, some of us have grown weary. seen our fondest hopes decay ' world turned upside down.
 But am drifting; the thing meant to write about, the thing have re- gently. thought most about. the thing proDhpAy huUN teast noouS As
 I do not like the currency plank in the Democratic platform.
 Our present financial system is > paa, s.o; may be, the worst in the world; put the suggested remedy as contained n the platform, to my mind, would eventuate in disaster so great onr present troubles would be as spring The platform advocates Issuance of flat money by the government. 10 pc loaned to banks. and 1t also approves of guaranteeing by the government or As 1t seems to my mind:
 Gold Is the only money, and paper
 s nearest S oo wod A currency system should be strong est when under greatest strain and l should not@go to pieces when the pres
 Therefore. the governments promise to pay, while 1t may eventually pc good. if not redeemabIe on demand in gold. will not in periods of war, in ternal dissension and panics. be re-
 So, fiat money Issued by govern ment--no matter how strong the gov, paper basis for circulation.
 What then is the strongest system i in times of war, internal dissension l and panics?
 nations seems to prove that strong i gold reserve, protecting a paper cir- 1 culation Issued by banks. Is best. In periods of panic war. and inter l nal dissensions, deposits go down as credit is curtailed, and at such times, | banks should have the power to auto l matically issue their notes to take the place of deposits The deposit and the I bank note, are both but mere evidences of debt due by the bank; so, it makes | no difference to the bank whether us 1 evidence of debt is in the form Of deposit or in the form of a note. where | as, the note, circulating as money, IS as the very life blood to the community and prevents stagnation and death. Banks having q gold reserve ana
 lending upon short time commercial pa per, secured by the products of farm and mine in course of consumption. ftnd | less difficulty to stem panic. to aid their governments in war and to be to the community what the heart is to the
 members of the body. than any other
 kind; therefore. this is the kind Of a l bank the government should foster. A government should not have a gold mine, but should have mint to coin | into money the gold of the individual; | so, 1t should not issue paper money. but 1t should print paper money for 1 banks which offer the security and conform to the rules and regulations the government prescribes.
 I am nightly afraid some of us are drifting into company a little too radt- cal. dangerous. and given to jump al
 conclusions.
 | Taliadega Ala.