The Leon reporter. (Leon, Iowa) 1887-1930, 1913-07-03
THE TEMPER OF THE PEOPLE.

Those gentlemen-tinan c e + ,
statesmen, etc, etc.-Wh no inform us
that no currency legislation is pos
sible at the present times leave out
one thing OF paramount Importance.
That is the temper of the American
people. This, and this alone, de-
termines what legislation is possible
or impossible at given moment.
A good many oracles that were
much trusted few years since have
lost their sanctity. Certain elder
statesmen in Legislative halls and
certain potent, grave and reverend
seigniors in the high places of high
nnance are now permanently out OF
the business of making decisions for
the public. The people are think
ing and making up their own minds.
The people cannot forget that, III
1907, our monetary system broke
down completely. We had been lull-
ed to a false security We had been
informed that the financial interests
of the country We're safe IN the
hands Of set OF statesmanllke New
York bankers. and that their COM
potency was as far beyond question
as their devotion to the public inter-
est Without doubt the men who
said these things believed them,
"even as you and L. But when the
day of trial came money of ultimate
redemption was locked up and bank
balances were paid in clearing house
certificates.
That was almost six long years
ago. The public is tired Of inact:on.
The Taft administration could not
touch the currency question, since
the first essential Of successful T.
nancial legislation. as OF successful!
finance. is contidence--and there
was no popular confidence in the
Taft administration from the day OF
the signing Of the Payne-Aldrlch bill.
Today the people are tired OF the
obstructionism Of partisanshlp. Ihey
are aweary OF New York cocksure-
ness and Conceit They are not spec
tally concerned over the feelings Of
eastern bankers and banking classes.
AS prophets, those gentlemen are
discredited. as we have said. The
great money earning, money-spend-
ing public is sQuarely behind Presi-
dent Wilson in his demand for cur
rency legislation and currency legis
\
it out on this line if it takes all sum-
mer.
Nor is the average man greatly
when told by Senator Bur-
ton and others that government con-
troll of the currency is impOssible.'
We have today, and we hau in 1907,
a Capitalization Of banking resources
privately achieved and not amend
able to the government. In view of
the results, we are not afraid to try
government control IS an alterna-
tive. The dread Of 'politics" is be-
ing much overdone Men who SO ex-
press themselves apparently forget
the weight ana preciousness OF the
things already committed to the eX-
ecutiVe department of the general
government.
The Republic hold no brief for the
details of the proposed Glass bill. 1t
is expressly declared by it's formers
to be tentative. But we have no
doubt of the ability of the present
congress so to modify it as to make
certain events of our financial past
impossible of repetition and to start
us on the high road toward finan
any nation under heaven. We con-
template not simply with equanimity
but with positive hope the search for
such a plan along the lines OIL CEN
tralized control by the general gov
eminent. And we declare, that the
men who counsel inaction have TAX
en- small account of the present
temper of the American people.
Something must be done to mend
a reserve system which only sue
ceeds in putting great sums of mon
ey into the stock market for specu-
lation in times of prosperity and in
dividing up this mass of capital into
thousands of little ineffective re-
serves in times of adversely st.
Louis Republic.