Image provided by: University of Nebraska-Lincoln Libraries, Lincoln, NE
About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Feb. 8, 1907)
pswfspsp The Commoner. VOLUME 7, NUMBER 4 TW iV . 5. M , i t I, . M, m,: Dilih BV i y for InHlnnco, llio emperor should Ihhiio n decree abolishing Ilia legislative body, nullifying Hie con stitution mid assorting the arbitrary powdi form erly exercised In his name by (ho tthogun, ho would have to Hiipport llio decree with a largo army. This would, to a great extent, abMorb the revenues now devoted lo education and lo tho euro of unfortunates, while by discouraging tho people It would reduce their productive energy and lessen Ihe revenue.s of the government. As Ihe resistance to the emperor's decree would be greatest among Ihe educated classes, he would" feel thai self-preHorvalion required Ihe discourag ing of public instruction. In other words, while under free government the tendency is toward the elevation of the people, under arbitrary govern ment Ihe tendency Is toward the degradation of the people. If intellectual advancement begins before the establishment of popular government It Is sure lo bring a clash between the sovereign find the people. So sure is this conflict that those who believe in the theory that governments rest upon Ihe consent of the governed can, bv the en couragement of education, undermine the despot isms of the world. China Is another illustration of a nation mov ing from unlimited monarchy to constitutional government. The Celestial empire has been so confident of Ihe superiority of its civilization over the civilization of the west that it slept on even after the awakening In Japan. But the students, who, In Increasing nuinnors, studied in foreign lands corroborated the report brought back by the diplomats, and the best informed of the Chi nese began to show symptoms of intelligent dis content. Newspapers began to spring up In the larger cities, founded not so much for the distri bution of 'general Information, as for tho prop agation of reform ideas. At lirst, the editors wrote at their peril and a number of them had to take refuge under foreign Hags, but the work of rolorin has gone on. The demand for political relorms has kept, pace wlfh -the spread of educa tion and a national spirit is developing. One eiuiso of. tho backwardness of China has been the iM?,UM,,l'i! rtfrHowshlp among the people. The Individual has had Utile sympathy will those outside of hs family, the civil servant has S ttle interest in Uie people whom ho served, and mvIZ . w "S,!! HC(,IU(,0(1 !ilV m th0 bidden Ulj, has had little communication with the civil servants and none whatever with the people. Ka man looked out for himself and the d Herein ,, X ot the empire were strangers to each other The national spirit, while now directed against o foreigner, is itself a foreign grow n o ioxe's appealed to the feeling of brotherhood whei tluw sought to expel those who taught the doetr ie of brotherhood, and in addressing lioiv argmne s LU!earrrofltJhoi;o",an t0 thC fiHienSt uu. uaiuih oi tlio Iloxer movement nald an un conscious tribute to the theory wh cl must ult niately bring China into harmony w tl he rest of the world, viz., that the people rule. The vorv agitation aga nst foreign hion iL f" ,y those ideas -known among" tbc eop i nd l0tt will contribute more to the miwih nr l,s than the clash between "honf Sid tho ZstH formerly prevailed. This is llh strniiii Z A fact that China is today send! g tttan s o? students to Japan and inviting hundreds of tonn?, crs from Japan, notwithstanding e fact t lu t but" a few years ago she suffered a humil I this ele t has aroused Chinese Chris h ,s to ! clT the Chinese Christians alinolV m ?01' lroilbl,ss empress seized the rein J ,mi ' tho tlwagor in contlnement Atwtomi'to?' m,t h Dower. nt the 'reform B, ll !10llncf08crvntlvcs to n foothold in Uie J, J1 (1 se-,,lml such empress is herself ' roisldo! ll W tho 'ager of a constitution she hi o , "Lmmi u,Wtlon ore to various com. trloS to f ut ?,m"ision upon the subject, "vl lie in Jul .hor ,nfwwon later at Washington is 25 ll(i i;,l,n08e n,i" orlininal code ami I r ul n" S revising the io Penal laws of EuroK 'ZS W,tU THE ASSET CURRENCY BILL SCHEME last summer. The senate and house were in ses sion some eight months but the subject was not considered. Now congress js convened for a three months' session and all of tho energies that tho banking fraternity can command arc being put forth lo push the bill through. Why were Ihe linanciers (pilot during an eight months' session and why are thej so active during the three months' session? Tho answer is easy. Tho long session came before the election; tho present ses sion is held after the election, and the financiers, 1 olio wing their invariable rule, are attempting to steal a march upon the people. Tho scheme was de berately laid; It is being studiously carried out; will it succeed? The present bill is put forward as a means of securing an elastic currency. What is an elastic currency l A currency which can be contracted and expanded, but by whom? By the bankers of course. Has this subject ever been up before? Many times. Has congress ever expressed itself upon the subject? Very clearly. There is 'i clause In the national banking law which pro II s the retirement of more than three million dollars in any one month or a maximum of thirtv- ift'lie !?"STn " ycnr; Why Was Ulslt rfBe put In thoio.' lo prevent a contraction of the cur rency by the banks. Up to 1800 wo oiilv hid about two hundred and