The Butler weekly times. (Butler, Mo.) 1881-1918, 1908-07-16

notes upon them to the extent Of 900 OO0,
oa. These notes when issued can be re
tired at the pleasure of the banks. De
lberately. therefore, we have put il /,
the power OF the banks to expand ana
contract the volume OF currency almos
at win to the extent OF 500, 000, 600. Ever
man should know that a sudden IN,
crease Of the circulating volume TO tina
extent would tend greatly to appreciat.
and, In many instances, to initiate values
1t Is an economic fact known of all in,
telligent men that as the volume OF
money grows the value Of property ana
wages appreciate. The sudden influx OF
this vast sum into the circulation OF ths
country would give tremendous i'm,
petus TO business activity and to the In,
crease of values. On the other hand. n
that sum should be systematically ant
suddenly withdrawn from circulation. a.
could Be under the provisions OF tins
law, the instant effect would be to cul
the very life out Of business and force
values hurriedly along downward scale
DO not assume that bankers who Nigh,
avail themselves of the law would be
guilty OF such misdeeds, but I do assert
tnat " is a dangerous thing TO give to
any class OF men this great power and
opportunity.
What commentary on American
craftsmanship that members of Congress
should stand. as many did. on the floor
OF the House and Senate and solemnly
esSe'sAa ee 'hat III their opinion the panic
was Que more to the contemptuous re-
fusal Of national banks to observe the
law and to the manipulations of bankers
than TO all things else. should permit
themselves to be dragooned into voting
to confer far greater powers upon those
same banks to work their will than they
ever possessed before. To my thinking
II exhibits a course of conduct abso-
lutely inexplicable. There are many Re-
publicans In Missouri who believe ms
these Senators and Representatives be-
ieved. l wonder II they, too. will be
legislative abomination in November?
II Is diverting spectacle to observe
such statesmen as Aldrich and such
financiers as j. Pierpont Morgan and
John ID. Rockefeller clamoring for an
asset currency. Once upon time these
They, were among the leaders who bayed
the loudest on thd track Of the silver
propaganda. They were among those
who cried in all Ue tones of the chase,
against cheap dollar" ''fifty-cent
dollar" and a deprecated currency. Now
they stand for an asset currency-that
is, for a currency based upon and Sc
cured solely by the credit and assets of
national banks. Do you want to estab-
fish bank oligarchy in America and
turn over to II the fiscal affairs of a
hundred million people? Do not deceive
the goal toward which we are hasten
ing. Here Is what the Philadelphia North
American, one of the leading independ-
ent Republican papers of Pennsylvania,
has to say about this law.
This law win mean the turning over
OF the treasury of the United States
to the gamblers of the New York
Stock Exchange for a period of six
years 1t Will mean the making of
N 80 n,,lI
markets and bear markets. accord
ing to the pleasure OF Rogers and
Rockefeller of the National City
Bank and j. p. Morgan of the Ma
ttonal Bank of Commerce. 1t will
mean not only the slow and certain
movement of contraction and infl,l-
ton by the natural laws of COM
merce, but sharp changes forced at
will by the master gamblers. 1t will
mean the gift to the chief enemies
of the nation of the power to issue
or retire a half a billion dollars, ex-
citing speculation or compelling dis
aster, according to whichever best
suits their betting book. We do not
Know what measure of punishment
long-suffering people will inflict
upon their betrayers."
This Is from a high Republican source.
could quote many like statements from
other publications of equal character and
potentiality. l appeal to my Republican
fellow-citizens to ponder this subject
seriously and to look down the path Of
the future, If possible, to the end of
this tendency.
That our monetary system Is imper-
feet there Is no doubt. That 1t needs
to be re-cast. reformed and revised is
equally certain. 1t is the handiwork of
Republican statecraft, and formerly they
were wont to boast that 1t was as near
perfection as any monetary system that
human ingenuity could devise, but now
the most blatant boosters among them
coneede that It is radically defective and
Mithaq Ne la Jsr .Ss % a%Shs
president of the Prudential Life Insur.
ance company, multi-millionairee and
hitherto a high authority In Republican
circles on matters financial, In a public
speech before the Republican conven-
sided made this declarations:
''The countrys financial system has
passed its day of usefulness; 1t Is
insufficient and uesuited to present
needs, and has become a menace, and
cannot continue without remedial ac-
tion."
That Is common sentiment among
Republicans now, and, of course, has
long been the sentiment among Demo-
Gratis. On this point at least Republ-
The longtime contention of democracy
All of us are fast agreeing that the ex-
sting monetary system Is inadequate
and unsuited to the country But Sen
ator Dryden went on to say:
THAT whatever action may be
taken should be taken by the party
whose record entities it to public con-
fidence."
By which he meant the Republican
party. That sentiment will, of course,
De echoed by Republican orators and
organs throughout the country l shall
echo it also, but with different mean
ng What party has record emitting
t to public confidence? Who constructed
his system we have? Who begot 1t,
it, and brought 1t up to Its
PRESENT state of lusty imperfection? 1t
,arty, and if now its creators confess
heir work failure, is that a record
o inspire confidence? Should a record
# failure, demonstrating incompetence,
confidence? Are we to permit
he same people to again try their hands
md organize monetary system which |
will deliver over to the banking corpora
ions the sovereign power Of regulating |
he fiscal affairs of the nation? The |
Democratic party cannot do worse than |
hese discounted Republicans have done |
nd propose to do. OF one thing you |
ndy SURE, tfdt Tic EcSpOllSiDIilly
f reforming our financial system is |
ommitted to the Democracy, 1t will be |
one in accordance with the theory that |
!. Is the constitutional duty Of the gov
to supply money based on its |
wn credit and to control the fiscal af- |
airs Of the people.
A CORRUPT BARGAIN.
Before dismissing this subject / cannot |
orbear expressing curiosity as to what
eturn the Republican party managers