Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1908-05-18

Ocratic party believes in an ADEQUATE
banking and currency law. which
VIII provide sufficient circulating me-
dium for the needs of the country
and absolute security to bank depos-
ltors. Such a law has been long adj
vocated by Mr.. Bryan and was pro-
posed by the democratic minority in
congress.
We demand legislation which will
do away with the present bank re-
serve laws, thus causing the money of
the country to pile up in reserve CEN
ters, while the people who own the
money are obliged to do without or
accept clearing house certificates is
sued contrary to law and wholly
without legal tender qualities. Banks
of deposit should keep their own re-
serves either in cash or in securities
convertible into cash at the national
treasury or any subtreasury and then
they cannot blame New York if they
are unable to respond to the calls of
their depOsitOrs. There should be no
enlargement of the right of national
banks to issue circulating notes. The
government should itself issue what
notes are needed and loan them to
the banks upon ample security at a
rate of interest which would reim-
burse the government and cause the
speedy retirement of the money is
sued to tide over an emergency.
We demand security for bank de-
positOrs. The government itself de-
mands security from the banks in
which it deposits, which is right and
just, but the government would still
go on uncrippled if some bank in
which it deposited should fail, while
many individual depositors of the
same bank might be reduced to want
and misery by such failure. Mr..
plan for the guarantee by the govern
ment of all depositors in national
banks and the guarantee by the sew
eral states of all depositors in state
banks. The plan is in successful OPP
GRAFTON in democratic Oklahoma. This
plan, with government savings banks,
would insure the wage Garner and
the producers of the nation against
the loss of their hard won savings,
does away with the boarding and
hiding of money and insure the busi-
ness world against panics caused by
loss of confidence and the consequent
withdrawal of money from circua-
tiOn.
| am a democrat because | believe
in the regulation and control of rail-
roads and other public service corpor-
ations, those engaged in interstate
commerce by the state without fur
ther encrOachments by the federal
courts, which the democratic party
has been demanding in state and ma
tiOn for twelve years at least; led by
the president, who is considerable of
timent, the republicans have done
something in this direction, but the
work has only begun. | believe that
the democratic party which derives
no campaign funds from the railroads
and which created public sentiment
upon this question, will have to fin
;e,l, to-
When l charge the republicans
with sins of omission or commission, |
mean the organization, not the rank
and file There has never been a
time since Andrew JacksOn's day
when the people were so democratic
as they are today and the politicians
of the republican party know it. On
every hand can be seen republicans
right here in Washington who seven
years ago, when I began the fight for
railroad regulation, were openly with
the railroads and who now, that re-
form has become popular, are loud in
their expressions of approval of the
very things they formerly opposed.
The people should not be deceived as
to who their true friends are, the
democrats who created public senti-
ment for reform, who educated Pres
dent Roosevelt upon the subject of
railroad regulation and like measures
and who scared the present admin
tstration in this state into at least a
semblance of a desire to carry out
the will Of the people, are more to be
trusted with the many reforms now
needed than is the republican organ
ization which reluctantly now seems
to favor some democratic measures in
order to win at the polls.
am democrat because the DEM
ocratic party Is right upon every
question now before the people and
if given the power will honestly and
economically administer the govern
ment in the interests of the common
people without fear or favor.