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

notes upon them to the extent of S50O.OOO-
coo. These notes when issued can be re-
tired at the pleasure of the banks. De-
the power of the banks to expand and
contract the volume of currency almost
at will to the extent of 500, 90, 90 Every
man should know that a sudden in
crease of the circulating volume to that
extent would tend greatly to appreciate
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 and
wages appreciate. The sudden influx of
this vast sum into the circulation of the
country would give a tremendous i'm
petuS to business activity and to the in
crease of values On the other hand, il
that sum should be Systematically and
suddenly Withdrawn from circulation, as
il could be under the provisions of this
law, the instant effect would be to cut
the very life out of business and force
values hurriedly along a downward scale.
l do not assume that bankers who might
avail themselves of the law would be
guilty of such misdeeds, but l do assert
that il is a dangerous thing to give to
any class of men tins great power and
opportunity.
What a commentary on American
craftsmanship that members of Congress
should stand, as many did, on the HOOr
of the House and Senate and SOlemnly
aSSeVerate that in their opinion the panic
was due 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
lUtely ineXplicable. There are many Re
publicans in Missouri who believe as
these Senators and Representatives be-
lieVed l wonder if they, too, will be
l., h l..
legislative abominatiOn in November?
1t is a 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
were the champions of sound money"
They were among the leaders who bayed
the loudeSt on the track of the silver
who cried in all the tones of the chase,
against cheap dollar" a "tifty-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 a bank oligarchy in America and
| turn over to it the fiscal affairs of
hundred million people? Do not deceive
yourselves, my countrymen, for that is
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 will 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
good times and bad times, of bull
markets and bear markets. accord
ing to the pleasure of Rogers and
Bank, and ]. P. Morgan of the Ma
tional Bank of Commerce. 1t will
mean not only the slow and certain
| movement of contraction and intla-
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
| a Iong-suffering people will infiict
upon their betrayers."
This is from a high Republican source.
| 1 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 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 it was as near
| perfection as any monetary system that
| human ingenuity could devise, but now
| the most blatant boosters among them
cOncede that il 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, multi-milliOnaire, and
| hitherto Il high authority in Republican
| circles on matters financial, in a public
| speech before the Republican conven-
| ton of his state, over which he pre-
sided, made this declaration:
1.-The cOuntry's financial system has
| passed its day of usefulness; it is
insufficient and u=suited to present
needs, and has become a menace, and
cannot continue without remedial ac-
ton"
That is a common sentiment among
Republicans now, and, of course, has
| long been the sentiment among Demo-
Gratis. On this point at least Republi-
| 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 it to public con-
fidence.''
By which he meant the Republican
party. That sentiment will, of course,
be echoed by Republican orators and
organs throughout the country. shall
echo it also, but with different mean
ing. What party has a record emitting
it to public confidence? Who constructed
this system We have? Who begot it.
nurtured it, and brought it up to its
present state of Iusty imperfection? 1t
is a choice creation of the Republican
party, and if now it's creators confess
their work failure, is that record
to inspire confidence? Should a record
of failure, demonstrating incompetence,
command confidence? Are we to permit
the same people to again try their hands
and organize monetary system which
will deliver over to the banking corpora
tiOns the sovereign power of regulating
the fiscal affairs of the nation? The
Democratic party cannot do worse than
and propose to do. OF one thing you
may be- sure, that if the responsibility
of reforming our financial system is
committed to the Democracy, it viii be
done in accordance with the theory that
it 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.
4 CORRUPT BARGAIN.
Before dismissing this subject l 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
Aldrich-ETeeland law. What cOmpensa-
zion will Ice 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, ana
many of these letters were given to the
press. 1 have now in my possession
letter written by a committee Of ma
tional bankers, stating that their own
banks had contributed on the basis OF
one-quarter of one per cent of their
combined capital and surplus, and urging