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14
The Commoner.
VOLUME G, NUMBER
Nebraska Bankers and Asset Currency
! Tho Nebraska Bankers association
' in session at Omaha listened to an
' address by J. H. Eckels, former comp
' trollor of tho currency, and now a
1 banker at Chicago. Mr. Eckels Bpoke
in favor of the asset currency plan
Tho committee on resolutions roport-
od as follows:
"Wo recognize tho great differences
between stringent money situations
brought about in the ordinary course
of business and the critical conditions
. which exist in tho times of bank pan
ics, when money needed in commer
cial business is arbitrarily withdrawn
and locked up by frightened bank de-
positors. In such times an extra mon-
. ey 3unnly is imperatively demanded
to prevent-business stagnation and
-xtA- actendants, bankruptcies and
losses.
"We therefore recommend the adop
tion of tho following resolutions:
"Resolved, That we are opposed to
the issue in time of financial peace,
like the present, of any bank .note
currency, except that now authorized,
secured by a deposit of United States
bonds.
"Resolved, That we favor legislation
by congress authorizing the issue of
an emergency circulation which will
be taxed so heavily that it would not
be issued except? in time of great com
mercial stringency and impending
panic and would be retired when the
Mama, Be Warned!, Pro
tect the Little Ones!
m
i
AM XV Don't ie frightened"
but be warned 1
Every Mother knows, or
should know that the terrtb!
Mortality among children is caused .by.
Stomach and Bowel troubles. Colic, Sour
Curd, Cholera Infantum, Summer Com
plaint, Measles, Rashes, Scarlet Fever
even Mumps have their first cause in
constipation. , . , .
The Delicate Tissues of 'a Baby'3
Bowels will not stand roiigh treatment.'.
Salts are too violent, and Castor Oil
will only grease the f passages, but fWlll
not make and keep them "Clean,- Healthy
and Strong. ' -
There is no other medicine as safe for a
child as Cascarets. the fracrant llttl r.rmri,.
Tablet,-- that has saved thousands of families
from unhapplness
The Nursing Mother should always keep'
her Milk Mildly Purgative by taking a Cas
caret at night before going to bed.
No other medicine has this remarkable
and valuable quality. Mama takes the
oascaret, Baby gets the Benefit.
Cascarets act like strengthening Exercise
on the weak little bowels of the jrmj
babe and make them able to get lulhe
Nourishment out of Baby's Natural Food.
Larger children cannot always be watched,
and will eat unreasonably. The Ready
Remedy should ever be at hand-Cascarets
-to take care of the trouble when It comes.
No need to Force or Bribe children to
take Cascarets. They are always
moethan ready to eat the swf ui k
of CanUv. V
Hnmp'le -. t.
.- vm uompieie without (he ever
ready Box of Cascarets. Ten centsluys a
"""" wuo " ie corner Drug Store.
w wy WCUCIUI 10 CTAt iho. ,J
made only bylhe Sterling" JS1
pany and never sold in hfiiir c ,.
tamped "CCC." y ,aD1CI
743
conditions requiring its, issue ho longer
existed.
"Wo further rccommond tho adop
tion of the following resolution:
"Resolved, That we favor the repeal
of the provision in the national bank
ing law limiting the redemption of na
tional bank notes to $3,000,000 a
month."
A heated debate followed this re
port. D. :R. Forgan, vice president
of the First National bank, of Chi
cago, was presented, and he made a
speech in favor of asset currency.
Henry "W. Yates, president of the Ne
braska National bank of Omaha, op
posed -asset currency. He said that
the United States does not need -any
more money. He said the credit
money of the country is now over $19
per capita, far in excess of that of
any other nation of standing, tho near
est approach to it being Canada, with
about $12 per capita. Not only has
this country enough money, but he
believed that in time, when its bank
ing institutions had acquired the prop
er solidity, they would be able to trans
act ten times the present volume of
business on one-half the present vol
ume of currency.
E. B. Gurney of Fremont offered a
substitute resolution endorsing -rthe
American Bankers' association plan,
and spoke at length in its behalf. He
declared that every year saw recur
ring periods of monetary stringency
on account of specially stimulated
business activity which threatened the
safety of the nation's business insti
tutions and which would be remedied
by the plan nroposed., He said it the
report of the resolutions committee
was' adopted "ttie American Bankers'
association would be made ridiculous.
The report of the resolutipns com
mittee was adopted.
ECKELS ON ASSET CURRENCY
J. H. Eckels, formerly comptroller
of the currency, delivered an address
before the Nebraska Bankers' associa
tion .at Omaha. Referring to this ad
dress the Omaha World-Herald said:
"If this is tho best that can be said
in behalf of the currency program,
the case is certainly a weak one.
