The Waterbury Democrat., 1936-04-27
NEW MONETARY SYSTEM BOUND TO TAKE PLACE OF OLD ONE
 Waterbury, Conn.
 April, 27, 1886.

Editor, Waterbury Democrat:
 We have had demonstrated to us in the last year that control of the amount of money in the country or bank credit, whichever you want to call it, can no longer be trusted to Wall street financiers or to bankers. These gentlemen were allowed to run things very much as they pleased from the passage of the National Banking Act in 1863 until they finally succeeded in busting nearly every bank in the United States on March 3, 1883. We are going to have some startling re- forms in money and banking. Whether they will take the form of a new and thoroughly sterilized and fumigated gold standard, with rigid control over the export and import of gold, or whether the government will adopt a rubber" or accord ion" commodity dollar which will be changed every 30 or 60 days in value so as to keep prices and wages steady has not yet been determined.
 But one thing is certain-we are not going back to the worship of the golden calf, (the old deal a la Hoover), and to the rule of the magicians and witch doctors of Wall Street, who made money and credit into king of black magic, my stery not only to the people they skinned but even 8 mystery to themselves. The reason why we are not going back to that condition is not that we are so much wiser or moral than our fathers or our grandfathers, but simply because conditions have so changed that the old hit-or-miss money system is impossible any longer. That system fitted the age of oxcarts and sailing ships fairly well, although it was not perfect even then.
 It simply will not work today. Modern civilization can only be kept going by continuous increase in the spending of money by all groups of society. The whole set-up of the old banking and money system was to encourage hoarding rather than spending. We have got to make money easier to get and create more and more inducement to spend it rather than save it or our whole business system will blow up. This may be good or bad who knows?
 But good or bad 1t is condition, not theory, and the reason we cannot go back to the old system of finance was well put by J. P. Morgan, ST. father of the present "J. F." when he said 25 years ago You cannot unscramble eggs."
 Today the world has come to the end of an era. The industrial age has revolutionized the condition of mankind. Labor can produce easily more than man can use for his present necessities according to the economic set-up in vogue. Labor statistics tell us we will always have 12,000 900 unemployed in the United States of America. They cannot be annihilated or neglected.
 We have laws protecting and car- ing for the birds of the air, the beasts of the fields, and the lilies of the valley. We must have fun damentaol solid method of caring fro these 100000 people. Eight million are men and women over 60 years of age. We cannot care for them by the methods of an era that is passed. The old tools and the oil and gasoline that made the economic motors spin up ti 1929 can nolonger perform the task. Quoting the greatest authority in this coun- try The Congressional Record of the United States, the the Hon. Theodore L. Moritz of Penn. states that "The profits from machines are greater than from the labor of men and women and children. These profits must be so distributed as to care for those whose places have been taken by mechanical devices. Unless this is done-and speedily the people cannot much longer have patience with the slow functioning of age-worn constitutions and laws that do not meet present day re- quirements.
 A speedy, radical change is im- minent in our systef of government unless the people, who are the gov-