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The Commoner
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Democracy in Banking
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RURAL CREDIT LEGISLATION
i In ,tho noxt issuo of The Commoner will 1)0
'found nn extraordinary speech on "Democracy
in Banking" by Honorable John Skclton Wil
i'jams, comptroller of the, currency. It was de
livorod before the annual convention of the
North Carolina banlcors in the house of repre
sentatives at the cnpltol, Raleigh, on May 13th
iast'. it deserves reading every word of it. It
will give tho readers of The Commoner an under
standing of tho point from which tho reserve
board will look at the new currency system. As
comptroller, Mr. Williams will have a large part
in tho management of the central reserve banks
which Buperviso and regulate tho entire system.
Mr. Williams' arraignment of the old system of
finance, for which the new system is substituted,
will be read with grateful appreciation by those
who hnvo for twenty years been engaged in fight
ing tho money power. What a change has taken
place! When the struggle began every man who
dared to criticize tho despotism of Wall street
was denounced as a demagogue and a disturber
of tho peace, but today investigation and revela
tions have made the American people acquainted
with the methods employed by the members of
the little group who ruled the financial world.
Mr. Williams, since making this speech, has had
occasion to learn of the radical change taking
place in public sentiment. One of the most
prominent financiers of the west wrote to him
saying that if he read Mr. Williams' speech a
year or two ago he would have said: "Poor
Williams, what a demagogue he is," but that he
himself has become convinced" of the soundness
of the position taken by Mr. Williams. All of
the .financiers who were not in the pool will soon
,be thanking the president and congress for the
relief the new law has brought their voices
will be added to the chorus that is already rising
from the mass of the. people who see in the new
declaration of independence emancipation from
tho invisible government that has been preying
upon them. The. country is fortunate in having
in so influential a position a man like John
Skelton Williams, who knows the methods that
have been employed and has the courage to rep
resent the people instead of the special interests.
W. J. BRYAN.
" SHALL ILLINOIS DEMOCRACY COMMIT
SUICIDE?
Tho attention of Illinois democrats is again
called to tho peril of tho senatorial situation.
The failure of tho progressive democrats to get
together on a candidato is a' real menace to the
party in tho state. It is inconceivable that Roger
Sullivan should be elected, now that senators aro
chosen by popular vote; the only effect of his
candidacy would bo to forfeit tho party's chance
to oloct a senator and carry down to defeat the
democratic candidates for congress and other
qflkos. Mr. Sullivan Is a relic of a past political
'era a survival of tho odious and odorous days
Whfcn plundorbunds gained political ascendency
through public officials. Ho is commander-in-chief
of such of tho forces of ovil as have taken
up their political rosidenco in tho democratic
party. Ho is tho exponent of that favor-seeking,
privilege-hunting group of which representatives
aro to be found in every largo city, a group that
has ho political convictions and can be expected
to support only those officials through whom the
public can be overreached. Tho democratic
party can not stand for this", and to make Sulli
van tho representative of the party for such an
ofiico as United States senator would be to con
fess judgment in advance and invite contemptu
ous repudiation at the polls. He can not secure
tho nomination without the expenditure of more
money than tho law permits, and an olection
"would cost him vastly more.
But even this is not tho end. The disaster en
tailed by Sullivan's selection at the primary
would not end with his nomination. Such a
victory would enablo him to dominate tho organ
ization of the party and givo him a chance to
project his ovil influonco into tho years to come.
Just at this timo, when corrupt political bosses
nro being drummed out of tho party in other
states, it would be a crime o put Sullivan at the
head of tho Illinois division of the splondid army
which is now fighting the people's battles at
WaBh'ngton and throughout tho land. It- is im
perative that tho progressive democrats get to
gether on a candidato and defeat Sullivan.
W. J. BRYAN.
STATEMENT OF GOVERNOR DUNNE ON THE
SENATORIAL SITUATION IN ILLINOIS
For several months past my advice has been
bought by democrats from different parts of tho
Jtate in reference to the course which should be
pursued in relation to the selection of a United
btates senator, and to all democrats seeking such
idvico I have been free to say during all these
months that, in my judgment, it would be the
part of wisdom and justice to tho party to select
4 candidate for the senate who lives outside of
tho county of Cook.
Geographical locations have always been con
sidered in the selection of candidates. At the
present time, and under the present circum
stances, the importance of taking geography
into consideration is more than ordinarily press-
Illinois is a great state with nearly six mll-
5Sn8i o, fpoo,ple an P"bc Positions should bo
filled with due reference to all portions of the
etate. Most of tho state offices no v filled by
democrats are- occupied by gentlemen who live
in the -county of Cook. The positions of gover
nor, lieutenant governor, secretary of state, state
auditor, and one of the United States senator
ships are filled by men from Cook county. The
speaker of the house is also from Cook county.
The only state, offices now held by democrats
who do not live in the county of Cook are the
two congressmen at large, the attorney general,
and the state treasurer, the term of the latter
office expiring at the end of the present year,
1914.
In view of the great preponderance in .the
present incumbents in favor of Cook county, I
have been of the opinion for some time past,, and
have so advised, my democratic . friends, that
the next United States senator should be select
ed from among the candidates who reside out
sido of Cook county.