ten millions of doll" 2 of national bank currency outstanding. With the no" benfor ! !rPVUl!li0nS pcr ,nontE jt "ot possible for tho bankers to contract that cur rency more than about fifteen nor n vo This limitation has been kept upon he b ffi until now, and the fact that it has been To t shows that the public has not been wIHui- to The ,0. Tkin'H "VHil ihc ono10s Power i no bill now under consideration permits in ssue of nearly forty ,)01. C011t inoro c j " the banks, and this new currency they cm not words'Z;1;:'1!' in retiro at win - oi us, tliey ask to bo empowered to exorcise n SK ulolf!'0"3 "'"" Umt "I'M- l's boon uuiustea to tliem tor years. What has liannpiuxl in recent years to justify this hicrS so i i donee in the bankers? Have not the roceift " vestigations tended to lessen rather than to ' JiJ ; Dls of aet currency do not i"1l"!,ci;In ny lle worse than other people but is it fair to assume that they are so much better than others as to be entrusted ??i 5q Mhcintr'vT M,UBtP,0B ""osliSS amended so as to make It certai n wh2?UbtlI5S8 be surancc of tho gover nent JrllS tlle ls' or only a condttiona onC but ?TSmi'iUteG guarantee the government m s 'pro ee to 1SS S the notes from tho nota ni n, i , i ro cnect no special tm in the case of the present ffiEJSJ? i IUl ll8 The measure befor0P congress lS ? n nm?k n?t0' The advocates of an asset rS-onnv omvom sisting for several wfliK?,, ave,u in allowed to issue upoi tLir nstt, . if 8l,0llId bo much opposition to this that Uie prese nlVT R isrtre?s emergency currenev nnri nn yJ s called an tax laid upon it IsfntScleao Vi?ol? bf.,ng tho when the emergency is ovi. ?. J tirement fact many of Uie banks win fH i 2s a mnttor oi keep the currency out nil t hi 1" lt 'mahe that do no? Z t P rolltabft X Ule banks for reduction of U ePtnx S onlS te!a mi8llUo may be kept out all of the Ume currency o0 of de protection of depositors v ml? 8ecure th0 the banks oppose Us tS Tlteo fmul bnt further increase the risk 5 n 10ytPl,l)0se to still their assets the basis of nLvZTJ by lnaWng that these notes are emereenev in? .The fact the danger rather than lessens it Z ti, h,lcre,ls notes by the bank will be a si in of ,i? l8SUe r unless human nature ehanfro L 1!stross. "! bank WIU lle uT, g-a'S the bank than to relieve any stringency in tho locality. If bank depositors were made absolutely secure, money would be drawn from hiding aril bank deposits would be increased; an einenron currency is likely to drive money into hiding ind decrease bank deposits. The banks, according to the bill, are to pav three per cent interest on Uie notes outstanding but tins is only temporary. It is a' concessio to rvUraTffh0S0i 'Vb have opposed lui asset "up rency. It Uie plan succeeds, we may exneet demund-ofter the next election, not Ltorlfoi a reduction of the rate of interest. After the election of 1800 the bankers demanded and secum a reduction in the tax on national hank notes No a word was said about Uiis 1n tho campaign bu the favor was demanded and granted when tZ campaign was over. The bankers went tiirom' l, the campaign shouting that there was mo ev enough and when the election was over thev je S and secured tlie right to issue thTfaco value of the bonds instead of ninety per cent and needed d it on U,e ground that momoney was Ten years ago Uie banking fratermtv irmlstofi jis needed was confidence. Now with more tli-in titty per cent increase in the per capita cfrcui tion, they are asking for still more ioney-not government money-.not primary monev--bu XT andVbffty -Cmi iSSU at a PS Villein' ?i t i ' T wllat 1S worse, all the nowsnaners which the banks control are joining in the chorn Fir4t it is ZZlCy 1)e t0 tbl'ee obJo7tSn; J nst, it is a matter of favoritism. If an ordimrv citizen owns bonds, he has had the money invoked e t the bnfl-ahn mUSt be tisiiea.withhe inter est Uio bank, however, on Uie oUier hand fq n C'fr o'r'n "1itS. b0nSs S io 'So un. luce aIue of the bonds in bank notoq Tin SS se'ihe'bU' SI, rn ? 3 ie vos nient nt , it "0t W" t0 m"e any !n Jui i I , ' Its cnpltnl Is tlio seenritv unon ll S 1 s securlty IW Issuing now lln- i uSlSKSS uotes ana the sver,"no''t , 'Pi? S.oeoiul WectIon to tne bank of issue te of tui'n?8 tbe banks a control-om- Se volume pJimSi? in5y' imd as llus bGeu shownT Uidpres SStoS! tCUded t0 Very lary increase tS?s thovernment-ln,011.,18 that tbe surrender of tie hands of u,e w f iS8UiDff money into wlmt thov roi bankors Slves to those bankers Son's fln?ncSW?n,fa VeSted luterest in tue " wonlcess taou" cmTeney " be aD lcment ot at sso'-ssss4 'vrraT i - ST. Ki ,5t?Sr'5: there will be mom money to ?T S U,'at of crons? Whv nn n. oan for lc moving duction of thoZ , y ,not advocate a re in oinaiV thSTavlLbeii8SUed on the bouds bonds to be issued raon'n 2nI,l,,lte thft for instance. Uie banks ?wiS J jsency? Jf, enty-iive per cent n ?i,l e alIowed to issue scv in ordinary times and ftii V?lu,0 of tue bonds twenty-five per cent i,n,fed to lssue other payment of Tta? wjlic," r!1 Upon tIie at the end of ComSi,?,, bonds suit would be secumi tw p?rio? tbe same re posed? Because wnn?t1Wby is tm not pro bank. Whei Svct I Ms ,?C5 tJbe Profl' of "ie do 'somettilnB in which " ZTf nmt once point out that banking it n Pritj tb6y nt Ss s&n-ss Ployd0 ttVifaS lowed to come Into tli? tent ofhit? nS0.b a1' of Uie camel will appear 1 a18 tim the rest is the thing desired mwi r' An ass.et currency tax, not. for SnoreoSpfnT, a58 curi'ency without emcigoncios but for the permanent n.ttqwatyrymyg' 4 a u4n t '"""Twiumi tii; 'AvjwAgAftiiiWk.