Los Angeles herald., 1908-03-08
DENOLJNCES
MONEY PLAN
NEW DEMOCRATIC CLUB ADOPTS
RESOLUTIONS
FINANCIAL TRUST IS THE WORST
OF ALL
Endorses Bryan for the Presidency and
Makes Reformed Currency Para
mount Issue-opposed to
Civil Service

which was organized Wednesday night
at its han, 215lk West Fourth street,
has adopted resolutions defining its
POLITICAL dogma The club met to hear
the report Of special committee com
POSED of t. S. Knoles, j. G. Tabb and
= E. Corwin, which was named 10
frame the resolutions adopted
Before the committee reported the
club organized by electing G. w. Fox
president, Fred A. Young vice president
and T. M. Knoles secretary.
The club organized with a good mem
bership list and will zealously work to
enlarge 1t.
The report of the committee, unani-
mously adopted, is as follows:
s.Be it resolved by the Los Angeles
county Democratic club that we recog.
nize the prevailing financial panic
throughout the United States as the
logical sequence Of the vicious Repub-
lican party legislation. and to prove the
correctness of our position it is only
necessary to submit historical facts:
1.-THE Republican party established
the single gold standard and made
the one dollar gold coin the unit of
value in order to have an accurate
measure of values and then failed to
provide for the coinage of the one dol
1ar:' they promised international agree
Tnents with the civilized nations by and
through which they proposed to estab-
ljsh the money of the world but so
far have failed to propose pooling pre-
negative powers with kings, czars and
emperors; the facts are, measure OF
value can no more be established BY
law than the time for the eclipse of
the sun and moon can be fixed by legis-
1ation: the claim that "a unit of value
can be established by an international
agreement is as senseless as. claim
that you can mix fire and gunpowder.
Currency Legislation
"The Republican party has amended
the national banking act, which enables
these banks to receive the par value
of their bonds in currency thus maxi
ing it possible for them to receive dou-
tle interest on their capital invested;
If this is good law, why not amend
the act by a provision that any per-
son who will invest $50 or 500 in
government bond may send the same to
the United States treasurer and receive
from the government the par value of
his bond in currency, the same as
hank thus carrying out the doctrine of
equal rights to all and special privi-
leges to none,"-the status, obligations
ard responsibilities of the government
would DE the same in each case. A bill
is now pending to issue as high as 200
rer cent additional currency to the
banks on their capital
1.-THE quantitive theory of money be-
ing a recognized and indisputable fact,
we charge that the minis were closeo
TO the free and unlimited coinage of
silver for the sole purpose of placing
the control of the volume of money in
circulation in the country in the power
,f ks,x, <.fi ~ nh
which they are enabled to dictate the
industrial conditions of the country
manipulate the price of products and
real estate, produce periodical pros
perity and panics at will, and as re-
suits of the fear of having '50-cent dol
lars we have scrip and free soup
houses
Paper Money Issues
''That all paper issues designed to cir
culate as money should be issued and
its volume controlled by the general
government. without the intervention
of banks or other corporations, and
should be made full legal tender for
all debts, both public and private.
I'VE recognize all doctrines and theo-
ries that paper money should be re-
deemable in coin as farcical. fallacious
and impossible, for the reason that, In
order to have paper money redeemable
in coin at the will of the holder, there
Te,ust of necessity be coin dollar in
the vault for every paper dollar in cir
culation, and if such is the fact just
use the dollar in the vault and have no
paper money, and that under our pres
Cnt system all there is to our boosted
system of redeeming one kind of money
in another kind of money is simply
swapping dollars.
1--WE recognize the civil service sys-
tenn as foreign plant, unsuited to re-
publican institutions, as experience
shows that 1t is an engine manipulated
by political bosses and it's machinery
used for rewarding political favorites
and placing those in positions who dare
not submit their claims to political
preferment to the people,
I'VE favor the Oklahoma system of
securing bank deposits and recommend
that the system be applied to national
banks ~ act of congress.
Denoun,e Tariff
eve denounce the protective tariff
laws as scheme whereby the manu-
facturers are enabled to levy contri-
button upon the people, charging the
American people higher prices for their
products than the prices charged for
e.gners. We favor fixing a duty on
imports which will insure the greatest
income to the government until the
national bonded debt is fully paid, and
thereafter uniform schedule that will
provide ample funds for the adminis-
tration of the affairs of government
economically administered.
I'VE favor penalties of forfeiture of
existence and property for corporations
violating the law, the same as indi-
viduals, and an honest, faithful, vigor-
Gus enforcement thereof
1--WE denounce the steps that are be-
ing taken by the Republican party to
TX and fasten upon the American peo-
pie perpetual bonded debt, which they
foresee is necessary in order to per-
petuate the present financial system
which has been a costly experiment to
the people, but which events have more
than once proved to be a stupendous
EIy's Cream Balm has been tried and
not found wanting in thousands of