4
The Commoner.
DECEMBER 6, 190?,
and gathered Inspiration from the democrats,
Is willing to admit that thero ought to bo a little
reform, but the standpatter is quite sure that
If we do not stand stock still, wo will soon bo
going like blazes."
Mr. Bryan then took up his subject and
proceeded to present the democratic view and
the aristocratic view of government Jefferson
being the representative of those who view gov
ernment from the standpoint of the whole. peo
ple, and Hamilton representing those who view it
from the standpoint of those who deny the right
and the capacity of the people to solf govern
ment. He showed how this difference In the
point of view accounted for the position taken by
different people on questions rolating to the
methods of government. He insisted that the
democratic party looked at government from
the Jeffersonian point of view, while republican
leaders were more Jlamiltonian, and leaned to
ward centralization.
He next presented the democratic and aris
tocratic view of society, saying that the demo
crat regarded society as constructed from '
the bottom, while the aristocrat thought
it constructed from the top,. "The dem
ocrat," ho said, "believes that If you will
only legislate so that the people will be pros
perous, their prosperity will be shared by the
smaller classes that rest upon the people; the
aristocrat believes that if you will only legislate
to make the well-to-do prosperous, their pros
perity will leak through on those below. You
cannot .make a man admit that he is an aristo
crat, but you can prove it on him by the view ho
takes of public questions. When I want to asV
certain a man's point of view, I tell him the
story of Lazarus and Dives. If he is a demo
crat he regrets that there is any one who 1b
compelled to live on crumbs and begins to de
vise some remedy that will enable each one to
have a table of his own and not be dependent
on the crumbs that fall from the table of an
other. If he is an aristocrat, he says, 'What
a lucky thing it was, Lazarus, that there was a
Dives near.' This is no imaginary test. It is a
very practical one. You will find that Xho dem
ocrat looks at public questions from the stand
point of the masses and asks what will be best
for the people a a whole, while the republican
leaders eulogize 'the captains of industry' and
regard the employer as a sort of trustee to whom
the government should give all that is Intended
for the employes.
"Why do republican leaders favor centraliza
tion? Because the great corporate interests
want to get away from state legislation, The
democrats believe that the government should
be kept as near the people as possible and want
federal remedies added to, not substituted for,
state remedies.
"Why do the republican leaders prevent
effective legislation against the trusts? Because
they look at the question from the standpoint of
the trust magnate, while the democrats look at
the question from the. standpoint of the millions
who are victimized.
"Why do the republicans favor high tariff'
laws which tax eighty millions of thfi pedple for
the benefit of a small fraction of the popula
tion? Because they look at the subject from
the standpoint of the beneficiaries of protection,
while the democrats consider the rights and in
terests of the consumers.
"Why1 do the republican leaders refuse to
enact efficient laws for the regulation of the
railroads? Because they look at the subject
from the standpoint of the railway magnates,
while the democrats consider the interests of
the patrons and the interests of the stockhold
ers both of whom have reason to complain of
the management of some of our railway systems.
"Wliy is it that republican leaders oppose
arbitration? Because they view the subject
from the standpoint of a few big corporate em
ployers while the democrats insist that the em
ployes and the business public have a right
to be considered. The same difference in view
point accounts for the difference in the position
of" the parties on the subject of government by
Injunction.
"Why Is It that the republican leaders are
willing to continue the enormous expense of
Imperialism when it has brought nothing but
danger and humiliation? Because the republi
can leaders are considering the Interests of a
few who hope to secure Oriental trade, while
the democratic party considers both the rights
of the Filipinos and the interests of the demo
cratic masses who pay the taxes and furnish the
bods required for the military support of a
colonial policy.
"And I may add, the difference in the point
of viow will explain the differonco in the rem
edies proposed to relieve tho prosont financial
stringency. It came from speculation in Wall
. Street and tho republican loaders havo so tied
the country to Wall Street that eighty millions
of people must shiver whon the Wall Stret
speculators get cold. Tho republican remedies
all provide that tho high financiers shall bo
well paid for acting aa guardians, whllo demo
cratic remedies look to tho protection of tho
depositors and the business of tho country.
