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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Dec. 19, 1902)
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WlLLIAfl J. BRYAN, EDITOR AND PROPRIETOR.
Vol. a. No. 48.
Lincoln, Nebraska, Dec. 19, 1902.
Whole No. 100.
I Republican Money Policy
While the president has studiously avoided sug
gesting a specific financial measure, ho indulged
in some glittering generalities upon which the
financiers will rely when they attempt to secure
what they want The president's message, how
ever, ought to be read in connection with the
recommendations of Comptroller Ridgley. This
official, who boasts of being a descendant of
one of the officers of the great na
tional bank with which Jackson had his
celebrated contests, attempts to defend an
asset currency on the ground that "all bank note
circulation is asset currency and depends for its
value upon the assets of the Issuing bank." This
is not true in the sonse in which the phrase, as
set currency, is now used. The bank note circu
lation of the present national bank, objectionable
as it is from a democratic standpoint, is at least
absolutely secure because it rests, "not upon the
assets of the bank, but upon the value of the gov
ernment bonds deposited as security. A bank's
other assets may entirely disappear, but the gov
ernment bonds held for security cannot be dis
turbed. The new currency which" ho advises,
"beginning with 20 per cent and gradually increas
ing to 50 per cent," would not rest upon bonds,
but upon assets which might entirely disappear.
Such a currency would be most likely to be is
sued when the security was in greatest danger
and would be withdrawn at the time when the
security was . best No legislation provided by
the department could make such notes absolutely
good, because a capital unimpaired today might
be impaired tomorrow by embezzlement or rob
bery. The comptroller says that the people of the
country are entitled to better service than they
get If this be true, why does not the govern
ment attempt to furnish this service, instead of
farming out a governmental function to private
corporations? He thinks that the power to issue
, additional notes would be an element of great
strength to the banks in time of panic. On the
contrary, it would be an element of weakness for
it would be used just at that time, for it would
scare depositors, and when deposits are with
drawn the bank must close up.
An asset currency, being a lien upon the de
posits, necessarily lessens the security of deposi
tors, and the natural consequence of a large issue
of whrency during a panic would be to frighten
timid depositors, yt this proposition is seriously
set forth by one of the boasted advocates of
"sound money" and "safe currency."
"Whether congress will dare to pass an asset
currency bill at this session remains to bo seen,
but that it isa part of the gold standard plan is
not open to dispute. The financiers favor it for
two reasons; first, because a currency based on
government bonds can only last while the gov
ernment debt remains, and the banks are looking
out for a more permanent basis for bank notes.
The second reason is that competition to secure
bonds raises the premium and thus lessons the
profit of notes based on bonds, and a reduction of
the national debt will still further increase the
premium and still further lessen the profit Tho
bankers, therefore, have this additional reason
for desiring tho establishment of some system
that will enable them to issue notes without go
ing to the expenso of purchasing government
Soveral republican congressmen, when forced
to discuss the- Fowler bilL during tho late cam
paign, denied that there was any danger of the
passage of such a bill, but tho recommendation of
the comptroller of tho currency ought to be suf
ficient proof that the Fowler bill was seriously
Christmas Zimc and Happy Time,
Set the bells to ringing.
Merry time and joyous time,
Love ilt good gifts bringing.
Bright the way wlien love shines through?'
Short the way when hearts beat true:
Love will malce all skies seem blue
Join tlie Yule-tide singing.
roving Zime and Praising Time,
.' " Christmas chimes are pealing.
Giving time, adoring timei -
To the Ohrist-child kneeling.
Love shines forth tie brightest gem
In the royal diadem
Of the Babe of Bethlehem,
God' 8 great gift revealing.
Christmas Zime and nappy Time,
Bid love give a greeting.
Merry time and joyous time,
Hearts in love are meeting.
Love will smooth the roughest way;
Love makes bright the darkest day;
Life is sweet when, come what may,
Hearts with love are meeting.
Will M. Maupin.
I Christinas Greeting To All j
This is tho last issuo of Tho Commonor that
will reach its readers before. tho celebration of
Christmas the day of all the year to which the
children look with glad anticipation. It is the sea
son when Santa Claus remembers the little ones
and gifts from friends mako glad tho hearts of
those who aro older grown. But tho tokens of
love and affection oxchanged at this season of tho
year are small inflnltesimally small when com
pared with tho great gift brought to humanity by
the meek and lowly Nazarcno in whoso honor
Christmas day is observed.
To tho Christian, Jesus came as an unspeak
able gift, His face illumined by a divine radiance,
His life surrendered in fulfillment of a divine
plan, His resurrection fixing In tho firmament
a star of hope that shall never bo dimmed. But
even those outside of tho church, as well as its
members, share in the benefit which humanity has
received .from the examplo and teachings of the
Man of Galilee.
In 1803 Thomas Jefferson, although occupied
with tho cares of state, mido a collection of tho
ethical teachings of Christ which ho doBcrlbed as
- XL , ."Tho PhUnsnnhv nf Joruh of Nazareth, This col-
lection has been rocontly published in book form
by the N. D. Thompson Publishing Co., St Louis,
and to it has been added a letter written by
Jefferson to a friend, Dr. Benjamin Rush, in
which tho Sage of Monticello analyzed the doc
trines of Christ as they relato to man's conduct
toward his fellows. He says of them:
How It Is Done.
A Missouri reader of Tho Commoner calla at
tention to the comptroller's report and to the
statement that there is on an average one hun
dred dollars for each Inhabitant of the United
States on deposit in tho banks and trust compa
nies, while the amount of money in circulation is
only a little over & quarter of that He asks how
a man can deposit one hundred dollars in the
bank when he only has twenty-five dolars in his
This comes from the use of the same money
over and over again. A man deposits a hundred
dollars in a bank and seventy-five dollars of it
is loaned out The man to whom it is loaned
pays a debt with it, and it is redeposited by some
one else, and reloaned, etc This is safe when car
ried on to a mdderate extent, but it can be over
done. "What is still worse, however, is the loan
ing and reloaning of the reserve which is sup
posed to be (and should 'be) kept on hand for the
protection of depositors.
"His moral doctrines, relating to kindred
and friends, were more pure and perfect than
thos of the most correct of the philosophers,
and greatly moro so than those of the Jews;
and they went far beyond both in inculcating
universal philanthropy, not only to kindred'
and friends, to neighbors and countrymen,
but to all mankind, gathering all Into one
family, under the bonds of love, charity, peace,
common wants and common aids. A develop
ment of this head will evince the peculiar su
periority of the system of Jesus over all
"The precepts of philosophy and of the
Hebrew code laid hold of action only. He
pushed his scrutinies into the heart of man;
created his tribunal in the region of his
thought, and purified the waters at the foun
Those who accept Jesus as the Son of God
and worship Him as such, can attribute tho mar
vellous spread of His,, gospel to a supernatural
force behind It; those, however, who dispute Hi
divinity must find in tho doctrines themselves am
explanation of thcr increasing hold upon the
human heart No language that can bo employed
by pen, no words that can be spoken by the
tongue, can exaggerate the influence which Christ'
philosophy has already exerted upon the Tace,
or estimate its future power.
Between the doctrine of might and the doc
trine of right; between the principle that propa
gates itself by tho sword and the principle that
- grows through tho persuasive influence of Its own
intrinsic merit; brtweon the grasping, over-reaching
spirit that-enthrones self and sacrifices all else
to its own advantage and the generous, manly reo
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