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"bond deposit made by bankers in order- that
they might issue national bank notes. Prior
to 1800 the banker could issue national bank
notes only to an amount equal to 00 per cent
on the amount of bonds deposited. Ho was
enabled to use that 00 per cent in his business,
loaning it out and investing it, and at the Bamo
time ho was permitted to draw interest on the
bonds deposited. Since the McKinley admin
istration came into power the law has been
changed so that the national banker may issue
$1.00 in national bank notes for every dollar in
government bonds deposited. In this way the
national banker is permitted to draw interest
on two dollars for every dollar invested by
him in bonds (not counting the' premium).
Perhaps in the contemplation of the na
tional bank politician that is not "getting some
thing for nothing" but the American people
will have to go through the primary class
again before they can be convinced that this is
not a very bad case of "getting something for
nothing."
One of tho banking bills introduced in con
gress and a" bill whioh has very general sup
port among national bankers and will again be,
urged, is that after national bankers, shall have
deposited a certain amount of bonds and issued
bank notes to tho full value thereof? they are
to be permitted to issue notes to a certain1
amount,' without any lond deposits notes 'for
which tho government would of course be re
sponsible; and the only security the govern
ment would have would be the so-called assets
of the bank, or the faith, tho honor and the in
tegrity of the bank officials. In the contem
plation of tho national bank politician this
would not be regarded as a case of "getting
something for nothing." Yet it- would take
considerable effort on the part of the most in
genious of these politicians to cqnvince the
average -man that it is not really an aggravated
case-of that kind.
W
Mr. Long's " Precept."
There is considerable criticism concerning
the form of the "precept" issued by Secretary
Long for the guidance of the Schley court of
inquiry. It is charged that this "precept" has
been arranged to tho disadvantage of Admiral
Schley, and it is not difficult to see that tho
form of some of its provisions, instead of lay
ing the groundwork for an impartial inquiry
assumes at the outset that Admiral Schley is
on tho defensive.
The Commoner does not believe that the
present form of tho "precept" need be seriously
criticised. Not that the form is not opon to
criticism, but it is not really material that tho
men who have sp long pursued the hero of
Santaigo Bay have bo arranged this "precept"
as to place Admiral Schley in tho attitude of a
defendant. It will all finally depend upon the
intelligence and the fairness of the commission
before whom this inquiry will be, had. If that
commission will permit all tho facts pertinent
to this controversy Jo come to tho front no ono
can offer serious objection and exact justico
will be done all parties to tho controversy.
vvnne it nas been said that no Berious oriti-
- The Commoner.
cism could be made of the present form of the
"precept" The Commoner would eaf that ono
very important omission is noticeable. Ad
miral Schley's purpose in demanding this, in
quiry was that he might obtain justice. That
"precept" should have provided that the com
mission inquire whether or not there was a con
spiracy among naval officers and attaches of
tho naval department for the purpose of in
juring Admiral Schley.
Admiral Schley is not the only man on
trial in this controversy. In fact so far as
Schley is concerned a trial is not necessary be
cause the history of Santiago Bay, not as given
by Maclay and historians of his stripe, but as
given by eye witnesses to that great battle, has
placed Admiral Schley beyond all necessity of
trial in tho estimation of the American people.
But this inquiry Tail have been a failure
unless the commission has the power to inves
tigate the oft repeated charge that a conspiracy
has existed in the nqval department having for
its purpose tho destruction of Admiral Schley's
reputation. Because the "precept" has failed
to provide for an inquiry on this point the "pre
cept" is incomplete.
It is. to be hoped that the omission will bo
provided for. It, wsjs humiliating to the Amer
ican people tnat so brave and capable an officer
asr Admiral Schley waa forced to- demand a
court of ; inquiry. It will be disappointing to
the American people if by reason of technical
ity the commission is unable to investigate tho
charge that Admiral Schley has- been the vic
timof a-naval conspiracy.,
W
Cervera on Schley.