"And so I might take up each question and
explain tho differonco between tho position of
tho two parties by the differonco in tho point of
view, and this will also explain tho difference
In the attitude of the parties on tho subject
of campaign contributions, If it is said that
the democratic party opposes tho collection of
"campaign funds from corporations and Individ
uals interested in class legislation, because those
contributions now go to tho republican party,
I reply that tho democratic party could securo
such contributions by promising payment In
' legislation or in immunity from punishment.
But instead of doing that it prefers to protect
our campaigns from the corrupting infiuenco
of such contributions by laws which will requlro
tho publication of contributions before the elec
tions. The time is rlpo for a democratic appeal
to the democratic sentiment of tho country,
There Is no doubt that a largo majority of the
people take the democratic, rather than tho
aristocratic, view of government and of
society. All that we havo to do Is to convlnco
those who are really democratic In sentiment
that tho democratic party can bo trusted to bo
democratic if entrusted with power. I believe
that In the coming congress our democratic sen
ators and representatives will prove themselves
equal to tho task Imposed upon them and dem
onstrate the fidelity of tho party to democratic
principles. Then, with a united party wo can
face a divided opposition and enter tho cam
paign with tho assurance of a victory."
oooo
TOO MUCH FOR 4IOKACE WHITE
Mr. Cortelyou's financiering is too much
for Horace White. It will bo remembered that
Mr. White was at one time editor of tho New
York Evening Post and was conspicuous as a
champion of tho singlo gold standard n 1890.
Writing to tho editor of tho Evening Post Mr.
White says:
Permit mo to say that I concur in your
criticism of the action of tho treasury depart
ment In Issuing a lot of threo per cent certifi
cates of indebtedness at this juncture, and to
add that the objections are equally valid against
issuing Panama canal bonds. Both are schemes
to borrow money from the public at interest in
order to lend it to banks without interest, at a
time when tho government Already has $240,
156,431 (minus a small working balance) al
ready loaned in the same way. Thero is no pre
tense that either class of obligations is put out
to obtain money for any governmental purpose.
Tho avowed purpose is to relieve the money
pinch. You havo shown that tho money pinch
was already relaxing, as indicated by tho decline
in the premiums on currency, both here and in
Chicago. You have pointed out how the prom
iumsbn currency relaxed and disappeared with
out government Interference in 1893. You havo
argued truly that the treasury department, by
"butting in" at this juncture, deprives the public
of those lessons In prudence and self-depondence
which are greatly needed as helps to ward off
like calamities hereafter.
It seems to mo that something more might
usefully be said In the way of pointing out tho
real nature of tho action taken at Washington.
Mr. Cortelyou with much simplicity, begins
by saying that ho has already placed more than
$200,000,000 In the banks. Upon this money
the depository banks are receiving rates of in
terest varying from six to thirty per cent. If
we take tho lowest figure the Income from this
source Is $12,000,000; but It Is much more,
because, being legal tender money it can bo
counted as cash reserves, forming the basis of
loans at tho rate of $4 of discounts to $1 of
cash, It may be assumed that the profit deriv
able from these government deposits is at tho
rate of $50,00.0,000 per annum In the aggre
gate. Now, Mr. Cortelyou comes forward In a
breathless way and says to the people, and
President Roosevelt echoes him, (or vice-versa);
"I have exhausted my means for loaning money
to the banks free of interest. I can not place
another cent there except by borrowJng. Con-:
gress has given me only two resources in tho
way" of loans, both designed for quite different
purposes ono for digging tho Panama onnal,
tho other for tho war with Spain. I will try
both, to tho extant of $150,000,000, if neces
sary. So plqaso buy these socurltloa. I will
pay you Interest at two per cent on tho Panama
bond, and at throe per cent on tho Spanish war
scrip, and thon I shall bo able to Increase my
loans to tho banks without Interest. Perhaps
thoy will use hoiuc of theso aocurltlca to Increauo
tholr own circulation."
