Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1913-08-01
THE MONEY POWER AGAIN.

tariff and banking laws, and the Demo-
cratic party was given power with a d.
rect and plain mandate from the people
to effect these reforms.
The Republican high tariff, with its
complete surrender of governmental func-
tons to certain privileged classes who
were permitted to tax the people for their
private benefit, was, perhaps, more dis
cussed in the campaign, but the other
great issue--reform of the currency and
banking laws-is really of more vital
consequence to the nation, for those who
control the money of the country, con-
troll the country.
The Congress first took up the tariff
question; the House has passed tariff
revision bill, materially reducing the
burdens of the people by reduction Of
duties; the measure is now before the
Senate, and we shall soon see the fulfill
ment of that part of the Democratic
pledges of relief to the people.
But, it seems that the forces of special
privilege, defeated at the polls, and con-
demned by the American people, propose
to make their last stand in an effort to
thwart the will of the people by defeat
ing the banking and currency legislation
proposed by the Administration and urged
by President Wilson in a special message
to Congress. And, Enthusiastically, this
insidious power is not making its fight
in the open. Realizing that the same I'M
broken front presented by the Democrats
to all assaults on the pending tariff bill
would, normally, assure the passage of
the banking and currency legislation pro-
posed by the President and designed to
curb and regulate the Money Power, that
power is now resorting to underground
methods to perpetuate its grasp on the
nation.
The Secretary of the Treasury, Mr..
McAdoo, has this week issued a state
ment, elected by existing conditions in
the money market. That able and re-
spOnsible official states that the present
low record of 95 reached by United States
two per cent bonds and the present strin-
gency in the money markets and curtail-
ment Of bank credits, are abnormal, ar
tificial and not warranted by existing
business conditions.
Mr.. McAdOo further states that the two
per cents are to-day worth par; that the
country is prosperous and business good;
calls attention to the abundant harvests
OF the year, and charges that the decline
in the two per cents and present curtail-
ments OF bank credits are due "almost
wholly to what appears to be a campaign
waged with every indication of concerted
action on the part of a number of infu-
entail New York City banks to cause APP
Drehension and uneasiness about these
bonds in order TO help them in their eff
forts to defeat the currency bill"
Coming from such source, this is a
grave and startling statement, out, in
view of the facts brought out by the !
Pujo committee in its investigation of the |
so-called money trust, the country ought |
not to be surprised, for that inyestiga- |
ton proved, beyond the shadow of
doubt, that the money and credits of the
country are controlled by handful of
men, heads of the great New York City
banks, the same institutions referred to
in the Secretary's statement. Indeed, one
OF these money kings admitted the fact
on the witness stand in the course of this
investigation.
Now, these same banks do not want
the proposed currency legislation and the
President and the people do want it. So
they begin to turn the screw and away
of here in Louisiana, and in every ham
let in the land, the pressure is already
being felt. How? Every bank in the
land, outside of New York, and perhaps
one OF two in Chicago, has to 90, at
times, to that great financial center for
money. So, when the individual borrow
er goes to his local country bank for his
usual and legitimate accommodations he
may lind that he can't get them. Why?
lie has the security to offer, and the To-
cal bank wants his business, but they, in
turn, are, of course, at times, borrowers,
Usually here in Louisiana from New Or
cans banks, who, in their turn, borrow J
rom the New York institutions.
See, then, how deity but surely the |
PRESSURE is exerted through this chain of
borrowers by the New |
York banks to whom, after all, they !
must all appeal. All the New York con- l
ems have TO do to create an artificial Q
money strlngency, particularly at this
eason when large sums are in demand
move the great crops of the country,
: to refuse accommodations to the in !
erior banking centers, like New Orleans, !,
hereby forcing the latter to curtail cred I
s to their country customers, and, i'm G
lediately, Mr.. Smith, the planter who y
eeds money to move his crops, or Mr.. c
ones, the merchant, who seeks accom- d
rotations in his business, feels the pres is
lre-feels the pinch of the iron shoe. ~
The Secretary's statement, or warning, 81
timely. Those, il there be such, who it
ave thought that the battle against Ia
'ecial privilege was won when Woodrow ~
'ilson took Office, are sadly mistaken. m