li J
I
!
10
The Commoner,
VOLUME 12 NUMBER 35
Kf
.-A
1
Kl HEARST AND MRiXlOOSHVEM?
(ijsMi appears that Mr. Hearst be
Ilve that Mr. Roosevelt stands in
1112 whero TVfr. Hearst, himself has
stood theso many years. Instead of
'striking out apmothing now Mr.
Roosevolt has merely got around to a
confession of faith that was prepared
by Mr. Hearst.
Mr. Hearst says: "Every repeti
tion 'of such ideas is a blessing and
a help. And, therefore, Roosevolt,
mm
Reduced Prices
t?.!nt.
on Kalamazoos SSi;
A a A STOVES
tUU FREE
in This
OK at
Factory
Prices,
avHIH
Get tho rcnl facts of the Kalamazoo offer
tho 15 to $40 saving the J100.000 Bank Bond
Guarantco shipment mndo the dny order arrives.
Lcnrn about tho new class oven door ranees and
other Kalamnroo improvements though price
are lower then before.
Write for Free Hook with toTO facto ancletoYe
aocrota. Ask for Catalog If a Wo Mention thlspaper.
' Kalamazoo Stove Company, Mfrj.
Kalamazoo. Michlaan
Furnacu or Oui Btoro Catalog
on request.
Postal Novr
TRADE MARK
nCGISTERKD
(Tho day; of big profits aro part)
Our big now modern factory la turning ont tho
Bent Knrclno money can bay. guaranteed 5
years, with every nUvnntagont bis rcdnotlpn
in prlooi. no rink, Runrantou fulfilled or monoy
rofuntlfid. Uflo dlatlllato, pjasolluo nnd many
Other fuels. All fllzoa. 1L2 In 40 H.P..nv
stylo. Wrlto quick for free catalog nnd new
special prices, stating sizo wanted.
WITTE IRON WORKS CO.
1062 Oakland Atfanue, KANSAS CITY. MO.
JMftiaKliM
PtTMPfl. HAND' .mi1 UriNTllSTT.T. (I.tlU .. ty ttrnxrwm u . ... . I1UkIT ..i.bl klT. U..7
V8S& JS;5t -gas Tml -sasrai
---;"-;. v.um., iwuoi,, luiliouaft AAI& ISQ OiKAY
Z,'VS2, ln.,fW.Vu rJL rIf.WIRl 5.ELT " DIEECT. for SA8 ENGINE or MOTOR
HAV UHLOADEM for Doubt and BlneUSU.I and Wood Track, Hay Bllnei. Forki
,--- - -v --- -----, - wi nuti tiiiu, uLora iiaaatri, t.ic.
BVUV II UVK 30.000 DEALERS
Writs H for
" fa-ap-UK and Prle
.F. E. MYERS & BRaWS&S1.!
B'fM III lftB Bb V H Hl flaflR H II I 1 TabkHft&kV
i. W-S8-B-MB-i-i-B -itt-l BbB .aflk P jB HI IB -E--lRHll-40 .-
IF NOT, buy a Hart-Parr Oil Tractor and get it done at once. It is
the only way you can get your land all plowed before winter catches
you. You know what happened last year. The wet weather delayed
threshing and plowing, and that awful freeze early in November caught
you with most of youriand unplowed. Then you had to plow it this spring
In a cold, wet, slow season. Your seeding and planting was held up until it was lato,
and much of it wa3 poorly done. Consequently you are losing a wad of money.
Money thai would have been saved If you had bought a Hart-Parr Oil Tractor last
fan. Probably enough lost to have paid for the tractor. ty
-Don't get caught that way again I Protect yourself. Buy ft j
Hart -Parr Oil Tractor
so ono or two men can plow 30 to so acres a day. If necessary, run it day and night
and plow 40 to 60 acres in a day. But, above all tilings, do it right now. Buy in timo
and save next year's crop. If yon buy a Hart-Parr now and get all your land plowed
this fall, you will deservo a big crop next year. And if you sow good seed next spring
and do it with .that same engine, you will get that big crop. If you don't, you won't.
We have Tractors in stock at all our branches ' "
Take the next train to our nearest Branch House. Give your order for immfrTl
diate delivery. Then you can go back homo and not have to worry about your plow I
Tier anrl nAYttVf44a "irt
a MW'W WAVJrt
s-
Run perfectly in the coldest weather .
, Hart-Parr Oil Tractors are Ona Man Outfits. Their fuel i3 the CheaaesT
' J - " Kerosea. Their Oil Cooler is Abtaluta Insurance Agataat
., wpa. aubjt wu wora 24 noura in tiie day and seven
days in the week
tm I n .
M J 1 . ' '
uj f Tvv V 'Jv irSaRI J7B1 1 -.
IK- iji IUIW.W...J i.i?"wu-J,.l I Hftl b 7Kr
. r - . -- --L . f .. kvri&tfrjY ?. v i bbbi ii-aua bl j
J' F'UISMfcHiHBM
HART-1
PARR
.COMPANY
280 L.wlarSb'
lU
Charl4GJty,I ?
