Monroe City Democrat. (Monroe City, Mo.) 1888-1919, 1908-07-16

the credit of the canal fund. Both bonds
and certificates We're sold to aid the ma,
tiOnal banks. Whenever anything relat-
ing to bonds or the currency is on deck,
the national banks are sure to be in the
midst thereof. One feature of this bond
transaction / wish to emphasize, since
it exhibits the touching tenderness of Cor
telyou for the banks. In his first pub
liShed offer he proposed to sell them, as
the law requires they should be sold, to
the public without discrimination, for
cash full paid on the terms of the offer.
Subsequently he arbitrarily changed that
policy so as to give preference for both
bonds and certificates to national banks
alone. This he did on the ground that
individual purchasers would demand
money from the banks with which to
make their payments. The spectacle of
depOsitOrS asking their own money from
the banks to make investments appealed
to the Secretary as SO uncOnscionabie and
as involving so great 4 hardship to the
banks, that he determined to deal with
the banks alone. As to the $50, 600, 600 OF
bonds, he declared his intention to re-
quire only 10 per cent cash from the
banks in payment for them, and that the
remaining 80 per cent should remain IN
the banks as government deposits with
out interest. Now these bonds draw ,
per cent interest, and so when a bank
purchased a $l0B bond, and paid only 80
on it, retaining the other $50 as a de-
post without interest, the bank, while
that condition lasted, would be really re-
ceiving 20 per cent interest on the
amount actually invested. For one who
accused the banks, as the President did,
of being chiefly responsible for the panic,
this favoritiSm is astounding. It is such
inconsistencies that make me so often
question the good faith of his utteranceS.
Republican apOlOgists, unable TO agree,
the cause of the panic Some say it is
Over-production, some that it is over
speculation, some that it is bad banking.
some that it is an insufficient currency,
some that it is defective monetary SyS-
TEN, while others charge it directly to
what they denOminate the rabid iEdiS-
cretiOnS of the President; and the Presi-
dent answers to the mayor of Omaha, so
the mayor says, that if the panic was
to come the sooner the better, and he
was proud of his part in it. Proud of
it What think you of that? Proud to
have worked havoc among the industries
of a great nation; proud TO have brought
idleness to a million men and the gaunt
Specter of want to countless homes !;
proud to have cloSged the wheels of
progress; proud to have cast a dark
shadow over a happy land. I know the
mayor of Omaha. He is an old-time
friend of the President, and know him
to be an honorable man. Yet it surpasses
belief. it seems incredible, that the
President of the United States, this
popular darling, could have so expressed
himself. But whatever the cause, and
it is undoubtedly due to more than one
cause, the great central fact remains
that we have suffered a disastrous panic
under Republican auspices. How long
the panic may linger none can forecast.
The recuperative energy of our people is
marvellous, and already they are bringing
order out of chaos. We will have the
experience of other panics. Gradually
our wounded industries will limp out of
the storm, and sooner or later normal
conditions will be restored. But for the
enormous damage already done, and for
inevitable losses yet to accrue, there can
be no restitution. Out of it all comes
only this poor consolation, that it is a
Republican panic. Not even in the re-
hottest degree can it be charged to the
Democratic party. That is the signifi-
cant fact wish especially to impress. 1t
proves the falsity of Republican accUSa-
ton and the emptiness of Republican
Boosting. Hereafter sane men will give
less heed to traducers when the name of
BRYAN is heard