Admiral Cervera who commanded the
Spanish fleet in Santiago Bay has been inter
viewed by the Chicago American. Admiral
Cervera declined to express an opinion con
cerning Admiral Sampson, saying "I do riot
know Admiral Sampson; I have never met him;
ho was absent conferring with Shafter when
the fight took place." This gives emphasis to
tho absurdity of a situation wherein the Ad
miral whose face appears upon the medal to be .
worn by the participants in that fight had never
even met the commander of the enemy's forces,
and who was "absent when the fighttook place.?'
It seems, however, that Admiral Cervera
does know Schley. In reply to questions as to
Schley's conduct, the Spanish. Admiral said:
"Actions speak louder than words; why not
apply it to admiral Schley."
Then tho Spanish Admiral added;
"Admiral Schley accomplished fully the work
allotted to bim, and therefore it does not seem
to me that there is any room for adverse criticism
at least from Oie American side.
"Understand that what I say is in light of this
distinction. As a Spaniard I- looked upon that
war as being as unjust as the war which England
is now waging against the Boer republics. Per
sonally, I shall never forget the geuerou3and
courteous treatment that was accorded to me by
the Americans, and particularly by Admiral
Schley,-
"He impressed. me as a gallant officer and a
high-minded gentleman to the fullest sense of the
phrase.
'.'A priori, I should say that a man of noble
principles and generous impulses cannot be
coward. To such men I would look' rather for
Castilian bravery. s
"The naval battle of Santiago was short and
decisive so short that there was no time for any
exchange of compliments; so decisive that I can
hardly believe that cowardice was thinkable. Tho
fight was over in about three hours and three
quarters.
"Had I been captured in the days of ancient
Rome my back might have been used as a step
ping place for the conqueror mounting his horse.
"Admiral. Schley treated me on terms of 'ab
solute equality.
"His flagship, the Brooklyn, was west in the
blockading lino, and was, therefore, the most ex
posed. She was engaged in a running fight with
the Viscaya and the Colon. "When the Brooklyn
and the Oregon got within range of the Colon they
opened fire, and the latter was compelled to run
ashore. The Christobol Colon also struck her col
ors to the Brooklyn and the Oregon.
"The Brooklyn, holding the westward block
ading position, was within range of- our ships and
batteries all the time, though our ships lacked
certain things necessary for full effectiveness.
"Admiral Schley showed ability and thorough
ness, j
"I have never met Admiral Sampson. He was
absent conferring with Shafter when the fight took
place.
"If any one should grumble, it is I; but I have
said my say in the document published under tho
title of 'Guero Hispano-Americana.'
"Physical and moral courage are two different
qualities. , There Is no need of using a microscope
to discover both in the action of Admiral Schley."
W
Grave Perils For England.
.. A London cable to tho .Chicago; Tribune
states that England is facing a grave peril in a
threatened war in India, the fact of which has
long been kept secret from the public, In this
cable it is said:
"It is remarkable how successful the British
government has been in keeping from the general
public knowledge of the threatened peril which
has given it the greatest anxiety for several weeks
past, and which was alluded to vaguely a weak
ago. While those on the inside are sjjle 'now to
speak with more deflniteness, they still are under
obligation to maintain .a certain reserve. The
facts are the&e:
"The government felt itself compelled aearly
a month ago to arrange for the early withdrawal
of 70,000 troops from South Africa. Much to the
annoyance of the war office, the fact became
known and it was hailed at first as a peaceful
omen. It was tho purpose of the government,
however, not to bring the men home, but to send
them, if necessity dictated it, to India." '
It .would indeed be a surprise if troubles
did not multiply upon Great Britain. It is
not in the least surprising that after Britain's
offense in South Africa it has been required
not only to pay tho penalty of humiliation in
its effort to conquer the Boers, but is also con
fronted by new and even graver difficulties in
other qua'rtcrs.
When Paul Kruger said that if Great Brit
ain conquered tho Boers, it would be at a price
that would stagger humanity, he was a prophet
The price already paid by Great Britain in
South Africa has staggered humanity. Tho
British taxpayers are,, already tottering under
tho load and tho indications are that new and
greater burdens will rapidly fall upon British
shoulders as a result of British wrongdoing.
III