Now If tho banks had originated this ya
tom of government financiering they might bo
justly classed among the hateful trusts, for ovon
tho Standard Oil gouges tho public doopor, but
they are not censurable In this way sinco tho
govornmont itself originated It and even now
niBhofl forward with now millions and hundreds
of millions and presses It upon the bankers; and,
like little Jack Horner, who sat in a corner,
exclaims, "What a good boy am I!"
If I woro a banker I suppose I should do
what thoy do; that is, accept tho free offer
ings of a generous government. I do not know
why anybody should reject tho nuggets flung. at
him by tho bonevolent treasury of his natlvo
land. Of couroo, tho bankers and tholr news
paper organs, which are more Humorous than
tho public arc awaro of, approve of tho arrange
ment, and tho chorns Is re-echoed from tho other
side of V, c water, where thoy sing paeans for
anything which promises to prevent us from Im
porting moro gold. But I seo that $.1,500,000
was engaged yesterday after tho Cortelyou
schomo was promulgated.
HORACE WHITE
Now York, November 19.
OOOO
J. PIERPONT MORGAN 18 A MAGNANIMOUS
MAN
In Its Issue of Sunday, November 24, tho
Now York Herald printed, from Its Washington
correspondent, the following dispatch:
With tho now co-operative spirit between
President Roosevelt and tho financial world
greatly strengthened by tho visit to tho Whlto
Houho of Mr. J. Plerpont Morgan and with pro
posals' for moro than $50,000,000 of tho $100,
000,000 treasury notes issue being alloted rap
idly by Secretary Cortelyou, the buslnesm out
look from Washington was much brlghtor today.
The most hopeful Indication tor tho future'
is that tho WILLINGNESS OF ALL SIDES TO '
DROP DIFFERENCES and pull tho country out
of tho depression IS NOT TEMPORARY, but'
promises to CONTINUE DURING THE UNCER
TAIN PERIOD OF CURRENCY REFORM
LEGISLATION In congress.
Proposals for upward of $20,000,0Q0 of
the treasury notes havo boon received from banks
In New York City. Among them aro some of-,
the banks which proposed to enter a syndicate1
to purchase $25,000,000 of the not'M. MR.
MORGAN PAVED THE WAY for tills action
tho day after the issue was announ"?d. Tho
amount of allotments to the New York 'panics is
not disclosed, but their purchases are niod.0 under
an agreemont that SEVENTY-FIVE PER CENT
OF THE PURCHASE PRICE SHALL REMAIN,
IN THEIR VAULTS as public deposits and that;
they shall use (fid entire allotment of tho treas
ury notes to secure additional circulation. ThcsV
banks havo sufficient currency already prlnted
to enable them to put the full amount of bank
notes desired In Immediate use.
This means there will be a hlg jump In
national bank circulation next week. Tho tdtal
mamtalned In circulation today by six thdusand
national banks was $042,150,041, as against &
little more than $000,000,000 when the present
crisis began. One bank in New York today took
out $1,900,000 new circulation. This Is under
stood to be tho National City. An Increase of
more thau $20,000,000 may be looked for early
next week, and the amount thereafter will grov
The highest significance of Mr. Morgan's
visit lay in tho evidence it bore of HIS WILL
INGNESS TO JOIN WITH THE PRESIDENT
in helping tho situation. His relations with
President Roosevelt have been MARKLD x
SEVERAL PERIODS OF STRESS during ,thot
' last few years, but the president has always
respected him. The administration prosecution
of the Northern Securities merger caused strong
feeling. At a dinner held in Washington last
winter which Mr. Morgan attended, President
Roosevelt took occasion so pointedly to refer
to the attitude of "men of great wealth' toward,
his policies that a sensation was caused and pre
dictions freely made that Mr. Morgan and tho
"''(Continued on Page 4)
o
t .JJJU