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

OO. These notes when issued can De re-
tired at the pleasure OF the banks. De-
liberately. therefore, we have put IL In
the power of the banks to expand and
contract the volume of currency almost
at Will to the extent OF SOO.VD.0 600 Every
man should know that sudden In
crease OF the circulating volume 10 that
extent would tend greatly to appreciate
and. in many Instances, TO initiate values.
II Is an economic fact known OF all in
telligcnt men that az the volume OF
money grows the value OF property and
wages appreciate. The sudden influx OF
this vast sum into the circulation OF the
country would give n tremendous I'M
petus To business activity and to the in
crease of values. On the other hand, II
that sum should be Systematically and
suddenly withdrawn from circulation, rs
II could be under the provisions of this
law. the instant effect would be to cut
the very life out of business and force
values hurricdly along downward scale.
| do not assume that bankers who might
avail themselves of the law would be
guilty OF such misdecds. but / do assert
that II is dangerous thing to give TO
any class Of men this great power and
opportunity.
What a commentary on American
craftsmanship that members OF Congress
should stand. as many did, on the floor
OF the House and Senate and soemnly
assovcrate that in their opinion the panic
was due more to the contcmDtuous re-
fnsal OF national banks to observe the
law and to the manipulatlons OF bankers
lluH 10 Hll lHlHbH flst, SnOulu 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
Il exhibits n course of conduct abso-
lutrly neNplcable. There are many Re
publicans In Missouri who believe MS
these Senators and Representatives be-
| lieved. ] wonder II they, too, viii be
dragooned into voting TO endorse this
legislative abomination In November?
II is diverting spectacle to observe
such statesmen as Aldrich and such
| hnanCicrs as J. Pierpont Morgan and
John d. Rockefeller clamoring for an
asset currency. Once upon time these
were the champions OF Sound money"
| They were among the leaders who baycd
the loudrat or the track Of the silver
propaganda. They were among those
who cried In all the tones Of the chase.
| against n Cheap dollar" n "nfty-ccnt
| dollar" and a deprecated currency. Now
| they stand for an asset currency-that
| IT, for n curren'> based upon and Sc
| cured solely by the credit and assets OF
| national banks DO you want to estab-
| turn over to 1t the fiscal affairs OF n
| hundred million people? DO not deceive
| yourselves my countrymen. Tor that Is
| the goal toward which we are hasten
| Ing. Here il what the Philadelphia North
| American, one Of the leading indcpend-
| cnt Republican papers Of Pennsylvania
has To say about tdis law:
This law will mean the turning over
| OF lno treasury or the united states
to the gamblers OF the New York
| Stock Exchange for n period OF six
years. 1t will mean the making of
good times and bad times, Of bull
| markets and bear markets. accord.
ing to the pleasure OF Rogers and
kockcfcller Or the National city
Bank, and ]. p. Morgan OF the Ma
tional Bank of Commerce. II will
movement OF contraction and inna-
tion by the natural laws OF COM
mcrcc, hut sharp changes forced mt
VIII by the master gamblers It will
| mean the gift to the chief enemies
| of the nation Of the power to issue
or retire half billion dollars, eX-
citing speculation or compelling dis
| nstcr, according to whichever best
| suits their betting book We do not
know what measure OF punishment
ionE-snffering people Will innict
| upon their bctraycrs.'
This is from a high Republican source.
| could quote many like statements from
! other publications Of equal character and
| potentlality. | appeal to my Republican
| fellow citizens TO ponder this subject
| seriously and to look down the path OF
| the future, II possible, to the end of
| this tendency.
That our monetary system ls imper-
| feet there is no doubt. That It 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 II was as near
| perfection as any monetary system that
| human ingenuity could devise. but now
| the most blatant boosters among them
| conccde that II Is radically defective and
inadequate. Within the last two months
Senator Dryden OF New Jersey. among
| the most distinguished men of his state
| president OF the Prudential Life Insur-
ance Company. n multi-mlllonaire, and
Hitherto high authority In Republican
| speech before the Republican conven-
| tion of his state, over which he pre-
sided, made this declaration:
THE country's financial system haa
passed Its day OF usefulness; II Is
insufficient and unsuited to present
nceda, and has become n menace and
cannot continue without remedial ac-
ton"
That is common sentiment among
| Republicans now. and OF course has
long been the sentiment among Demo-
Gratis. On this point at least RcpuhlI.
cans are coming to an agreement with
| the longtime contention of democracy
All Of us are fast agreeing that the ex-
| listing monetary system Is inadequate
and unsuited to the country But Sem
| ator Dryden went on to say:
That whatever action may be
taken should be taken by the party
whose record entities 1t to public con-
tidence."
BY which he meant the Republican
| party. That sentiment will, OF course
be echoed by Republican orators and
organs throughout the country. ] shall
| echo II also. but with different mean
| ing What party has record emitting
II TO public confidence? Who constructed
this system We have? Who beRot Il.
| nurtured It, and brought It up to its
present state of lusty impcrfectIon? II
| Is choice creation OF the Republican
| party. and II now It's creators confess
their work II failure, is that record
| to inspire confidence? Should n record
Of failure, demonstrating incompetence.
| on, nd nNtItI Ar.
| the same people to again try their hands
and organize n monetary system which
will deliver over to the banking corpora
| lions the sovereign power of regulating
| the fiscal affairs of the nation? The
| Democratic party cannot do worse than
| these discounted Republicans have done
and propose to do. OF one thing you
may be sure, that II the responsibility
, Of reforming our financial System is
| committed to the Democracy, It VIII be
| done In accordance with the theory that
II Is the constitutional duty, OF the gov
| eminent to supply money based on its
own credit and to control the fiscal af
fairs of the people
A CORRUPT BARGAIN.
Before Diminishing this subject ] cannot
| forbear expressing curiosity as to what
return the Republican party managers
| expect from national bankers for the
| new favors conferred upon them by the
| Aldrlch- Vreeland law, What compensa-
| ton Will be made In the way OF cam
paign contributions In 1896 the national
| banks contributed several million dollars
| to the Republican campaign fund. They
were caught red-handed In the very act
| of contributing. indeed made but little
| effort to conceal It. Leading bankers in
| great centers wrote urgent letters TO
banks all over the country, both state
| and national, for contributions. and
| many of these letters were given to the
press. / have now In my possession a
| letter written by n committee OF ma
tional bankers. stating that their own
hanks had contributed on the basia of
one-quarter of one per cent OF their