The Caucasian. (Clinton, N.C.) 188?-1913, 1910-02-17
THE COST OF LIVING
Prices Governed by Increase
or Decrease of Amount of
Full Legal Tender Money


CENTRAL BANK SCHEME
Ex-Secretary shaw Fears q Great
Danger Lurks Behind Scheme-Ex.
President Roosevelt Has Finished
Hunt In Africa-win Stop at Sew.
eral Places in Europe-win BE
Given Grand Reception on His Re
turn to the States-A Rebuke 70
standardization Carriers Not
Permitted to Garry Guns.
Especial to The Caucasian)
Washington. d. c.. February Is,
191O.-President Taft's speech be-
fore the New York Republican Club
in New York on last Saturday night
has been the subject of much favor
| able comment here. as well as very
favorable comment by the press gen.
orally over the country. Even Wall
Street has been silenced by his speech.
in which he plainly said TO Wall
Street that they could not frighten
or bull-dose him by threats of panic,
and that IL there were certain busi-
nesses that would be hurt by the pol
| icies of the administration and the
enforcement of the law. then it
spoke very badly for the way such
businesses were being conducted, and
it was high time that they were re-
formed and did their business along
proper lines.
The Cause of High Prices.
The President, in his speech, also
discussed the various causes for high
prices, but he assigned as the funda-
mental cause the great increase in
the output of gold. The President.
on this point, expressed himself
tersely in the following words:
''The reason for the rise in the cost
of necessities can easily be traced to
the increase in our measure of
values, the precious metal gold, and
possibly in some cases to the COM
binations in restraint Of trade"
In this very pregnant sentence, the
President endorses the position for
which The Caucasian has always con-
tended, that the range of prices eth
er goes up or down according to the
| increase or decrease of the amount
of full legal tender money. In short,
the quantitative theory as to money
is the correct one; that is, that the
volume of money should increase
with the increase of population and
business, and no faster and no slow
er In this way only can there be
stability of prices, and can justice be
maintained between the debtor and
the creditor, the producer and the
consumer.
| The quicker this fact Is recognized
and crystallized into law as a per
manent policy Of the Government,
the better it will be for our people
and the future Of our civilization.
The Central Bank Scheme.
| Ex-Secretary Shaw, in two recent
addresses, has called attention to
what he fears is great danger lurk-
ing behind the scheme to establish
a great National central bank. He
recognizes and admits that there are
good features in the proposition, but
he says the great and important
question is. Who will control such a
bank?
He points out that the power ot
such a bank will be tremendous In
initiating or contracting the currency
and, therefore. in sending prices uI
or down. He says that he fears Il
such a bank were established that
the Standard Oil Company and the
United States Steel Corporation will
combine to control it, and that i
they do. the interests Of the countr!
, will be at the mercy of these TIVE
, great corporations.
Ex-President Roosevelt.
d Former President Roosevelt ha
finished his famous hunt in Africa
: and every day shipments Of the rar
{ specimens which he has secured ar
. coming to Washington to be placed Il
= the Natioanl Museum.
4 The President has agreed to sto
in Europe and make addresses Il
Germany, France, and England, an
possibly at other points. The an
nouncement that the President Wi
soon leave Africa has attracted tn
attention of all Europe. and prepars
o tions for his reception are bein
q made on an extensive scale. It
y understood, however, that Presider
IS Roosevelt has specially requeste
that there shall be no state or o
fetal functions prepared for his el
l. tertainment, but that he shall be pc
, mitted to pass through Europe as
70 private citizen. He will start dow
[e the Nile tomorrow on his return tr
n to Europe.
d. There is already much intere
he here and In New York as to the we
st come to be given President Rooseve
lie when he returns home. The prese
OF outlook is that it will be the create
ne demonstration that the country b
ever awarded to one Of its citizer
ps It was announced from the VIII
in House to-day that Collector Loeb,