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The Commoner.
WILLIAM J. BRYAN, EDITOR AND PROPRIETOR
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VOL 7, NO. 50
Lincoln, Nebraska, December 27, 1907
Whole Number 362
CONTENTS
THE CURRENCY QUESTION
OKLAHOMA PIONEER
FAVORING NEW YORK
THE SUBSIDIZED PRESS
A REVENUE TARIFF
CAMPAIGN FUNDS BY GOVERNMENT
COLONEL A. S. COLYAR
MILLION ARMY PLAN
WASHINGTON LETTER
COMMENT ON CURRENT TOPICS
HOME DEPARTMENT
WHETHER COMMON OR NOT
NEWS OF THE WEEK
"A HAPrY NEW YEAR"
a twelvemonth full of peace and plenty
to every reader of Thp Commoner; and to
every other one throughout the wide, wide
world!
NO CENTRAL BANK
The comptroller of the currency has recom
mended a central bank but his recommendation
is not likely to be favorably received. Even Con
gressman Dalzell, who is called an ultra-representative
of the corporate interests, is quoted as
saying that Andrew Jackson has not been dead
long enough to make a central bank popular.
No, the lesson that Andrew Jackson taught is
not yet forgotten. His fight against the national
bank the gre'at bank of his day formed an
epoch in our history, and the fight would have
to be made over again if we allowed one to be
established. A central bank with branches
throughout the country would soon absorb the
business of the country and give us a money
trust even more despotic than the present one.
While it is not at all probable that the repub
lican leaders will agree upon a plan for a na
tional bank, it is well for the democrats to be
on their guard and ready to give a united opposi
tion to anything that looks toward the establish
ment of a central bank.
oooo
CIRCUIiATE PETITIONS
D. Guthrie of Superior, Neb., writing to The
Commoner makes this excellent suggestion: "In
your last edition of The Commoner you say wo
should all write our senators and congressmen
to work for the government to guarantee the
bank deposits. We find in talking with the
bankers as well as the people of both parties that
they favor this measure and we believe we could
get up large petitions signed by democrats and
republicans and believe each petitioner should
state his politics. Could you not urge through
the next Commoner to get a petition in every
town in our state as well as every other state?
I will be one that will try and see every voter
in our precinct."
It would be well if a petition were sent from
every town and precinct in the United States.
The petition might be addressed to the senators
of the state and the representative of the par
ticular district in which the petition is circulated.
It should urge them to give their support to the
immediate enactment of a law providing, under
proper regulations, for the guarantee by the gov
ernment of .deppsitstin national banks.
TRAILED HOME
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He can't dodge the responsibility this time
THE CURRENCY QUESTION
There are two phases of the currency ques
tion which are demanding attention. The first
relates to the kind of currency we shall have.
For years the banking Interests have been en
deavoring to secure an asset currency. After
they found that they could not bring the coun
try to the approval of an asset currency as a
permanent currency, they changed their tactics
and asked for it as a temporary currency. They
have magnified the importance of elasticity nnd
sent out long discourses on the injury done to
the agricultural sections by a scarcity of money
during the period of crop moving. The very
men who shouted themselves hoarse declaring
that wo had plenty of money in 1896 have been
clamoring for the right to issue more money
even when the per capita circulation has in
creased more than fifty per cent. These finan
ciers have seized upon the present financial strin
gency to force their plan through congress, but
they have not deceived the democrats, and it is
evident that many republicans understand the
plan. Steadfast resistance ought to bo offered
to any plan that contemplates ja. change in the
basis for the bank note circulation. The presi
dent indicates that ho Is willing to approve of
a measure which will permit the issue of tem
porary bank note currency on bonds deposited.
While this would be better than currency issued
on the general assets of the bank, it is not neces
sary to make even this change. Whatever elas
tic currency is needed ought to be supplied by
the government by the issue of United States
notes like those now in circulation, and these
notes can be loaned to not only national banks
but state banks. In fact, the security being
regulated by law and the Interest fixed by law,
there is no reason why the loan should not bo
made to Individuals as well as "to banks, and
surely there is no reason why such loans should
be confined to national banks. We already have
the United States note in circulation, and it is a
legal tender. The bank note Is not a legal
tender, and being redeemable not specifically in
gold or silver but In lawful money, was never
better than the greenback during the war, for
the banks exercised the right to redeem their
bank note In greenbacks.
There is another kind of emergency cur
rency that might be provided for, namely, emer
gency currency issued upon government bonds.
If banks were allowed to keep a part of the
reserves in government bonds and allowed to
deposit these bonds as security for a loan of
bank notes whenever they needed to use the
reserve, they could make as much money on
that part of the reserve as they now do upon
the reserve loaned to other banks. According
to the present law banks are allowed to count
as reserve money deposited in the national banks
of reserve cities, and they avail themselves of
this law in order to draw Interest upon their
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