South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-10-21
REGIONAL BANKS AND PROSPERITY.

Assuredy. we desire commend to our republican
friends a complete reading Of the address by See'y
William Gibbs McAdOo the L. 5. treasury depart
ment as 1t appears elsewhere this today. 1t
is the address delivered by the secretary the high
school auditorium. We glad to have member of
presidents cabinet here and add his conhrma
have been saying right along regarding
the hypocrisy involved the carping criticism in which
Mr. Hughes and the republican party assiduous
sec'y of the Treasury McAdoo went quite at
length into the way in which the federal reserve
bank law has contributed greatly prosperity
the country and how without this law, and the federal
bank, the could not have brought this
prosperity to us Panics not matter Of tariff, or
"a a matter currency and the public
availability of the currency 1t was true in 1898 it was
true in 1907. 1918. The tariff has
merely served Wall ST., a cloak behind which to hide
its money manipulatons. only in 1907 it slipped
and went of its money grabbing rampages for
another purpose which Pres't Roosevelt the tune of
the elder J. 2. Morgan, readily gratihed
The plates for bonds issued by Grover Cleveland
i'm 1903 were prepared and made by Prest Benjamin
administration before Grover Cleveland
elected 1892 Those plates prepared in anticipa
ton OF the very panic which later came because
OF the tariff but because Europe the Bal
kan wars the gold Of the world in antic
patton OF its being needed the powers
drawn that war which seemed likely. but was
temporarily avoided. course. after Harrison was
defeated for reelection. held the bond up
7rord Mr. Cleveland the of issuing them mean
while reducing the gold in the to S5OO0OOO0
a pittance in governmental affairs
Cleveland the pleasure of being president during
that unfortunate period which broke before the
end Of his term McKinleys prosperity being the result
OF the money powers Europe after the Balkan
alton was thought settled again unloosng their purse
strings gold being discovered Alaska. guam
titles, as a sort Of an appended
Pres Wilson Office under pretty much the
same conditions. Europe was again hIlng Golfers
with American sold in preparation for the that
is. That American nnanciers have lived in con-
anticipation Of this mixup evidenced by the
fact that the great American insurance companies,
closely allied with the great banking interests have
business Europe since 1898 without the
inclusion or a clause eNemptng them case of
military service. And with a Europe
only year removed when Wilson became president
the old stringency developing with Wall St
pulling the strings had confronted cleveland. We
too. quite keenly the winter of I913-14. and
might have been feeling it yet while Wall St would
gone Ioaning It's money TO Europe at enormous
rates had the federal law called halt
the latter part 1914. when it became effective
The regional banks established under this law, to
the reserves Of local banking each
for is region simply broke the graft OF Wall St.
md the money stringency The money has
since for the people in Iegit
innate business operations rather than by Wall spec
uIators. That our prosperity comes from We
spite OF the war, account Less
three per OF export trade the war
began has been OF the contraband conditional
traband order. with the hghtng powers Lack Euro
ps&n competition has doubt helped the prosperity.