The Idaho scimitar. [volume] (Boise, Idaho) 1907-1908, 1908-01-11
AldriCh's Asset Currency.

Senator A1dric, of Rhode Island, has again intro
duced his currency bill and the information con-
veyed by the press is, the Republican members of
the Senate finance committee will endorse it.
The Rhode Island Senator is the real boss of the
United States" according to gifted writer in the
Saturday Evening Post.
Adrch was retail grocer when elected to the
Senate. He had no money or financial credit at
that time He has always been shrewd, cunning
and INSCRIPTIONS He quickly became the champion
of the money magnates and has done more to foster
and strengthen the trusts than any or combina-
ton of men. He has ever been the conspicuous and
most effective guardian of the highly protected in
dustries. He has grown enormously rich, and since
his daughter married John D. Rockefeller, Jr has
been accepted the representative at Washington
of corporate wealth in all its ramifcations
His asset currency bill should not pass The great
corporate interests are behind it. and the power of
Adrch in the Senate and Cannon in the House
may suffice to pass the measure. 1t will afford no
relief to the producers of the country to the labor
ing man, the farmer, the small traders It is in
line with previous bills introduced by A1drich none
OF which could pass There is nothing in the bill
to guarantee the depositor that his money will be
safe, or that he can have it when he wants it. 1t
provides that the favored banks can issue more
deposit any kind of security for the additional issue
The bill is filled with words about the COMPTROLLER
and Secretary of the Treasury passing on the re-
quests OF banks to issue currency, and that
they shall Judge of the value of the securities etc
1t is the same old system. There is no change.
Every one knows what the Secretary of the Treas
ury does when panic comes He helps out the
wall street crowd and strains every point to pour
money into their Golfers 1t is to be hoped that the
Democrats will be able to defeat this Aldrich bill
1t is confidently expected they will fight it to the
most extreme limit
NO good can come to the country from an asset
currency BILL much less from one sponsored bv
Aldrlch. Congress surely should be able to mass
legislation which will prevent recurrence of the
SenSeless panic through which we are now passing.
n guarantee to the depositor that his money would
be safe in the bank and that he could get it out when
he wanted it. and legislation that would give the
Government power to issue additional money TO
banks in times of actual need charging them so much
Tor 1t that they would hasten to retire it when the
actual need had passed, would suffice to cure the
p esent eV1l and could not produce additional ones
lhere is nothing IN Aldrich's bill to give hope to
any, except the manipulators of money Nav be the
republicans dare not pass it on the eve of Presi-
dental election, Possibly the Republican representa-
t1ves will hear from their constituents
The bill provides that any National bank of cir
cuaton secured by deposits of United States bonds
m not less than fifty per cent of its capital stock
hd winch has surplus of not less than twenty
Der cent may issue additional circulation to be Sc
urea by bonds other than Government bonds. or
'ther interest bearing obligations to the extent of
eVenty-hVe per cent of the value of the naner ca
deposited
orate' county or municipal bonds will be received
IS security for the additional circulation 70 be 80,