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The Commoner.
JUNE) 12, 1908
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The Aldrich-Vreeland Currency Bill at Work
WHAT DO YOU THINK OP IT TSUI, AVERAGE
MAN?
The National Currency Association herein
provided for shall havo and exercise any and all
powers necessary to carry out the purposes of
this section, namely, to render available under
the direction and control of the secretary of the
treasury, as a basis for additional circulation,
any securities, including commercial paper, held
by a national banking" association. From the
Aldrich-Vreeland Currency Law.
What do you think or it, Mr. Conservative
Business Man?
What do you think of it,. Mr. Careful and
Cautious Banker?
What do you think of it, Mr. Republican,
who hollered so loud and long, a few years ago,
for money that was good in Yurrup?
What do you think of it, Mr. Populist, who
proposed to make the farmer'd -wheat and corn
and cotton the basis of an "emergency currency"
several years ago, In time of stress and suffer
ing, and whosd proposal was laughed to scorn
by the wise financiers who now have given us
the Aldrich-Vreeland bill?
"Any securities, including commercial pa
per, -held by a national bank," are now to be
the basis for "good enough money" to pay you
back the deposits you made in "dollars good as
gold."
What do you think of it, Mr. Depositor?
it is easy to figure out what the stock
gamblers think of it. It will be pie for Morgan,
Ryan, the Rockefellers, Hafriman and the others,
who own and control the big national banks of
New York, and who also own and control mil
lions updn millions of "any securities."
For they can make a demand for more
money whenever they wiBh. Then they can
thimblerig the stock market and artificially
bodBt the quotations of their "any securities-"
Then, as a "National Currency association," they
can solemnly pass on each other's "securities"
as good and certify them to the secretary of
the treasury as a basis for a. few hundred mil
lions.of "money' to be guaranteed by the gov
eminent. '
It's pie and pudding for them!
But .how do you like it, Mr. Average Man?
If you want to know how it will work, .in
actual practice, read the fanciful sketch entitled
"The Aldrich-Vreeland Bill at Work,"" repub
lished on this page today from the New York
.World.
ft's a bit exaggerated, perhaps, but it will
"put you next." Omaha World-Herald.
THE ALDRIOH-VREELAND CURRENCY BIMj
,,q AT WORK
"The Alflrich-Vreeland currency bill has
just passed. r0et busy."
This encouraging wire, delivered by a mes
senger boy who really ran, brought much joy
to the clearing house of the Allied Chop Suey
Keepers' association.
It was from the lobby agent of the associa
tion at Washington, who had been dispatched
to assist in the uplift movement to expand the
currency and put an end to hard times. Work
ing hand in hand with such self-sacrificing phil
anthropists of the Uplift league as Nelson W.
Aldrich, Joseph Benson Foraker, George W.
Perkins, Jake- Mincer., John P. Morgan and E.
H. Harriman, the Chop Suey missionary had
realized success.
"Money," commented Chairman Clckem
of the First National Faro bank, "will now be
plentiful. All we have to do is to create a
market for our bonds and draw on the govern
ment for seventy-five - per cent of the market
value of them-"
"Fine," chortled the other ten members' of
the clearing house; "let's unload some bonds;"
The entrance of another messenger boy
bearing a wire interrupted Chairman Sickem as
he was about to call the Clearing House asso
ciation to r order.
Hnrriman Begins to Unload
"Don't lose any time." read the message,
which came from the lobby agent of the asso
ciation. "Harriman is out after the dough. He
has just unloaded $60,000,000 Union Pacific
bonds on the government at seventy-five per
cent and got away with the cash. He washed
them up from forty to par in two hours today
and has started. ,his printing presses full time
grinding out some more. Act quick before the
treasury surplus is exhausted. Morgan and Per
kins are getting busy."
"Gentlemen," said Chairman Sickem, as
ho read the telegram, "this is indeed serious.
We must get into action without delay if the
business interests are to be protected. Whilo
wo appreciate the high and lofty purposes of
our friends in Washington, Wall Street, Pat
Sheedy and the other conferees of Mr. Morgan's
art gallery who saved the country last autumn
(and incidentally reaped a snug little rake-off),
there is a possibility that the man who moves
slowly will get lost in the shuffle.
"The demand for currency will bo groat.
Let us be among the first to aid the government
by exchanging for treasury gold notes, which
may be worth a premium in a few months, a
collection of our gilt-edged securities at seventy
five per cent of their market price. Is the sub
committee on securities ready to report?"
"It is," replied Chairman Skinem, of the
securities committee. "Anticipating the passage
of the great measure fathered by our beloved
philanthropist, Senator Aldrich, your committee
has passed upon the securities offered to it by
corporations with which the members of this
association are connected, naturally giving them
the preference, and"
The advent of a messenger boy who had
covered three blocks in twenty-four minutes and
read a dime novel through at the same time,
caused Mr. Skinnem to pause. It read:
"Harriman has just dumped in $36,000,000
Hot Air preferred bonds at the market, having
sent them up fifteen points in two hours with
out letting go a single share. Baker, of tho
First National, is unloading two drays of Scrap
Copper bonds worth eighty cents yesterday, but
quoted at $97 a share today. Hustle."
What They Have to Offer
"Get down to the facte," frantically demand
ed the members of tho association as Mr.
Skinnem resumed his report.
"Well," replied the latter, "your committee
sent orders into the market and raised prices
on Its securities all along the line. One set
of our brokers bid everything up at two points
a jump, though, of course, there were no actual
sales."
"What can we offer the government in ex- .
change for currency on the basis of seventy-five
per cent of the market quotations?" asked Chair
man Sickem.
