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The Commoner.
VOLUME 8, NUMBER 2J
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"The Currency Crime' ' As Seen By a Republican Paper
Tho following editorial appeared In the
Philadelphia North American (Issue of May 29)
a republican paper:
"Dead and damned!" was tho epitaph which
a famoiiH democratic editor once wrote at tho
close of a democratic congress which had proved
itsolf tho enemy of tho common interest and
tho aorvant of public enomies.
Aro there not three or four republican sen
ators big enough, broad enough, far-sighted
onough and suflleiontly patriotic to savo us tho
humiliation of b'elng compelled by honesty to
repeat that epitaph when this present congress
dies nono too soon?
Tho republican party Is about to go beforo
tho pcoplo with tho mongrel, hybrid, cheating,
swindling thing labeled tho Aidrlch-Cannon cur
rency bill as its claim to tho ballots of American
workers and business men, already long-suffering
and embittered victims of tho gamblers of
Now York.
It has been whipped through tho houso,
to tho shame of tho men who have stifled their
own convictions and crouched cowards under
tho lash of tho vulgar tyrant in tho speaker's
chair for fear of his threat to deprive them of
their slices from "tho pork barrel'.' their ap
propriations in tho omnibus building bill.
It will bo whipped through tho senate in
like fashion, in' all likelihood, thanks to the
foobloness of tho democratic minority, playing
tho donkey's roll as usual in their inability to
oor tho chanco to gain favor by a filibuster
tlitli would bo patriotic statesmanship. '
Worst of all, wo boliovo that Roosevelt
-will malco the bill a law by signing it. Ho will
hurt his country and his party not because of
lack of courage or of good intent. He will do
this siii because of lack, of understanding.
In grasp of financial questions he is an
Infant. Ho trusted Cortelyou. That was ex- .
cusablo. But ho continued to -trust 'him after r
last December., ., And "now again, with tho best
of mpjtlveBrtto will commit one of those blunders
'which Talleyrand rightly called "worse than a
crimo."
Aro there not two or three men in tho
United States senate not too deaf to hear tho
Stern warning of all tho legitimate business in
terests of Amorica?
Has not Roosevelt enough friends-there to
fiavo him from himself?
Aro there not enough loyal republicans to
Icoep the party from being rushed Into gravest
peril by this roistlng upon the people at tho
dictates of Wall Street a law immeasurably
worse, than the one condemned by practically
-every organised body of business in the nation?
Even the original Aldrlch bill was better
than this iniquity. Even tho two-headed freak
ish thing promised by tho conference conspira
tors was not so vicious as the swindle rushed
to passage in the house after one hour's debate,
"before a single member had a chanco to read
tho bill upon which ho voted.
It was only eighteen months or so ago that
Aldrlch on tho floor of .the senate made this
declaration regarding municipal and railroad
bonds: "In these days they aro fluctuating wide
ly, and no prudent bankor could afford to buy
honds other than tho bonds of tho United
States."
But that was before he had new orders
from 26 Broadway and the National City bank,
and beforo J. P. Morgan's office boy in Wash
ington received tho .messago that Illegal bond
issues would be needod for Wall Street's con
venience In addition to $250,000,000 deposits
of the people's money.
Those high financiering banks of Now York
owed outside banks $410,000,000 just boforo
last fall's panic. From August until December
tho country could squeeze only five per cent of
its own money from Now York's clutches. And
Wall Street made a virtue of paying $20,000,000
of its $400,000,000 indebtedness to the dis
tressed country, during a period when tho ac
commodating Cortolyou increased tho treasury
deposits in Now York banks $47,000,000.
But Wall Street had bonds In plenty rail
road and municipal bonds unsalable, unaccopt
ablo by savings banks, and so speculative and
unstable that many of them fluctuated from ten
to twenty per cent within a year. ' '
Now York was the defaulter of tho nnfirm
with its illogal clearing houso certificates. But
there aro bonds to build new skyscrapers in
Broad street if heaped in bundles, flotation upon
flotation.
There were bonds enough when Mr. Cor
telyou opened the treasury doors to them to
increase tho deposits of railroad and municipal
bonds with the government from $87,000,000 in
October to $200,000,000 in December. And
still Wall Street gasped for breath under Its
load of dubious securities.
It was to dump upon the government that
load that Aldrlch introduced the bill that he did
not himself daro defend except as a make
shift. And it was that bill which brought
forth an outburst of indignation from
every board of trade and commercial body
throughout the land.
Tho protest was so universal that Aldrlch
voluntarily withdrew his proposal to accept rail
road bonds as security for currency. He did
so in an attempt to forestall LaFollette's tre
mendous Indictment, of which this was an essen
tial clause:
"For us to pass laws here that lend gov
ernment credit to railroad financiering schemes,
that guarantee, in a measure, railroad securi
ties and adopt railroad securities, good, bad and
indifferent, into the currency system of the coun
try, without either discrimination or investiga
tion, could not he justified under any pretext
of serving tho public interest."
But on that same March day the Wisconsin
sonator warned the country that the vicious pro
posal had been dropped only temporarily and
would be revived. He was right. Aldrich and
his clique even then were preparing to prove
themselves tricksters and faith hreakers.
The anger of the people was lulled to sleep.
The public watched with contemptuous indiffer
ence the senate's passage of the emasculated
Aldrich bill and the acceptance by the house of
the spineless Vreeland measure, the latter, at
..least, having the merit of recognizing in a small
way the only true basis of emergency currency
comtnorcial paper.
