Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1915-04-23

and probably decisive battle of thu
same character. All the various presa'
dents since Jsckson's day, more es'
pecially since Lincoln's day, have un'
derstood the issue; but it Is only nov
that the issues are becoming fairly
joined.
The cry Of money trust" has
been more or less familiar for more
than a generation. At first those wht
constituted the money trust, ant
those who thought themselves benef'
Charles thereof, said pooh, pooh
nothing but ignorant demagogy!" blu
the congressional investigation at thu
beginning Of the Wilson administra'
ton left little doubt of the truth. TIT
entire country is now aware OF the fac
that there has been and is a money
trust, and a large proportion realizs
that although the regional reserve
system was established for the pur'
pose of putting the money trust fin
ally and forever out Of business, TIT
thing will not be finally accomplished
without another terrific legal and per
haps terrific battle, that will be o
as much immediate consequence ant
as far reaching in its effects as TIT
famous battle hat was won by An
drew Jackson in 1886.
There has already been talk Of per
sonal ends, the use Of official posi-
ton to accomplish individual spite
and all that, and there will be more
Of it. Such is human nature. There
have always been those who will no
look for motive beyond immediate
self-interest and there will always bt
such. But people who have an intel
ligent and comprehensive knowledge
Of the vital principles involved in TIT
old United States bank struggle, vii
take no stock in allegations that the
motive Of the present fight is petty
spite or anything akin to that. Thu
idea is positively absurd.
1t will be remembered that in the
fall of 1913, there went out a distress
full cry to the effect that because Of
the scarcity Of currency, there wa:
going to be difficulty about moving
the cotton crop. There was created
an impression that the New York
banks which had been furnishing the
money supply. did not have it tt
spare. That meant low priced cottor
and the situation looked very gloomy
Then came the news that Secretary
McAdoO proposed to deposit $50,
900, 900 in the national banks, ant
things began to loosen up. There
came statements from certain quar-.
tiers that there was no use Of the Sec
retary's action, because the New
York banks had plenty Of money with
which to move the crops. The peo-
pie never fully understood the mat
ter; but the fact Of the business was
that the money trust" had determin-
ed to curtail the currency supply sc
as to reduce the original selling price
Of cotton, with a view to transferring
mainly to the northeast, the ad-
vantage of the rise that would follow
when currency became more free. Mr.
McAdoo's action was taken to check
mate this old, old scheme and give tc
cotton producers a larger share Of the
proceeds Of their labor. The money
trust did not relish those proceedings
even a little bit, as might naturally
be supposed.
It will be remembered that last
summer when, before the regional re-
serve system was in shape, the Euro
pean war came on, and 1t looked like
there was going to be a panic, Mr.
McAdoo averted the trouble by de-
posting in the banks millions Of AL
drich -Vreeland emergency currency
and it will be remembered how, later
on, he had to rebuke some Of the
banks because they used this 2 pei
cent money to pay their own 5 per
cent notes.
1t will be remembered how, during
the campaign of 1912, when Mr.. Will
son was telling of his plans for re-
forming the country's finance, some
mar in the crowd shouted that the
money trust won't let you," and Mr.
Wilson replied, Yes, and we viii
hang the money trust higher than
Haaman," or words to that effect.
1t is very we'll understood that the
money trust" is not at all favorable
to this regional reserve banking sys-
tenn. because the full and free opera
ton of that system will hang the
money trust higher than Haaman."
This whine about Treasurer Nc
Adoo and Comptroller Williams being
after the Riggs bank for personal
reasons is not creditable to the Riggs
bank, even If there were any founda
ton for it; but in view Of all the facts
and circumstances of the case, it is
about what is to be expected of the
money trust.