"In the first place, Mr. Eckels es
tablishes no ground showing the ne
cessity for additional currency. If
such a necessity were in existence
he undoubtedly possesses the ability
to demonstrate it. He knows and
every other banker knows that the
quantity 'of circulating medium now is
greater than this or any other, civilized
country ever had, while the quality
is the very best. He knows that in
proportion to population we have 50
per cent more money in circulation
now than we had ten years ago, when
he and other so-called sound money
advocates declared there was an
abundance of money.
"Mr. Eckels pleasantly admits that
the plan of issuing credit currency
may enable the banks to make some
money, but he blandly inquires. 'Why
they should not be permitted to make
mqney while the farmers and business
men are making money." The reply
to that is that, as far as business men
or farmers are concerned, no special
ivlJCBa u.re asKea, wnue the allied
bankers are asking congress for a
special privilege to use a government
function to make money out of.
"The fact is, as any memoer- of the
bankers' convention, can demonstrate,
that the money supply of ti(e country
Is adequate for legitimate ; purposes.
When the stringencies arise they are
in New York. When they arise there
it is because the great New York
bankers have loaned out too much of
their resources to gigantic gambling
enternrises. o Hint win tho. .
- w - - .. ..uu mo itjai, Ul
he country galls for the money which
great bankers feel 4 the . pinch, and
rather than call in their gambling
loans, they want tho privilege of is
suing their notes to bridge over the
period. The very thing they want is
what the rest of the country does not
want. These occasional stringencies
in New York are a good thing. They
perform a good service. They pull,
up Wall Street gambling operations
with a short turn and check specula
tion. VThe banks which make money out
of speculation or speculative loans
want credit currency to do it on. If
they could get it they would be in a
fine position to control nrlnoa .Hnfntn
markets and make money, but the
west, which is on a sound basis, is
against it."
ENFORCE CRIMINAL LAW
Under date of Chicago, November
17, the Associated Press . carried the
following dispatch:
William Jennings Bryan stopped
over in Chicago long, enough today to
again express his appreciation of
President Roosevelt.
"Mr. Roosevelt's determination to
enforce the law against the Standard
Oil company is particularly commend
able," said Mr. Bryan. "I might al
most say it is hullv. t imvo .,.
failed to give Mr. Roosevelt credit for
uie gooa tnmgs he has done. More
than any other man he has educated
republicans up to the democratic
standard. Mr. Roosevelt is not as rad
ical as the democratic party, but the
good things he has done in attacking
the trusts have been founded on the.
policies we have been contending for
these many years. I am deeply inter
ested in this Standard Oil case. While
I do not know what evidence the gov
ernment has, I hope the law can be
enforced this time, the criminal as
well as the civil law. Very little can
be accomplished bv ltnnnRjni flnoa
on great corporations for their viola-
liuii oi me laws, in the case of the
Standard Oil company, for instance,
wuuiu do possible ror the corpora
tion to more than make the fines out
of the people and in less time than it
takes to pronounce the sentence. Im
prisonment should be insisted on if
the trust's managers are found guilty.
Democrats have all along contended
that the criminal manager of a trust
should be sent to prison just like any
other criminal. This can be done
under the Sherman law. We have
tried to have this seqtion of the anti
trust law enforced. I hbpe Mr. Roose
velt will see that it is done in this
case."
Mr. Bryan sees nothing but Silver
lined clouds of the political heavens
tnese aays. Democracy's star is mov
ing rapidly toward th6 zenith, he
thinks, and should be directly over
head early in November,' 1908.
He declared the recent" election had
been a most heartening one. "The
whole "trend of the voting was demo
cratic," said Mr. Bryan. "If the dem-
SSP1908f2"igi,liPreadil frm no un
til 1908 as it has spread in the C
two years, the party will have JS
than an even chance of victorv i ?T
next national campaign' y ln tho
"Who will be the democratic stand
ard bearer in 1908?" was asked.
Mr. Bryan smiled and said: "That-,
a long way aheadtoo far aheiVi tl
discuss now." Gad to
"Would Mr; Roosevelt be the strong
rleTdIdate th S
"Not necessarily. But Mr. Rooso
velt probably will not be the candt
date. He has said that he would not
be, and I take it he means it. In any
event the argument against a third
term still holds as it always has."
PATENTS fhaf Drwt-.
JJ.5.&A. B.LflCEY,Wnshlngtnn,P.C. Estab. 18B9.
LIFE AND SPEECHES
OF
W. JL BRYAN
SlVhinl octav. 465 pages, published In 1000,
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it SS,C0S,esJ last Sf Publisher's stock at Bteatl
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THE PRIMARY PLEDGE
I promise to fettjufc a the' primaries of my party to he held between I
CM. wcluucrauc jwauonai convention, unless unavoidably
prevented, and touse,-my influence to secure a liclear. honest and
straightforward declaration of the park's position on every question
upon which the voters of the 'party desire to speak. ' ' - J
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