And now at the oloyenth hour, the conspira
tors deliver their stab at the commerce of the
country. They rush forward a bill well de
scribed as "half senate infamy and half house
infamy," embodying every rotten Wall Street
device that lay in the earlier bills and discard
ing every amendment for the protection of hon
est banking and legitimate business.
Commercial paper is mentioned and rail
road bonds aro not. Oh, the wisdom of these
pirates, thinking they can- mask their purpose
with such word twisting! Just as if the busi
ness men of tho country would not understand
the meaning of "other bonds" and "securities
including commercial paper."
State, county and municipal bonds to be
accepted at ninety per cent of their market
value. "Other bonds" and commercial paper
to be taken at seventy-five per cent only after
arranging complicated and elaborate associations
feasible onjy for the New York banks.
And even should such machinery be formed
and tho entire assets of the banks pledged, they
could issue only thirty per cent of the unim
paired capital and surplus on the security of
commercial paper, while on "other bonds" tho
only limitation placed is that tho issue, together
with tho circulation based on United States
bonds, must not exceed the aggregate capital
and surplus of the issuing bank.
This law will mean tho turning over of
the treasury of the United States to the gamb
lors of the New York stock exchange for a period
of six years.
It will mean the making of "good times"
and "bad times," of "bull" markets and "bear"
markets according to the pleasure of Rogers and
Rockefeller in the National City bank and J.
P. Morgan in the National Bank of Commerce.
It will mean not tho slow and certain move
ments of contraction and Inflation by the nat
ural laws of commerce, but sharp changes forced
at will by the master gamblers.
It will mean the gift to the chief enemies
of the nation of the power to issue or retire
half a billion of dollars, exciting speculation or
compelling disaster according to whichever best
suits their betting book.
What the effect will bo upon tho coming
elections wo do not know. We do not know
what measure of punishment a long-suffering
people will inflict upon their betrayers.
It is not the time to think of politics or
partisanship. A thing is being done which will
affect every employer and every employe in
America, every banker, merchant, manufactur
er, clerk and me'ehanlc.
We wish merely to warn one and all. The
country will be in tho condition of a convalescent
to whom drugs that aro powerful stimulants,
but poisonous, would be administered.
There will be a boom a'feverish but false
activity. The issue of half a billion of flat
greenbacks or 16 to 1 silver would have the
same effect. And then, after tho North Ameri
can and the few like us havo been mocked at
as false prophets and pessimists, payday will
come. And the price will be a bitter one.
AT THE MERCY OP WATiL STREET
Following is from the Omaha World
Herald: No citizen desiring an understanding of
just what congress did in passing the Aldrich
Vreeland bill can allow the editorial published
in the Philadelphia North American to go un
read. That is one of the very few big repub
lican newspapers that are not edited from Wall
Street.
The gallant fight the North American mado
against the infliction of this monstrous outrage
on the American people entitles it to a nation's
gratitude, even though it wa a losing fight,
like LaFollette's.
We ask dur readers to bear in mind that it
is a fearless and honest republican newspaper
that characterizes this currency bill congress' has
passed as "embodying every rotten Wail Street
device thift lay in the earlier 'bills', and discard
ing every amendment for the itfotection of hon
est banking and legitimate business,1" that. de
clares it is a "stab at the 'commerce ' of the
country J" that asserts it was "foisted upon the
people at the dictates of Wall Street" and
brands it as "a mongrel, hTybrid, cheating,
swindling thing." ' ' -
We ask our readers to Remember that it
is a republican newspaper that; admits' this law
"will mean the turning - over o the ' treasury
of the United States to the gamblers 4iiheNdW
York stock exchange for a period of six years''"
that it is a republican neVspaper asserting "it
will mean the making of 'good times' and 'bad
times,' of 'bull' markets and 'bear' markets ac
cording to the pleasure of Rogers and Rocke
feller in the National City bank, and J. P. Mor
gan in the National Bank of Commerce."
This is what a republican congress has
given the country as an "emergency" measure!
Tho same men who prepared it, and had
the nerve to push it through congress on the
eve of a general election, are now a't the head
of the commission that will prepare a per
manent currency bill. These men, .are Aldrich,
of Standard Oil, and Vreeland, the New York
banker. The bill they prepare will be enacted
into law, after election, if the republican party
continues to control congress, and, ejects the
next president. '
If the. Aldrich-Vreeland, bill is what they
gave us as- a "temporary" law,, and, in. advance
of election, what, in God's name, would .they
give us for a permanent law, after election, when
they need no longer fear the, wrath of a. be
trayed people? -.';-.
"!& &&&& , . ,
'H&F'" NOT IKMOCRATIO PAPERS
'"" Observes tho Omaha Bee: " 'If we can not
elect Bryan, we can elect no one,' says tho
Courier-Journal. 'Mr. Bryan can not.be elected,'
says tlie New. York World. 'Bryan, if nominat
ed at Denver, is scheduled for certain defeat,'
says the New York World. 'Bryan will be beat
en before the polling places are opened,' says
the Brooklyn Eagle. These democratic news
papers seem to have a very keen appreciation
of the political situation."
Where did you pick up the notion, that tho
New York World and the Brooklyn Eagle aro
democratic newspapers'." They used to be.
But neither of them now claims to bo. It is
dollars to cents that both of them will support
Taft. Louisville Courier-Journal.
S 3 ti J (
THEY WELL HAVE ,TO EXPIAJN
The time will come when the republicans
will have to explain the unenviable position they
have made for themselves hy adopting such
makeshift1 legislation. Richirfdrid (Va.) Tiiuetf-Dlspatch.
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