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The Commoner.
VOLUME 12, NUMBER n
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fpomOthbi0itfl?Jatt0i.r.of theso speeches covers a wide range of topics,
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SPECIAL OFFER TO COMMONER READERS
boS? Wv. TOy ' 1 Th0 Commoner to have a set of theso
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aulaJSmQVi t0 oront addVSsoS If desfrod borders
uueu promptly. Address, -rnia COMMONER, Lincoln, Neb. oruora
SOMETHING ABOUT TIIE
To tho editor of tho Now York
Evening Post: In your issuo oi
January 25, Mr. Stewart Browne
said that inflation under tho Aldrich
wnniri not be half so great as
Mr. Robert D. Kent, in a previous
letter, feared would bo the case. iYir.
Kent had talked with ex-Senator
Aldrich, but Mr. Browne says tnat
"probably not one-half of tlie banks
and trust companies will become
i - ' r 4-li MnMrmnl Reserve
association." I should think this
opinion correct as to number of or-
ganizations, uie m-tio uuco """u'"o
expense by using the big ones
through which they now effect their
clearings. But at the first signs off
the approach of tight money, there
would be a general uociuug iuuu mo
shelter of the National Reserve asso
ciation, of all the large and medium
size institutions aomg an urumuiy
banking business, the slower-moving
ones losing customers by delay.
It is easy, to see tnat an aaroit
politician of the Aldrich calibre
wouia expecx xo gam sumo wubcd-
fUnil ffimr fvr liia nlnn hv ImvinET
31UXtl 1UIU1 i.W "" y w
it consider an inflation measure; anu
that he would hope for banking favor
by having the plan considered as a
scientmc measure; dui. it is nut ou,ay
to see how bankers can continue to
favor the plan after they have be
gun to discuss the degree or muation
whinh Rhn.ll ba cnuaed bv it. If the
plan is scientific, it must produce ex-
nnnsirvn nf rrrrHt and contraction of
the currency, this to be effected by
the exportation of gold.
We use $34.47 per capita, but in
England, under a scientific banking
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TIIE COMMONER, Lincoln, Neb.
Namo
P. O.
(If half leather edition is wanted, send- isljs.)'
lower than in this countrv. What
ever we do in the direction of mak
ing our banking system scientific is
necessarily to the effect of using
money less and money substitutes
more. Under the National Reserve
association I should think we might
have for a short time quite a boom
to be taken advantage of by Europe
in sending us luxuries and securi
ties, and in drawing gold from us.
There would, of course, soon come
the inevitable collapse.
Under our nresent laws, wo aro
taking advantage of a golden oppor
tunity, which may not last. The an
nual production of cold is so crreat
that we are constantly adding to our
hoard, and we now have $1.700..
000,000 worth, or about one-quarter
of the world's stock. Gold forms
about 47 per cent of all our mnnov
whereas it formed only about 14 per
cent when we resumed specie pay
ments, in la-fy. tho time to con
sider an Aldrich plan, or any other
than an emergency-money plan, will
come when the production of gold
begins to decline. Until then we
should consider no nlnn hnf .
which shall give us new money when
needed, and shall as certainly pro-
viuo max tue new mnnev nimii vA VQ
tired when not needed. Nothing
on v urn uo imuwea to interfere with
the gold accumulation, and with this
?asis for hope that wo may become
the financial centre of th -01,1
There is no ronm-m tv. or,,i
that bankers are either more or less
patriotic than other people. When
wo are about to change the rate of
duty upon any article, the people en-
t,tfau m uio maustry to be affected
are sure to clamor for the fullest
w.ytcn.iuu, una iow or any of them
S"ay aAor? for tne country's in-
1 , uu uow luat tlie Aldrich
w th0 bankers immunity
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--., MUU.ulo ,vuo uavo a word to
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