The times and democrat. [volume] (Orangeburg, S.C.) 1881-current, 1908-02-28

the malefactors Of wealth, who read
his violent messages with their tongues
in their cheeks and go on with their
malefactions.
Currency Reform Again.
The other day Andrew Carnegie, Ly-
man J. Gage and Victor Morawetz, a
prominent financial lawyer Of Ncw
York, addressed the Economic club Of
that city on the banking and currency
question. They declared that the Unit
ed States had the worst system in the
world, but no one Of them suggested
the way to mend it. All three pleaded
that it should be handed over to a
commission of experts who should
formulate measure to be enacted into
law, which Of course would carry the
question over the next election. Mr.
Bryan, who was present, was asked to
respond to their arguments. AS the
press associations and daily newspa-
pers made scarcely any pretense of
covering his speech, some Of his para
graphs In retort may well be quoted
here:
How shall I explain that three conspicu-
Gus flnanciers who had given this subject
great thought and who know all the in
tricacies Of finance should be agreed upon
but one proposition, and that 10 that they
do not know what ought to be done?
AS each one approached the important
part of the subject he concluded that we
~ haJ pfucf N
the matter. Is 1t not strange that the
commission Is always resorted to by those
who do not, care to elaborate before an
election q plan that might not be popular
at the election? Is 1t not strange that all
Of our great financial programmes are
brought out just after the election, when
the people cannot sit in Judgment upon
the subject?
These greenbacks which have been de-
scrlbed in uncomplimentary language
were not issued by me or by my party.
But It seems to me that II Is straining ii
point to denounce the government for Is
suing 346.0OO.0OO promises to pay. bearing
no interest. when he-eI-Secretary Gage
does not denounce the issue Of ZOO. ,000
banks promises to pay that bear no inter-
est. II banks promise to pay bearing
no interest, Is ft to serve as money, why
bearing mo interest, g33e tit to serve as
money?
It IL not my business to explain this
panic. Politically my connection with 1t
has been anything but embarrassing. for
1t has at least robbed the country Of the
argument that my party was the only
party under whose administration panic
could come.
Some OF the little colloquies which
enllvened the address were interesting,
though not reported in the press. For
example, Mr.. Bryan said:
Our fnanciers Will tell you that the
banks that have failed failed in almost
every instance because the officers Of the
bank have violated their trust and used
the money Of other people to advance
their own private interests. Isn't that
true, Mr.. Gage?
Mr. Gage-Yes, sir.
Mr.. Bryan-Isn't that true, Mr.. Baker?
CMr. Baker is president OF the First Ma
tional bank of New York;
Mr. Bakeries. sir.
Mr.. Bryan-Why hasn't It been rcme-
died? Because the managers Of the bad
banks don't want to be restrained; be-
cause the good bank is not anxious to
have the other ones restrained 80 that the
good bank can point to the recklessness
Of the others and thereby draw away
deposits.
We will have to meet this Issue some
time, and we may as well do so frankly
and boldly now. II you tell me that you
need an elastic currency. will take your
word for It, but II you tell me that you
object to 1t unless you hold both ends OF
the elastic will tell you that you do not
need 1t as much as you thought you did.
Trust the government, the representatives
elected by the people. If you want
this elastic currency. let the government
issue 1t and control 1t. and you will have
no difficulty about the security. Then
lay upon the banks the responsibility for
making the banks safe. II the banks
say that they do not want to be held re-
sponsibie for other banks, my answer Is
that IL your bankers will not trust each
other they should not expect the people
to trust them with their money.
This Is the most respectable crowd that
I have ever talked to In my life-that Is.
measured by New York standards. 1t Is
no more respectable, however, than the
people among whom live. The man who
tolls by the day. who goes out in the
morning and works all day, who COM
mcnccs in the spring md works Nil sum-
and his clothing not Of the latest cut, he
Is a respectable man. and 7 have been ad-
dressing such respectable audiences al
over the country. but this is the most high
ly financial audience that I have yet ad-
dressed. And. II have exceeded my time
limit and spoken with an earnestness for
which l should apologize, just remember
how long I have waited for this oppor-
tunity and remember also that I may
never have 1t again.
The stenographic report Of the meet
ing now in my possession indicates that
Mr.. Bryan's speech was punctuated and
followed with long and continued ap-
plause.
The Republican National Convention.
From the headquarters Of Chairman
New and Secretary Dover of the Re
publican national committee here the
news leaked out that the officials Of the
Chicago convention expect that 1t will
last at least five days and apprehend
that it may extend to eight. At any
rate. the string Of tickets which will
be given to each person entitled to ad-
mission is going to have coupons for
the sessions Of the eight days. Should
1t last that long it will be the longest
national convention on record. Even
the famous convention Of 1880 when
the indomitable phalanx of 30G stood
desperately back Of General Grants
candidacy. did net extend to such
period. The significance OF the prcpn-
rations being made by the national