The Point Pleasant register. [volume] (Point Pleasant, W. Va.) 1909-1939, 1909-12-22
THE CENTRAL BANK.
NOW IS THETERE TO FIGHT TIE CEN
TRAI BANK IDEA.

The people have another fight
ahead. The fnanciers have decided
that they can coerce congress into
creating central bank to manage
the governments money matters,
and they are going to make the eff
fort. Possibly the Presidents adyo-
cacy of It may explain the sudden
collapse ofwaIl Streets opposition
to Mr.. Taft's nomination. At any
rate the Napoleons of finance are not
willing to risk delav-the next Con-
Sress may be Democratic. And then
there viii be changes in the Senate
and these are likely to lesson Wall
Streets control of that body. Now
is the time, 50 they think, and the
aequiescenee of a majority of the re-
publicans in the Aldrich plan lends
them to believe that the rank and
file of she Republican party will toll
crate anything. But will theya
The Standard Oil Trust lost its
tariff on oil and the steel trust came
near losing its tariff on iron ore. The
new telegrnpb-telephone merger is
giving the peple shock, and the de-
mand for ship subsidy is making
them sit up and take notice. This
may not, after all, be an Opportune
time to launch a gigantic bank mon
opoly.
Senator Aldrich has had his swing
around the circle and met the local
inanciers who hope to represent the
bank in their respective communi-
ties, but what about those who will
be left out in the colda
A central bank does not fit into
our institutions; it is a foreign idea
and can not be brought into harmony
with our instincts and business meth
DDS. 1t would destroy all independ-
ence in the banking world. In Cana
da they have branch banks but they
have a number of them and compete
ton still exists, but even then the
business man suffers an inconven-
fence in having to have his paper
passed upon by an outsider and the
depositor runs the risk of having his
money used to build up some other
community. With great central
bank all competitors would become
timid lackeys, afraid to offend, to say
or do ANYTHING that would displease
the officials of the big bank. With
great central bank the money
would be gathered up at the extrem-
tiles and poured into the commercial
centers. The depositors would soon
find the interests reduced on deposits
and the bank would increase its pro-
fits from both depositor and borrow
er, for there would be no comptitors
who would dare to pay more or
charge less than the central bank.
Not only would such central bank
dominate but it would control poll
itics as well. Nick Biddell told
President Jackson that it could elect
or defeat presidential candidates and
the hero Of New Orleans replied
with an oath that if it could it had
more power than it ought to have
and more than he was willing forit
to retain.
Ifa central bank is created it is
only question of time when its ty-
ranny will become unbearable. But
why invite such a condition.
Now is the time to fight the cen
trail bank idea; every newspaper
should warn its readers; every voter
should write to his senators and
members of congress protesting
against the whole scheme. The
smaller banks should array themselves
against it. The advocates of the CEN
trail bank are using the corporation
papers to mislead the reading public;
it is zigh time that the patriotic for
ces were aroused to the danger. The.
plans of the bank monopoly must be