Wf
V-
Commoner.
The
VOL. 7, NO. Ai
WILLIAM J. BRYAN, EDITOR 'AND PROPRIETOR
Lincoln, Nebraska, November 8, 1907
, Whole Number 355
;.,, CONTENTS
s -
THEASSET .CURRENCY SCHEME . . .
r A 'question OF RANK
BUSINESS
CYCLONE MONEY
- PRETTY SENTIMENTS
PRESIDENT BUTLER'S DANGEROUS
TEACHINGS
STAMPED WITH FRAUD
NO LONGER AN EXCUSE FOR PUTTING
OFF TARIFF REVISION
STOCK GAMBLING MUST GO
A PANIC COME HOME TO ROOST
WASHINGTON LETTER
COMMENT ON' CURRENT TOPICS
: V HOME DEPARTMENT
WHETHER COMMON OR NOT
NEWS OF THE WEEK
A GOOD EXAMPLE
The Springfield, Ohio, Trades and Labor
Assembly sets a good example to similar bodies
throughout the country. The assembly is made
up of. delegates from the various trades unions
d-th:city affiliated with the American Fqd'era
tion of Labor. Each, year this delegate body
manages a Labor Day celebration, and the pro
ceeds are devoted to maintaining a free lecture
course during the winter months. The lectures
are upon economic questions of interest to work
ingmen and calculated to educate 'them along
lines of higher citizenship. The Commoner
commends this plan to the central trades unions
of every city in the country and urges them to
follow the example set by the enterprising and
patriotic trades unionists of Springfield.
OOOO
AND THE SYSTEM GOES ON
The New York financiers have exploited the
public and" each other Aintil the bottom of the
market has dropped out. Then, when the panic
came a few big operators rushed into the street
and saved the country (and themselves). The
metropolitan papers are now singing the praises
of these financial saviors but the "system" goes
on. The big magnates will not tolerate any
legislation which will protect the public, and as
a result the country is being driven to govern
ment savings banks.
OOOO
HOW CAN IT BE?
Not a single schedule of the sacred Dingley
law disturbed. A republican president in the
White House, and both branches of congress
safely republican.
(And currency payments suspended in spite
of it.
Can it be that the Dingley law Is not in-'
fallible, and that the republican party's boast
of being 'in alliance with the Almighty is un
founded In fact? '.'-'
OOOO
GREAT NEED OF BOTH
Mr. Bryan declares that ho finds greater
satisfaction in talking on religion than on gov
f ernment. Well, do we hear any objections?
Chicago Evening Post.
Considering the source bf-the above The
"" Commoner opines that there is great need of
talk, in favor of both good government and religion.
,., . ! ! jl. II ' '" P"" II I I ! IIIIWW ! - I "
"We'll none of us be safe from him until you use druMtlc measures, neighbor"
'The Asset Currency Scheme
' There is such a similarity between the edi
torials in the city dailies demanding an asset
currency as to suggest that the editorials are
written in response to a suggestion from the
money centers. The big financiers have either
brought on the present stringency to compel the
government to authorize an asset currency or
they have promptly taken advantage of the
panic to urge the scheme which they have had
in mind for years. Several years ago Secretary
Shaw stated that we must either have a perpet
ual debt or the bank notes would have "some
other basis." The "some other basis" referred
to is the asset basis. When it became apparent
that the public would not tolerate an asset cur
rency the financiers asked for an emergency
currency based on assets. This was only a
subterfuge and the republican leaders were
afraid to press it at the last session. Now It
i; to be brought forward as if it were a new
remedy, just thought of las a panic cure. It is
a panic breeder insead,'ora panacea; it would
aggravate rather than relieve the situation. It
would increase the bank's liabilities just at a
time when depositors are fearful that the bank
can nor meet present liabilities. The need of
elasticity has been very much exaggerated; if
banks would prepare in advance for "moving
crops" and for such other futur) demands as
may be reasonably expected they would not be
confronted by so many "emergencies." The
trouble is that they loan to the limit in ordinary
times and therefore have no reserve available
for the unusual demands. Another trouble
is that the banks are encouraged to keep a largo
part of their reserve in reserve cities and there
fore a shock Jn any of the big cities disturbs
banking everyhere. Just now the country banks
can not use their reserves because the big city
banks will not allow deposits to bo withdrawn.
When the same money is counted over and
over in the reserves of several banks the with
drawal of one thousand dollars results in shrink
age of several times that sum.
The democrats should be on their guard and
resist this concerted demand for an asset cur
rency. It would simply increase Wall Street's
control over the nation's finances and that con
trol is tyrannical enough now. Such elasticity
as is necessary should be controlled by the gov
ernment and not by the banks. The govern
ment could furnish a certain amount of elasticity
by increasing and decreasing government de
posits according to the needs of business; or
it could provide for the temporary issue of
treasury notes on government bonds whenever
an holder of bonds is willing to surrender the
interest; or it could issue treasury notes in any
emergency. But none of these plans will suit
the financiers; tbey insist upon absolute con
trol of the nation's finances they to reap the
advantage while the public bears the. burden and
takes the chances.
But the democrats jn the senate and house
are in duty bound to look at the question from
the standpoint of the people, and oppose the
!
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