The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-12-10

discount railroad and other corpora
ton securities.
This is one of the concealed jokers
in the Aldrich plan. To mislead the
public, Mr.. Aldrich proposes that the
central association, as he calls ii, shall
paper properly endorsed by the district
association to which the bank belongs.
In his discussions he mentions no other
form of discounts than commercial pa
per. Then there Is this added pro-
vision: that the central association
shall discount the direct obligation of
any bank, upon certificate from the
district association that the bank seek
ing this discount has deposited with
! the association securities satisfactory
to the association.
Commercial paper has a value of it's
own. and the profits the banks can
make are restricted to legitimate
profits But corporation securities
have chiefly a manufa ctured value,
and the Aldrich plan would enable
banks loaded down with undigested
securities put out from Wall street to
draw good money from the central as
ISOLATION by depositing these securi-
Is a distinctly Aldrichesque PROPOSE
ton.
IF anybody thinks this is going to
| be a do-nothing' congress they are
badly mistaken"
Clark has answered the statements
that have been made to the effect that
the Democrats proposed to devote the
present session to efforts to put the
republicans in a hole" so as to
strengthen their own position for next
year.
1.-THE Democratic party made the
4 n INIT "a Scn IN ciX1o hn "a
| lief from conditions which have come
! to be regarded as intolerable," the
| speaker continued. I'VE of the ma
| jority would not be true to our word,
| therefore, If We stopped in the middle
| of our program to play politics in Or
| der that we might be in a better posi-
| ton next year.
THE best way for us to play poll
tics is to carry to conclusion, inso-
| far as we are able, the excellent record
| we already have made. The people
| are looking to us for accomplishment,
! rather than for strategy. and we need
/ have no fear of the future if we go
along with our program as We have
| started
l. During the past summer the speaker
/ has been travelling about the country
| a good deal, feeling the pulse OF the
! people, and now that he Is back in
/ Washington he is making 1t plain to
! the 'DoyS, as ne calls them, tnat the
| country is in no mood to wait for re-
| lief which he and his colleagues prom
| Used them. He is making it plain that
| what the people want is achievement
| and not playing to the galleries, with
| a barren record of results when the
! session ends.
Mr. Clark has been telling his CO.
| workers in the house of representa-
| tives that the people throughout the
| country are more keen1y alive than ever
before to what is going on in Wash
| ington. He has told them, in sub
| stance, that If the Democrats in the
house go to dilly- dallying around, try
| ing to put the president and the stand
| patters and the insurgents in a deep,
dark hole, the result will be more dis
| astrous to the hole diggersy than to
| those whom they might intend to en-
| gulf therein.
AT any rate, the speaker has passed
| the word around that there must be
action, and those who know the Mis-
| sourian best declare that he is dead in
earnest. Mr.. Clark realizes, say his
| friends. that the present is his party s
| opportunity, and that the best way to
| take advantage of it is through action
rather than with attempts to shift the
blame to the other fellow.