Connecticut western news., 1912-04-11
CANAAN B. M. A. SMOKER.

The April smoker of the Canaan Busi- ness Mems Association, in Odd Fellows Hail. Thursday evening. was one of the most satisfactory meetings ever held by the Association, as we'll as the most largely attended, About sixty men were present and genuine interest was man. ifested. While there was important business to be transacted, followed by refreshments and smokes." the partic- ularly attractive feature was the address by MT. R. E. Ireton, editor of "Finan- cial America" of New York, on the currency system, which proved rare treat and held the closest attention of every listener
 President Lyles called the meeting to order at S:45, and Secretary Roberts read the minutes of the previous meeting.
 The revised bylaws were reported by J. o. Roraback, chairman of the re- vision committee, and they were unani- mously approved and adopted.
 John Rodemeyer was chosen to repre- sent the local Association on the State Business Mems Assoclation board of directors.
 It was voted that the chair appoint committee to consider the advisability of holding a general Fourth of July cele- bration this year, similar to that of last year, and to report at the next meeting.
 Voted, that President Lyles, Secretary Roberts and k: 0. Finney be appointed a committee to wait upon the O. N. K. railroad authorities and .endeavor to have the o'clock west bound passenger train restored to the tune table.
 A motion was unanimously passed that Saturday next, April IS, be fixed upon as "Clean-Up Day" in Canaan, and that the citizens generally be in- vited to join in the work of making it "spotless town" by cleaning up the front and back yards and burning ur the winter aocumulations of rubbish. eto., on that day.
 The regular business having been dis posed of. President Jyles, in few graceful words of introduction, present. ed MT. R, E. Ireton, who gave 8 masterly address on the currency question. MT. Ireton spoke one hour and fifteen min utes, but there was not a moment during the entire speech, when an observing listener could discern anything like a tagging of interest on the part of the audience. The speaker compared the currency systems of the leading nations of the world and demonstrated in plain and convincing fashion, the correctness of the familiar assertion that the Ameri- can system is the worst on earth. He said, among other things, all classes of our people-rich and poor, laborer and employer-would fare better under safe sound and scientific system of finance than they do under the present system which has been styled "makeshift'' and "patched-up affair"
 Since the bulk of the business of the country IS transacted upon credit, any thing which constriots or cripples credit demoralizes business.
 In every disturbance in the financial world-for example, 1898 and 1907-ths principal sufferers are always those who can least afford it artisans, laborers, small traders and wage earners generally. These are invariably powerless to protect themselves against the threatened uphea- val. Hence upon their shoulders the bur dens fall most heavily.
 When these simple truths are once un- derstood by the people the erroneous idea that the currency and banking issue is blnkers, or a capitalists, or rich mans problem and not peoples problem will be dissipated. That question, in reality is far more vital to the wage earner, the farmer and the small business man, because they have more at stake.
 The capital of the wage earner IS the extent of his human effort in particular line; of the farmer, his effort in produc- effort in the distribution of necessary commodities. Human effort in each case is present and must be rewarded. The means of that reward is-money.
 Trade is the foundation of money and the chief reason for the need of money. It began with the first exchange of labors products upon the basis of simple barter. Today, the medium of exchange is money, and the agency through which this medium is chiefly supplied is the bank.
 The common idea of bank is crude and mistaken. Some regard it as a store house for money, where depositors' money is used in loans, in shaving" notes. or in "raidingp the stock market, for the benefit of the manager solely.
 In lending, bank performs it's chief service to the trade, because the money or credit given the borrower increases his capital and enables him to enlarge his purchases or extend his operations, thereby stimulating production and al f.,..r h,,,..