The Bridgeport evening farmer., 1916-11-02


jeopardy the great prosperity which
is now enriching the American PEG
pie? Can they afford to be put back
into bondage to Wall street? Would
it not a senseless thing for the Amer
lean people to take an unnecessary
| chance like this? What inducement is
there to make this change?
Why do 1 say that Mr. Hughes an6
the Republican party will establish q
central bank if Mr.. Hughes is, elect
| ed? Because the Republican party
has always stood for Wall street and
a central bank, and Wall street has
always stood for the Republican party
and a central bank.
| Wall street has always dominated
| the Republican party and is support
ing Mr.. Hughes solidly today We
must judge Mr.. Hughes and the Re
publican party by their attitude and
actions, if we are to correctly appraise
| the future. Nearly every Republican
| in the Senate and in the House of
| Representatives voted against and de-
| nounced the Federal Reserve act Gov
ernor Willis, of Ohio, then a member
of the House of Representatives said
on December %, 1913, the day the
| Federal Reserve act was passed, 81
shall not support this bill' (the cur
rency BILLY, "Mr. Speaker, because it
represents a regeneration and revivifi-
cation of the ideas of initiation and un-
sound finance that were shot to death
in the campaign of 1896"
Senator Burton said in the Senate
on December II, 1913, eleven days be-
fore the Federal Reserve act was
passed: From every standpoint the
ho, mil
tageous to this country. *** This sys-
tenn will cause a serious wrench in the
banking system which has been built
up with great care, the result of a
process of evolution in American bus
mess, and which, barring two or
three defects, is as nearly perfect as
any in the world. I emphatically deny
that our banking system is defective
in it's general provisions; and the de-
velopment of the country denies it,
Senator Root on December 10, 1913,
nine days before the passage Of the
Federal Reserve act said: "I say that
this bill presents the financial heresy
twice repudiated by the people of the
United States. 1 say that the Central
Reserve Board, appointed under this
bill will have to represent that very
heresy. If this bill passes as it stands,
American stands to lose all we saved
when Grant vetoed the Initiation bill,
all we saved when Grover Cleveland
abolished the Silver Purchase, all we
savedA when we elected Mckinley, all
the Republicans, all the Gold Dem
ocrats, saved when they helped in the
Reputation Of the vital principle
which has been put into this BILL
Every prediction of these Repub-
lican leaders, and of all the Repub-
lican orators of the Senate and House.
has been falsified by the actual fact
of the successful establishment and
operation of the Federal Reserve
banks, and the magnificent prosperity
that has followed. They are all dis
credited prophets and yet they are the
same people who are now prating
loudly that our prosperity is only
temporary and that it is built upon
the sands.
The demand of Wall street for
single central bank is not dead; it is
merely sleeping, and will be gratified
if the Republican party regains pos
session of the government.
With this great Federal Reserve
System securely established and main
tanned, the prosperity Of this country
is founded upon an impregnable rock.
Prosperity and Return of Peace
We have nothing to fear from the
return of peace in Europe, because
our prosperity is based upon the
strongest financial system, the strong
est economic fabric and the greatest
natural resources of any nation in the
civilized world. But Mr.. Hughes SOL
emily warns US that our prosperity is
merely temporary" How does he
know that it is? How can be foretell
the future? The very assertion dis
credits him because he assumes a
power of infallible prophecy which be-
longs to God alone. RE is a candidate
for the presidency the prize for which
some men in this country have been
willing to sell their veracity and their
souls. Mr.. Hughes has no convinc-
ing issue. He has advanced no rea-
son that appeals to the judgment Of
his fellow citizens for turning Pres1-
dent Wilson out and putting Mr..
Hughes in. What must he do, there
fore, to make an impression? His
one hope is to excite the fears Of the
American people, and make them be-
lieve that he is the only man who can
save them. Mr.. Hughes cannot guar
antee the prosperity or the future
of the country. Neither can the Re-
publican. party. The Roosevelt panic
of 1907, the worst in our history, is
conclusive proof Of Republican incom-
petence. We finite human beings can
only prophesy as to the future upon
the known conditions Of the present
Every known condition favors a con-
tinuance of prosperity If we keep in
power the experienced statesman who
has with such signal ability re-estab-
lished the prosperity in the country
and keep the nation at honorable
peace.
A few fundamental facts disprove
Mr.. Hughes assertion that our pros
perity is built upon sand.
The United States is today the
strongest financial power in the world.
This is shown conclusive1y by the fact
that we actually possess more than
50, 1886 100000 of gold, which is about
one-third Of the entire gold stock of
the world. If the war continues an
other year we may have one-half the
entire gold stock of the world; and if
it keeps up longer, there is no telling
how much of the gold of the world
we will own. We are no longer a
debtor but creditor nation. We now
hold, and can continue to hold, the
dominant position in world finance. J
The other strong nations have entered
the debtor class and must continue to |
be large debtors for years to come. |
So long as we are dominant in world |