The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1909-03-05
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pa ans nne luoNtne ehhir ihai q has
e iAHett Ia tbe vpth liie whrh
ttis Mu SIS nnaaf consideration
nHa even after % saa paseed nesfly
On believed that nnl, lhe emetnFn
uttensf wtlth miahi he lFsued
sadef It could rs sreurra Wy tnlira
aisteH tunds ~ ethef securities ahd
hat ibu ~, atliy arninsl ihr old IN
lanai hank NOTES would frmnih uu
changed 10 that ve would hav" twn
slnas ~ bant Notes thc ola eeCut
"a ht United States bonds exclusive
y mud The uus omefeeurf notice sc
cured rs United States bonds ~ 9th
Ct eeufiuee Other aetufiiios as de-
fined tn ihe ati mas consist ~ state.
municipal railroad bonds. ut com
mettlai notes fbia ihrn. is iho gen
etai acceptance uf the provisions W
he Aldtith Vfaeland ari hui now
let nae explain how u ia entirely dif
torrent The leadiue spirits iu arrut
Inc THE legislation toallSed that the
emergency currency, The security ~
which might be questioned, as 81
might consist mainly Of commercial
notes. would not be accepted by the
public a. quite as safe as the United
states bond secured notes. and to
make all alike IN the eyes Of The
people they lowered the security Of
the old national bank note to the
lower level o. emergency bank note,
and this was accomplished by an
amendment TO the national bank act
which only required the adding OF
three words. or other security at
ter the words United states bonds
Since the passage OF the Aldrich-
Vrecland act, all national bank notes
printed by the government state
upon their face secured by United
states bonds or other securities.
Since then, not n dollar OF cmergen-
cy currency has been issued, while
many of the new notes have been
issued to banks IN exchange for mu-
tilated bills; and such bills, al
though secured by no other security
than United states bonds state on
their face, secured by United
States bonds or other securities
this really is a deception. | can not
see any reason for this but q bad
one, and that is to prepare the way
for asset currency While an cmer-
gency currency act might have been
drawn to give some relief In a mon
ey stringency the Aldrich-Vreeland
act has actually done harm In that
It dopreciates all our national cur
rency, Before this act was passed,
all knew that the national bank note
was secured by United States bonds,
exclusively, deposited with the uni
ted states treasurer as this was
plainly printed on their face, But
when they now find that this has
been changed TO read secured by
United states bonds or other securl-
ties and the line deposited with The
United states treasurer left out, 1t
~ serious question whctEor the
people will not losc their unboundod
confidence In our currency as soon
az they will get acquainted with the
real meaning Of the act Although
some may not be greatly alarmed by
thia, yet YOU can not convince the
people that railroad bonds or com
mcrcial notes are as safe az United
States bonds, especially In u panic
fear that es soon ms the real char
ncter OF the fact is generally known.
ana we have a financial crisis the
Gresham law viii begin to operate,
which menns that the deposltors viii
draw gold and hoard It. instead OF
national bank notes, which would
be far more serious. As this act IL
deceptive, misleading. and may un-
dcrmIne the confidence In our whole
currency therefore It ought TO be
repealed at the earliest moment