Mr. Skinem read:
"Five thousand Fenian bonds at $78 per
share.
"Forty-two thousand Black Hand bonds,
guaranteed by the fruits of future assassinations,
at $25 per share.
"Three thousand Bottle Redemption Limit
ed, bonds, guaranteed by our collection of empty
beer bottles, at $17 per share.
"Threo thousand Bay State Gas bonds, guar
anteed by T. Lawson's Sucker Holding company,
at $108 per share,
"Ten thousand Interborough Air Ship Line
bonds, guaranteed by T. Fortune Ryan and
Auggie Belmonty, at $90 per share.
"Six thousand 520 per cent Miller bonds,
guaranteed by the Captain Kid Exploration com
pany, at $100 per share.
"Two thousand Confederate bonds, guaran
teed by the Arkansas revolution against the
Criminal Rich association, at $40 per share.
"One thousand pool room bonds, guaran
teed by the Bookmakers' association, at $5 per
As Mr. Skinem concluded his reading of
this alluring list of gilt-edge securities, all of
which, were- held by members of the Clearing
House Association, of the Chop Suey Keepers,
there were nods of approval from the other
members.
"A most conservative and highly secured
list of credit investments,'1 was the comment
of Chairman Sickem. "Now"
The messenger who dashed madly in to
the board room collapsed from sheer exhaustion,
but held on tenaciously to his beloved cigarette,
as does District Attorney Jerome in minutes of
excitement.
Chairman Sickem picked up the telegram
that fluttered from the nervous hands of the
boy. He tore it open with trembling fingers.
His face grew pale.
"There is no time to lose," he panted.
"Listen to this:
" 'Perkins and Harriman haVe hired every
express wagon in Washington and are running
special trains to unload their groen goods. Thero
Is no tlmo to lose.'
Cortclyou Will Take All
"Our faithful Wntchem who sent this ad
monition is right," Chairman Sickom told his
colleagues. "Get him on tho telephone, quick.
Tho country is In danger from tho avarice of
theso wolfish financiers."
Within ten minutes, Mr. Skinem returned
to the room with beaming face. Surroundod by
the excited members of tho association, he said:
"That follow, Cortclyou, is a poach. Watch
em says ho will take all of our bonds and Is
going to writo us a letter thanking uh for com
ing to tho relief of our distressed country."
A riot of cheers ochood through the hoard
room. When they had died away Chairman
Sickem said profoundly:
"Gentlemen, a great crisis is over. Hard .
times will now bo a thing of tho past. The
poor will bo spared much suffering through the
circulation of the money l:t loose by tho govern
ment, wisely safeguarded by our securities."
"I move wo givo throe cheers for tho poor,"
said Member Soakem.
The cheors were given with a will. Cheers
also were givon for Mr. Morgan, Senator Aldrich
and Secretary Cortclyou.
"But how do wo know our bonds are in
cluded in tho provisions of tho Aldrich bill?"
asked Member Spotem.
Tho question fell like a wot blanket.
Feverishly tho chairman turned over the copy
of the bill in his hands with tromendous ex
ultation. "How do wo know?" he repeated; "how do
wo know? Why, hero it Is. Tho bill says tho
government shall lend currency to tho oxtont
of seventy-five per cent of the market value
of government, state, municipal and other bonds.
Now if this assortment of junV wo havo unloaded
on tho government doesn't como under tho head'
of 'AND OTHER BONDS' I will eat every ono
of them. And one of Shannon's goats couldn't .
digest them without pepsin." New York World. ,
, t
"A GREAT VICTORY"
Tho Washington correspondent for the
Philadelphia North American, a republican
paper, says: "Advantage taken of a blind
man whose eyes could not communicate to him
that the senator to whom he expected to yield the
floor was not present, Is the real basis of tho
Wall Street victory in tho currency fight, upon
which republican leaders in both houses are '
pluming themselves. Obsequious newspapers de
clared very generally throughout the country
this morning that Senator Aldrich had out-gen-eraled
Senator LaFollette, and that his clover
tactics destroyed a filibuster which threatened
to defeat all his plans. Tho truth is that Sen
ator Aldrich obtained a vote because Senator
Gore, of Oklahoma, is blind, and Aldrich did not
hesitate to tako advantage of that affliction.
This Incident of tho blind man was a fitting
climax to a fight in which from the beginning
Aldrich and Cannon and all tho others who were
doing the bidding of Wall Street havo labored
successfully to take advantage of the mentally
blind and mentally weak, in both houses, and
to put through a measure which in its operation
is to give to the giants of Wall Street the power
to further take advantage not only of the blind
and the halt, the lame and the impoverished
throughout the nation, but also of the strong
and active and public-spirited as well. Before
Senator Aldrich was reduced to the final neces
sity of taking advantage of the blind senator
from Oklahoma, ho and his trusty agents In
both, houses had been working upon tho fears
and the Ignorance of -men. in both parties. 'If
you want to come back to congress, vote for a
currency bill. Defeat that measure and there
will be a panic before tho election next fall that'
will wipe the republican party out of existence.'
Defeat Che bill, and you will assume responsi
bility for a repetition in October of the disaster
that overwhelmed business last October.' Theso -were
the arguments used. In prosecuting their
crusade for the benefit of Wall Street Aldrich,
Cannon and their followers did not hesitate to
threaten that if there were no legislation Wall
Street alone would force a panic. The country
has learned to dread Wall Street and congress
shares that feeling of fear. Against the power
of the stock jobbers and the money manipula
tors to repeat the great evil which they brought
upon the country last fall, the independence and
courage of members gave way."
IMS
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