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Commoner.
".' W
WILLIAn J. BRYAN, EDITOR AND PROPRIETOR,
Vol. 3. No. 35.
Lincoln, Nebraska, September 18, 1903.
Wholf No. 139.'
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Unwarranted Conclusion.
Tho gold papers have pushed to tlio con
clusion 'that Mr. Bryan ought to advocate the
nomination of a Cleveland democrat for the pres
idency merely because he has urged Ohio demo
crats to support Mr. Clarke for the senate. That
the conclusion was unwarranted is apparent to any
one who will examine the situation.
First Mr. Clarke is running on the Kansas
City platform, while the Cleveland democrats pro.
pose to repudiate that platform.
Second Mr. Clarke heartily indorses all of
that platform except one plank, wnile the Clove
land democrats do not heartily indorse any con
siderable part of it.
Third Mr. Clark showed himself willing .to
risk the enforcement of all the platform by giv
ing active support to the ticket in 1900, while
most of the Cleveland democrats preferred agold
standard empire to a bimetallic republic.
Fourth Mr. Bryan, aft hearing Mr. Clarke
and talking with him, was convinced that he is In
sympathy with the people and opposed to the plu
tocratic tendencies of the republican party, while
the leading Cleveland democrats are, as a rule,
more plutocratic than the average republican lead
ers. . --'. ';-$
Fifth Mr. Bryan was also convinced that Mr.
Clarke is sOund on all the acute phases of the
money question and that his sympathies will lead
him to the right side of the metallic part of the
money question.
Sixth Even if Mr. Clarke were all wrong on
the money question, his vote could only injure the
party in case there was a close vote on that ques
tion, while a Cleveland democrat in the White
house could do the party irreparable harm by
throwing the influence of the administration
against the party's position at all times.
beventh The election of Mr. Clarke, even 1
he were wholly objectionable, would, in part at
least, be offset by the fact that the same legisla
ture that would elect him would give the peoplo
home rule in -ne cities, a 2-cent passenger rate
and more just taxation, thus enabling the demo
crats to make a record that would strengthen the
party for future contests, while a president deals
wholly with national questions.
Mr. Bryan, in the statement given out at
Columbus, said that he would have preferred some
one who had been active in support of all demo
cratic policies, but that under all the circum
stances he thov.::ht the Kansas City platform demo
crats should support Mr. Clarke and the demo
cratic legislative ticket. Reflection has strength
ened this opinion and he hopes that no democrat
will delude himself with the idea that a republi
can victory in Ohio would help the democratic
party in the nation.
But for the reasons above given it ought to
be clear to any sensible man that the support of a
Clarke legislative ticket does not commit one to
the advocacy or even to the toleration of a Cleve
land democrat for the democratic presidential
nomination.
Prospectus and Performance.
' The New,. York Evening Post, carries at the
kead oi- its ' efritorialtage prospectus?-' that ap-
-: M
peared in the Post of November 16, 1801, that ba
in tho initial number of the paper. The pros
pectus reads as follows:
"Tho design of this paper is to diffuse
among tho peoplo correct information on all
interesting subjects, to inculcate Just prin
ciples in religion, morals, and politics; and to
cultivate a taste for soun.. lltort Uiro."
This is good. It is a platform worthy of any
newspaper. Tho Post carries it at the head of Its
editorial page I-.ily. But further down in it
editorial columns the Post of August 6, 1903,
contains tho following:
"Mr. W. J. Bryan requires little attention,
except to mark tho stages of his descent From
his first phase as reckless agitator he rap
idly passed into that of party boss. Next he
set up as party scuttler, making it evident, in
his insane jealousy, that he would prefer
to see tho democrats beaten rather than win
with another man. This role of an envenom
ed mischief-maker seemed about tho most
" contemptible ho could assume, but yesterday
he added a final touch of shamelessness by
out-cursing Snlmel in his blackguard attacks
upon Mr. Cleveland. Mr. Bryan apparently
wishes to make himself unmentionable."
A moment spent in comparing these two ox
tracts will disclose the fact that tho New York
Evening Post is now about 102 years behind its
platform.
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The Defeat Explained.
