Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1909-02-12
NOW FOR A CENTRAL BANK.

NOW FOR A CENTRAL BANK.
The last Republican platform declar-
ed for Postal Savings Bank. When
it SO declared the Democrats branded
the declaration as bold and brazen
fraud. They did not always use the
short, favorite term employed SO often
by the present president, but they
made it strong. Now the untruthful-
ness of that platform declaration
has been demonstrated. Anybody
with modicum of common sense saw
at once that Postal Savings Bank
would be of inealculable injury to the
National Banks, and would not be per-
mitted by them, because it infringed on
their prerogatives. They admit no II
val They saw further that this Postal
Savings Bank was cheap campaign
dodge to draw attention fron the Bank
Guarantee, which the Democrats were
soon to engraft into their platform, and
did engraft little later. But the bill
had to be presented in order to make
good. 1t no sooner reached the Senate
and went to the committee Of which
Mr.. Aldrich is chairman, than it gave
up the ghost. Its death knell was
sounded last week. Mr.. Aldrich is
chairman of the Finance Committee of
the Senate, the most powerful commit
tee in the world He is also accredited
with being the counsel and indeed the
agent of the National Banks in the
Senate He is also known as the Stand
ard Oil representative in that body. He
is also at the head of the committee
which controls absolutely the tariff
scheduls, because any change affects
the revenues of the government and the
Finance Committee has sole charge of
the revenue measures. Thus it is plain
that having this wonderful power and
at the same time this wonderful per-
sonal interest, no Postal Savings Bank
Bill could pass, unless Mr.. Aldrich per-
mitted it to pass, so the bill has been
killed just as we all knew it would be-
If killed for this session then it will
be for the next, because Mr.. Taft will
never press it. He has no heart in it,
and can decline to go further in the
matter because it has been considered
and the party pledge redeemed. His
course Is therefore easy.
The result or sequence of the death
of this measure is to put IN its place a
Central Bank of Issue. That is the
banks are to issue all money, or all
paper representing money, through a
Central Bank. The government is to
be thus taken ''out of the banking bus
mess" a result the banking interests
have longed for for years. They will
then have full sway, and then will be
created the greatest monopoly the
world ever saw. Here will be the octo-
pus of octopuses. The old United
States Bank which Andrew Jackson
fought to finish and killed in 1882,
has again reared it's horrid head, and
this time it has gotten its tentackles sc
safely wound around every interest
that no earthly power save revolution
will shake it off. When the Banks
issue ALL OF THE MONEY then PAM c.
can be made to order. When the bank
ers want to depress stocks and bonds
or other securities so as to buy them a
their own figures, they will have moth
ing to do but push the button, curren
CIV will be reduced, money made tight
the owners of securities will be com
PEELED to sell, and the banks will buy
at their own prices. After that money
will become easier, confidence conn
back and these low priced securities will
soar again, then the banks will sci
their holdings to the people and peck
ct the difference. Again money will
become tight, these same securities &
down, the banks will buy back at de
pressed figures-ths same sscuritie:
they sold at high prices again thu
same see-saw will 60 on each time thu
banks selling at high prices, taking the
profit, and after little while buying
them back again for half the money
only to repeat the trick again and
again, each time fleeing the lambs
What revel they will have.