Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-12-15
Bennettsville, s. c., Dec. II, 1911.

In response to your request Tor an
expression of opinion on the so-called
Aldrich bill, l will say that anything
like an analysis Of the bill would be
too lengthy for the space Of news
paper article, and shall therefore re-
fer only to the basic principles Of the
measure.
1t is proposed to create a corpora
ton known as the National Reserve
association" AS a matter OF fact, II
Is a huge central bank with all the
fiscal powers of the government, with
out responsibility to any power ex-
cept the law that creates 1t.
The Federal government will turn
over to this corporation the cash In
the treasury and taxes, as collected.
All Of the disbursements of the gov
ernment will also be made through
this channel.
The present national bank circula-
tioHTwill be forthwith retired and the
2 per cent circulation bonds will also
be called in and fifty-year per cent
bonds issued.
Instead of the present currency the
national reserve association Is empow-
cred to issue its own notes, which are
made full legal tender for all debts
both public and private.
It Is proposed to form the greatest
trust on earth and protect 1t by law.
Every national, state bank and trust
company is to subscribe an amount
equal to 20 per cent Of its capital
stock to the stock Of the National Re-
serve association. This stock Is not
transferable, and under no circum-
stances can it be owned by anyone
except the subscribing bank. The sub
scribing banks are then to be organ
lied into local associations, each OF
which shall consist of not less than
ten banks whose capital and surplus
shall not be less than $1,000, 600.
The United States is then divided,
not by territory, population or pro-
ducts, but by the rule OF money, into
fifteen districts. The head and con-
troll of this vast aggregation OF pup
lie and private money is centered In
the forty-five men who are the Ma
tional Reserve association.
Without going into the details or
how these are appointed. the most
casual reading Of the bill shows that
the balance Of power will be against
the regions outside Of the financial
centers. Productive labor will not
be represented.
The mere statement of the leading
features of the bill show what pro-
found change Is contemplated In the
present financial structure. No doubt,
| 1t needs change, but not by increasing
and strengthening the present money
monopoly Instead Of getting further
away, 1t needs to get closer to the
people.
The present system was born In
war; 1t is not modern and has made
us a nation Of panics, with all OF the
loss incident to panics falling most
| hno vii q Ill.
tural interests.
Waiving the question Of the enor-
nous political power which such a
corporation, with it's center in Wash
ington, would WELD, to my mind the
fundamental objection is the abdica-
| ton by the government Of its sover-
eign power to issue money. Why
transfer this power to forty-fve men?
1t belongs to all Of the people. Why
place the dangerous power to regu-
late the volume of money and so con-
troll prices in the hands, not Of the
servants Of the people, but their mas
ters?
The making and issuing Of money Is
| and has always been zealously guard
ed as a sovereign power, and its eX-
ercise should be in the interest Of
the entire people.
| The function of money is to serve
la public use, whereas this bill would
make money a commodity instead OF
a convenience in trade, which Is the
| only true use Of money.
1t Is the trading public that needs
a circulating medium and the true
function of the bank should be as a
channel of distribution. Whenever
any set of men are given legal power
to use money as an article OF mer-
chandise, instead of to supply a pub
| lie need, 1t is the same crime Tor
which the Saviour Of mankind scourg-
ed the money lenders out of the tenn
pie Of the Lord.
Center the entire money power or
this country in the hands or forty-nVe
men, and how much easier 1t Is 10
reduce the volume OF money in the
face Of an increased demand at the
crop marketing period than 1t Is now,
even under our present much abused
infexible system.
| l can tell you in few words wnat
think about the genesis OF the Al
drich bill. About twenty-five or thirty
years ago there began a movement
in the agricultural regions for an IN
creased money supply in order to de-
crease the purchasing power OF the
dollar. First it was the "greenbacK-
| ers:" later the south and west unlted
| for free silyer''-the underlying mo-
| tives We're the same.
Cotton was cents, and farmers In
the west were using corn for fuel.
| This was the era Of cheap liVlng
yet banks were crashing, merchants
falling, factories idle, and l saw cox
ey's army of unemployed with riot on
their lips and revolution In thelr
hearts march to the very doors or the
Capitol.
Today the increased production OF
gold has run away with things, ana
has caused an initiation Of which Hry-
an never dreamed. 1t is about to get
beyond control of the money power
so the very class who sneered at nat
money in the sos and the "5O.cent'