The editor of Tho Commoner has run across
a new argument against free silver, which may
explain the violent opposition to bimetallism
manifested in some quarters. The following dia
logue took place in 1896 between a Kentucky
democrat and an old colored man, who workod
for him:
Democrat: "Are you going to vote this year,
Uncle Abe?"
Uncle Abe: "O, yes; that is what they fit for,
and that is what they freed me for."
Democrat: "Which candidate will you vote
for?"
Uncle Abe: "I'll vote for Mr. McKinzle and
against that young man Byon, of course."
Democrat: "Well, what do you know about
the issues?"
Uncle Abe: "I've heard them talking on the
street and I know all about tho money question."
Democrat: "What do you know about the
money question, Uncle?"
Uncle Abe: "I know that I want round money.
I've always carried round money and I don't want
any three cornered money. Why, three cornered
money would wear a hole in your pocket No, sir,
I want round money."
Now, this misunderstanding of terms may ac
count for the large republican vote in 189C. The
republicans may have mistaken "sound" money
for "round" money and "free coinage" for "three
cornered"ney. Next time we must be more
careful toJtfn the words used.
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Mr. John R. Walsh, the eminent republican
banker who owns the Chicago Chronicle presents
Mr. Cleveland as the ideal democrat and urges his
nomination. The fact that Mr. Walsh admires Mr.
Cleveland is one of the strong arguments against
Mn, Cleveland's nomination, for Mr. Walsh could
riot possibly admire Mr. Cleveland if the latter
had any. democratic traits or tendencies.
Fowler and Aldrich Bills.
A Pennsylvania reader The Commoi
writes: "We- hear a great deal nowadays abotA
asset currency. Will you please explain In Th
Commonor for the benefit of it3 readers, what 1c
meant by an asset currency?"
A Kearney, Neb., reader of The Commoner
writes: "I don't understand tho asset currency
feature of the Fowler and Aldrich bills. Docs It
mean that banks may Issue rconoy on every dog
and cat as basis for tho issuo?" .
Tho asset currency is a feature of the Fowler
bilL
jThe Aldrich bill relates to the deposits la
banks of government money. Under tho present
law, banks must deposit government bonds as se
curity for tho public monoyB deposited; but ths
Aldrich bill provides that banks may deposit
state, county, and city bonds and also first mort
gage railroad bonds in place of government bonds.
Under the terms of tho Aldrich bill, banks are re
quired to pay for these depojlta not less than 1
per cent per annum. It Is pointed out by thoss
who object to this measure that this practically
excludes government bonds inasmuch as govern
ment bonds draw only 2 per cent Interest
Tho Fowler bill provides for tho establish
ment of branch banks and a'.so for what 1b known
as asset currencyj Just now the branch bank
feature is not being serlousiy pushed because of
the bitter opposition to that plan among ths
smaller bankers of the country; but tho asset cur
rency, scheme is being vigorously advocated.
under the provisions of the Fowler bill, aftsc
a national bank shall' havo deposited goyeraiMSt
bonds and taken advantage of Thfc privilege of is
suing notes to the par value of tho bonds so de
posited, that bank may avail itself of the privil
ege of issuing what is called asset currency. Thi
government becomes sponsor for these notes, a
small tax is levied for the purpose of creating a
sinking fund to reimburse tho government If any
bank shall fall and the notes are made a first Hen
upon the bank's assets. So far as the bank is
concerned, it gives no security for tho payment jof
these notes, tho notes depending entirely upon
the credit of the government for their circulation
and for their redemptlonj
Perhaps the readers of Tho Commoner will be
Interested In some extracts from an address de
livered by Henry W. Yates, president of a national
bank at Omaha. On April 21 Mr. Yates delivem.1
an address at Fremont, Neb., in which he de
clared that the incentive for the persistent effort
to pass the Fowler and the Aldrich bills "will b
found in tho desire to obtain an enlarged market
for the multitude of securities, digested and un
digested, which are now threatened with a down
fall. It is tfot to help commerce and business
that the inflation scheme it presented and th
efforts to' provide an enlarged market for se
curities is not confined to tho bank note scheme."
Mr. Yates explained:
"It Is also proposed to get Into circula
tion the money held In the United States
treasury. It Is recommended in some high
financial circles that the sub-treasury system
be 'abolished, which uas been maintained with y
such" excellent results for more than half a
century. The money in the treasury Is then
to be loaned to specially designated banks upom
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