There ought to be, and is, good material down
state from which such a candidate should be
selected. Democratic sentiment should unite
in attaining this end. To select a candidate
from Cook county, in view of the tremendous
prepondernce of offices now held by that county,
will, in my judgment, create a feeling of un
rest and dissatisfaction among democrats that
may militate against our success at the polls
next November.
It is exceeding important that a senator he
selected who is in hearty sympathy with the
progressive policies and clean administration
Mr BTan Wllson' and his secretary of state,
It would be most unfortunate if the feeling
of dissatisfaction on the part of democrats in
central and southern Illinois over the unfair
apportionment of the offices to one portion of
the state should weaken our position at the polls
in the selection of a United States senator
I earnestly hope that candidates for the sen
atorship and the rank and file of the democratic
party will cooperate in the selection of some
strong, capable progressive democrat outsidTof
Cook county to lead us to the polls next Novem
fore the interest of the nartv imi ? ,7 De"
Whatever slowness of business there mav h
n some parts of the country can be traced tn
hat queer Psychological state brought aboul hv
the old-time republicans who believe the in,
combe of their party leado thn I , , "un
admln.stration Z 'fffij? 1 an Ume? wVh
business as fundamentally sound " i I " I. ,
To an&ATEX;! Hss
.' Cdncerning the action - of ,the recent demo
cratic congressional -caucus in-declining, by an
overwhelming vote, to include an agricultural
credits bill in the legislative program of the
present session, it should be Stated, that one rea
son for this action was that there. was, apparent
ly, an irreconcilable difference in the banking
and currency committee on some of the import
ant' details 'of the proposed-'billa'aa there was
a fundamental difference between some members
of the committee and the president, which plight
have protracted the session of .congress, clear
through the summer and autuniri Wilhou't any
asslirance of results. n
. The main-reason for the. action, of 'the 'demo
cratic, caucus in postponing consideration was
that it was pointed, out that, subsequent jtq the
suggestion by the president of rural credit legis
lation,' and after the matter had been referred
to the banking and currency committee for consideration-
the senate and house so-, am ended the
then .pending federal reserve bank bill, as to
vastly extend its rural credit facilities, indeed,
many 'bf the most intelligent "arid thoroughly in
formed representatives the -organized farmers
insist, that the terms of the federal reserve act
are now so broad as to afford ample farm-credit
facilities.
The land-mortgage provision of this act, ac
cording to" Mr: Conant, a recognized7 expert, af
fords farm-credit facilities to -the extent of $369,
000,000 from the national banks' alone, which
.have heretofore been denied the privilege of
making loans on real estate. Congressman Glass,
chairman of the hoiisfe banking arid currency
committee, points to the fact that, in addition,
the rediscount provision of the federal reserve
act furnishes unlimited agricultural credit facili
ties for current farming operations. Thus, alto
gether, the provisions of the. newfederal reserve
act afford increased farm credit facilities to the
amount, approximately, of a billion and a half
dollars. . ...
For the larger agricultural operations- involved
in the1 exportation 'of farm products the new
fed6ral reserve act als'o furniBhes extended credit
facilities, making it 'possible ? for the,' American
farmer to get his money at'once-on'' drafts for
products exported, instead of having to. wait, as
1 has heretofore been the case; until the return
is made from abroad.
This is an unexampled record in banking and
currency legislation and is highly creditable to
the democratic administration and to the demo
cratic party in congress. The republican party
had possession of the government for forty-two
years after the adoption of the'nationarbanking
act fifty, years ago. That 'party is responsible
for the national banking act, urider th6 terms
of which not one dollar of credit could be pro
cured on the richest farm lands in the country.
In short, the republican party in its whole career
has not in banking and currency done, one thing
in aid of the agricultural interests of the' coun
try. Tt remained for the democratic party to
write on the statute books a banking and' cur
rency act which is now universally , claimed as
the ,wisest and mot comprehensive piece of
legislation ever enacted. r
IOWA'S SPLENDID TIOICET
The Iowa democracy has done itself proud in
the selection of a state ticket. Thechohor of the
governorship has fallen to ex-Congressman
Hamilton. He is a man of high fcharacter, large
experience, and eminent fitness; no better selec
tion could haVe been made. He will poll the full
party, strength, arid ought to draw largely -from
both the regular and progressive- republicans.
i'or senator, the democrats have selected the
Honorable JKauride- Connolly, who now repre
sents the Dubuque district in the house of rep
resentatives. Mr. Connolly is one of the coming
young democrats of the west. He. has devoted
his splendid education and business training fo
;5f i??7,ce of the PePlG and has made a most
!h rS?ord in coneress. He has earned the
distinction that -has come to him and is destined
to write his name high anions democratic lead
ers if, as now seems probable, he wins the honor
of representing Iowa in the United. States senate.
W. IT. BRYAN.
Under the English law a bin that the houso
01 lords has rejected can become a law by being
Passed three times by the house of commons.
' iLy0narQ N,nd of -figuring try to , compute hdw
long.it would take If a bill, to become a law in
Ihi8TTCi1!nV,& had t0 be passed thre3 times by
the United States senate.
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