Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1913-10-22
BRYAN WATERLOO,

Last Friday Secretary of State
Bryan, at the request Of President
Wilson, spoke to an immense audi
ence at the Dairy Cattle. Congress in
Waterloo Friday was Democratic
Day, and it was advertised that SEN
ator Cummins would speak on Repub-
lican Day and Senator Beveridge on
Progressive Day, and that Mr.. Bry-
an would answer their arguments
and explain the policies Of the. Viii
son administration. Neither of these
senators showed up on the day set
apart for them and the Republicans
and .Progressiyes had to content
themselves with a governor and
men OF lesser note in their stead.
Mr.. Bryan's address was admirable:
It was. one, Of the very best efforts
Of his life For a score Of years he
has striyen nightly to promote the
cause OF human rights, and now in
the hour of victory he has a right
to rejoice and praise the admins
jtration that is doing SO much good
work. An income tax, tariff reform
and the election Of United states
Senator's by a direct vote Of the
people are reforms that were first
proposed and supported by democrats
like Mr.. Bryan At first these meas
sures haa only part Of one party be
hind them, but now they have not
alone a party but an entire nation
Behind them. n ME-
s Mr. Bryan explained at length the
new currency bill. The following is
Mr.. Bryan's argument on the pivot
al question of difference between the
administration and the banks in the
big money centers: 55a d
The whole fight of the great bank
,ers. is to drive us from our firm re-
solve to break down the artificial con
nection between the banking business
of this country and the stock specula-
tive operations at the money centers.
The monetary commission, with more
discretion than courage, absolutely
evaded the problem; but the banking
and currency committee Of the house.
has gone to the very root of this.
gigantic evil and in this bill proposes
to cut the. cancer out. Under exist
ing law we have PERMITTED banks to
pyramid credit upon credit and to
call. these credits reserves. It is a
misnomer; they are not reserves.
And when financial troubles come
and the country banks call for. their
money with which to pay their
creditors they find it all invested in
tock-gambling operations. There is
suspension Of payment and the whole
system breaks down under the strain,
causing widespread confusion and al
most uncomfortable damage.
n The avoWed purpose Of this bill is
70 cure this; evil; to withdraw there
serve funds Of the country from the
money centers and to make
hem readily available for business
lses in the available sections Of the
to which they belong. This
We propose to do cautiously, without
my shock to the existing arrange
nent, graduating the operation to
conditions and extending
tsoyer a period OF SO months. This
lffords ample time to the reserve and
central reserve city banks to adjust
to IA the reserve require
nents Of the new system. Out Of
lbundant precaution we have actual
y given them longer time than the
,est. practical bankers Of the coun-
ry have said was needed. But
he plant 81 these gentlemen is
lot as to time but as to fact.
they do not want existing arrange
nents disturbed I they desire to. per
'etuate a fictitious, unscientific sys-
EN-, sanctioned by law, but con-
Iemned by experience and bitterly.
ffensive to the American people-aJ