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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Nov. 8, 1907)
Wf V- Commoner. The VOL. 7, NO. Ai WILLIAM J. BRYAN, EDITOR 'AND PROPRIETOR Lincoln, Nebraska, November 8, 1907 , Whole Number 355 ;.,, CONTENTS s - THEASSET .CURRENCY SCHEME . . . r A 'question OF RANK BUSINESS CYCLONE MONEY - PRETTY SENTIMENTS PRESIDENT BUTLER'S DANGEROUS TEACHINGS STAMPED WITH FRAUD NO LONGER AN EXCUSE FOR PUTTING OFF TARIFF REVISION STOCK GAMBLING MUST GO A PANIC COME HOME TO ROOST WASHINGTON LETTER COMMENT ON' CURRENT TOPICS : V HOME DEPARTMENT WHETHER COMMON OR NOT NEWS OF THE WEEK A GOOD EXAMPLE The Springfield, Ohio, Trades and Labor Assembly sets a good example to similar bodies throughout the country. The assembly is made up of. delegates from the various trades unions d-th:city affiliated with the American Fqd'era tion of Labor. Each, year this delegate body manages a Labor Day celebration, and the pro ceeds are devoted to maintaining a free lecture course during the winter months. The lectures are upon economic questions of interest to work ingmen and calculated to educate 'them along lines of higher citizenship. The Commoner commends this plan to the central trades unions of every city in the country and urges them to follow the example set by the enterprising and patriotic trades unionists of Springfield. OOOO AND THE SYSTEM GOES ON The New York financiers have exploited the public and" each other Aintil the bottom of the market has dropped out. Then, when the panic came a few big operators rushed into the street and saved the country (and themselves). The metropolitan papers are now singing the praises of these financial saviors but the "system" goes on. The big magnates will not tolerate any legislation which will protect the public, and as a result the country is being driven to govern ment savings banks. OOOO HOW CAN IT BE? Not a single schedule of the sacred Dingley law disturbed. A republican president in the White House, and both branches of congress safely republican. (And currency payments suspended in spite of it. Can it be that the Dingley law Is not in-' fallible, and that the republican party's boast of being 'in alliance with the Almighty is un founded In fact? '.'-' OOOO GREAT NEED OF BOTH Mr. Bryan declares that ho finds greater satisfaction in talking on religion than on gov f ernment. Well, do we hear any objections? Chicago Evening Post. Considering the source bf-the above The "" Commoner opines that there is great need of talk, in favor of both good government and religion. ,., . ! ! jl. II ' '" P"" II I I ! IIIIWW ! - I " "We'll none of us be safe from him until you use druMtlc measures, neighbor" 'The Asset Currency Scheme ' There is such a similarity between the edi torials in the city dailies demanding an asset currency as to suggest that the editorials are written in response to a suggestion from the money centers. The big financiers have either brought on the present stringency to compel the government to authorize an asset currency or they have promptly taken advantage of the panic to urge the scheme which they have had in mind for years. Several years ago Secretary Shaw stated that we must either have a perpet ual debt or the bank notes would have "some other basis." The "some other basis" referred to is the asset basis. When it became apparent that the public would not tolerate an asset cur rency the financiers asked for an emergency currency based on assets. This was only a subterfuge and the republican leaders were afraid to press it at the last session. Now It i; to be brought forward as if it were a new remedy, just thought of las a panic cure. It is a panic breeder insead,'ora panacea; it would aggravate rather than relieve the situation. It would increase the bank's liabilities just at a time when depositors are fearful that the bank can nor meet present liabilities. The need of elasticity has been very much exaggerated; if banks would prepare in advance for "moving crops" and for such other futur) demands as may be reasonably expected they would not be confronted by so many "emergencies." The trouble is that they loan to the limit in ordinary times and therefore have no reserve available for the unusual demands. Another trouble is that the banks are encouraged to keep a largo part of their reserve in reserve cities and there fore a shock Jn any of the big cities disturbs banking everyhere. Just now the country banks can not use their reserves because the big city banks will not allow deposits to bo withdrawn. When the same money is counted over and over in the reserves of several banks the with drawal of one thousand dollars results in shrink age of several times that sum. The democrats should be on their guard and resist this concerted demand for an asset cur rency. It would simply increase Wall Street's control over the nation's finances and that con trol is tyrannical enough now. Such elasticity as is necessary should be controlled by the gov ernment and not by the banks. The govern ment could furnish a certain amount of elasticity by increasing and decreasing government de posits according to the needs of business; or it could provide for the temporary issue of treasury notes on government bonds whenever an holder of bonds is willing to surrender the interest; or it could issue treasury notes in any emergency. But none of these plans will suit the financiers; tbey insist upon absolute con trol of the nation's finances they to reap the advantage while the public bears the. burden and takes the chances. But the democrats jn the senate and house are in duty bound to look at the question from the standpoint of the people, and oppose the ! U?&J&.. M-X ,., J. jAm4KJ. .j. -LST J? UiikiJ'iij