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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Dec. 14, 1906)
DECEMBER 14, 1906
More Power For National Bankers
The Lincoln (Neb.) News, repub
lican, prints , under the headline
"Wants Flat Money," the following
"The plan of currency 'reform'
agreed upon by the committees of the
American Bankers' association which.
lias been in session in New York for
several days, will hardly meet with
the approval of that portion of the
public which is so unfortunate as td
own no national bank stock. It is of
course a good thing for the bankers,
wo ciaim to ue acting solely in the
public interest, but it is difficult for
the layman to see where he is to
"The plan agreed upon contemplates
the issue of credit bank notes by na
, tional banks equal to forty per cent
of their bond secured circulation, sub
ject to a tax of two and one-third per
cent per annum; an automatic in
crease of credit notes equal to twelve
and one-half per cent of the bank's
capital at. a tax of five per cent per
annum; repealing the existing law
limiting the retirement of bond-secured
notes to $3,000,000 per month; I
the deposit of all public money above
reasonable working balances in na
tional banlcs without collateral se
curity on which the banks are to pay
two per cent per annum.
"A bill in accordance with these
plans will be drafted and presented to
congress for enactment. It is to be
presumed that if there was anything
else which the bankers wanted they
"would have asked for it, but it is diffi
cult to figure out what it could be.
"Under the proposed law national
banks would have absolute control of
the money situation and the people
would-be entirely at their mercy; la
the first place they would have the
use of all the government funds at a
'merely nominal interest rate. If in
is a wonderful pumiv that works Incessantly,
averaging seventy 50-pound strokes a minute,
and foTclnor from 20 to SQ pounds of blood
throughout the body each minute.
The power that keeps this wonderful pump
In motion is nerve-force, the energy furnished
by the nerves.
Disease, overexertion, fright, anxiety, nlco
hol, tobacco and other stimulants 'weaken
these nerves, but the heart, instead of stop
ping, makes extraordinary efforts and causes
Then comes shortness of breath, heart palpi
tation, dizziness, etc., because the nerves are
too weak to furnish power. Take the only
Dr.. Miles' Heart Cure
It feeds. strengthens and builds up the
nerves and muscles of the heart so they can
supply the necessary energy.
"Dr. Miles' Heart Cure is a marvelous reme
dy. I always use it when cardiac trouble is
present. It meets the indications surely and
xjompletely." O. F. P. BURCHMORE, M. D.f
400 Mass. Ave., Boston, Mass.
The ilrst bottle will benefit, if not, the drug
gist will return your money.
addition to this and their bond-se-cured
circulation, they needed more
money they could issuo credit notes
up to forty per cent of their bond
secured currency and if this were not
sufficient, they could put out more
credit notes up to one-eighth of the
banks capital. This should surely
uu expansion enougn, and then comes
the plan for contraction, or squeezing,
which is fully as efflcacious as the one
"When the timo comes for cutting
down the volume of money, the credit
notes may he retired at once, thn nrn-
posed law providing for their active
daily redemption. Then all nf ihn
bond-secured circulation may be gath
ered in and put out of business. Un
der the present law only $3,000,000
per month of these notes may be re
tired and the public thus has some
protection from those national bank
ers who may be disposed to arbitrar
ily tighten up on the money supply.
According to the provisions of the
proposed law tho volume of bank
notes may be increased fully fifty per
cent. Then when the timo comes,
not only all of these new notes but
all of the old ones may be retired at
one fell swoop.
"To the ordinary individual it looks
as though this would be placing alto
gether too much power in tho hands
of the bankers. It gives them the
practically free use of all government
funds at all times and in addition to
this allows them to expand the circu
lation to an unreasonable extent or
I contract it to the minimum at pleas
ure. This is placing in their hands
almost unlimited powers.
"It should be understood that the
government is to derive no benefit
from the tax of two and one-third and
five per cent on this new circulation,
the money thus received going into a
guarantee fund for the redemption of
credit notes of failed national banks.
"As before stated, tho proposed law
would be an excellent thing for the
national bankers, but an ordinary in
dividual will have some trouble in
discovering where it is to benefit the
government or the man who does not
own bank stock. :
Patience What is more aggravat
ing than a man who won't kiss you?
Patrice A flea in the middle of
your back! Yonkers Statesman.
The Impudent Thing!
"You are discharged'." said the
ladies' hairdresser to her new assist
"What for ma'am?" Inquired the
"What for, indeed! When that wo
man who was in here just now to
have her hair dressed, didn't you ask
her if she'd have it done while she
waited?" Cleveland Leader.
THE PRIMARY PLEDGE
I promise to attend all the primaries of my party to be held between
now and the next Democratic National Convention, unless unavoidably
prevented, and to use my influence to secure a clear, honest and
straightforward declaration of the party's position on every question
upon which the voters of the party desire to speak.
Street . . . Vi ....'. . . .' Ppstoffice
County .7.?. . . . . . ... State . . . .Voting precinct or ward
Fill out Blank and mail to Commoner Office, Lincoln, Nebraska. .
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"LETTERS TO II CHINESE OFFICIAL
William Jennings Bryan
Being a Reply to ... , 4
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