39 "v
V J
taking as his own that vriiich he
formerly derided,- offering as now
that which is as old as human jus
tice, is a public servant and a useful
man."
Where, then, can ho be most use
ful? - Circumstances over which he
has had no control have made it im
possible for Mr. Hearst to carry the
confession into the White House.
Mr. Roosevelt is formally entered in
the race for the White House, is
headed that way with Mr. Hearst's
confession of faith. What is the
duty of Mr. Hearst under the cir
cumstances? What is he going to do?
Will he support Colonel Roose
velt? Chicago Record-Herald.
4,IT IS TO TIDE DEMOCRATS IN
CONGRESS THAT WE MUST
IiOOK FOR ANY EARLY FINAN
CIAL LEGISLATION."
(Continued from Page 7.)
now maintained by national banks
with the treasurer of the United
States.
5. LOANS AND DISCOUNTS
Each reserve association should
discount all good business paper re
ceived from its members, subject
only to the statutory limitations in
tho national currency act.
This paper should not be limited
in the time of its maturity to twenty
eight days, but should embrace all
paper usually carried by banks rep
resenting loans made to merchants,
manufacturers and farmers in the
usual course of their business.
In order to meet the requirements
of a changing interest rate tbe obli
gations of the banks themselves
should be accepted for thirty days
or less, secured by "an equal amount
of the paper indicated. These could
be renewed from time to time, but
renewals would be subject, of course,
to any change in the interest rate.
6. EARNINGS
No Interest should be paid by the
reserve associations on balances. At
such periods as may be fixed the
earnings of each association, after,
payment of all expenses and charges
should be distributed among the re
spective bankB in proportion to their
average balances for the period. .
In all nrobablHfv hia tfVAof
would not be less than. 2 per ,cent
per annum and, may be much more.
The interest received In this man
ner would be at .least equal to that
paid at present on bank balances
and to some extent would be ..com
puted on money which is now locked
up as lawful reqervo and has 'pro
duced no income.
.On the otherhand the borrowing
banks would .under ordinary condi
tions be chargedca much less interest
iLu tuuu uiey-e.Yer paia Derore.
7. RESERVE
The cash rdieWe of each associa
tion should at no time fall below 50
per cent of its'; deposit liabilities.
This limit being reached, the as
sociation should cease to discount or
else take out circulation. ri
ADVANTAGES OF PLAN,
The suggestions here offered, it
will be seen, practically confer upon
the separate tfasociatidns the note
issuing privilege given the reserve
hank in the Aldrich plan, excepiithat
, w au ueuviiy taxed tnat the-notes
would not continue in circulation
longer than needed and undue. sin
flation would iba prevented. fin
It would supply a means of ex
panding credits when actually
needed, buttiootfauld be alongtatHac
lutely safe linj ml The public wotld
be completeltfltfwotfected againstoclriss
upon the circulation issued-, andoin
the tax imposfed it would reRity
.ample compensation for its use.'ior
The -limitatidng as to character
and tho saf-ggtard- thrown ! abound
tho paper artf-tHfe-game as those.tm
kvided In the Aldrich bill.
Tho banks offering the paper
would not, however, be subject to
tho decision of. a board of directors
of a branch bank, subject itself to
tho control of an executive commit
tee sitting somewhere perhaps thous
ands of miles away.
If the paper offered was unques
tionably good, it .would bo promptly
approved by a committee of their
own making, holding its sessions at
no distant place, and who would bo
familiar with its character or in a
position to acquaint themselves.
The real service such an arrange
ment would supply must be self
evident. In tho making of legitimate
loans-the banks would be freed from
the anxiety they now experience of
going beyond what their means jus
tify. Their excess loans would be
readily converted into cash.
I am firmly convinced that these
suggestions are practicable, and that
in operation the plan would over
come the chief difficulties under
which we now labor in our business.
It would supply an inducement
which would grow in importance
with age, for keeping interior funds
in the localities to which they be
long, and stop the sending of these
funds to the speculative centers
where it tends -to confuse and com
plicate. On the other hand the banks in
the large money centers would form
their own associations and be placed
in a better position than now for
managing tlieir own money market
and of controlling a stock panic when
one occurs without thereby creating
a disturbance all over the country.
The most important service it
would perform would be in making
practical use of the present- dead
reserves, thereby enabling banks to
meet all ordinary money stringen
cies from their own resources with
out the necessity of issuing circu
lating notes.
The circulation privilege would bo
a safeguard at -all times to which
they could resort whenever the oc
casion. demanded it
I do not pretend tg- have covered
in brief suggestions all tho desired
points that should be included in a
legislative act.
ALDRICH rBILL AS FRAMEWORK
The bill introduced by the Aid
rich commission contains j many
things which should be embraced in
any revised legislation for the regu
lation of banks.
If I had the preparation of a legis
lative act I would use this report as
the framework, eliminating those
parts not in harmony with a plan
for separate reserve associations
and retainlng-jall that Is desirable.
THE DEMOCRATIC, PLATFORM
This suggested plan would be in
direct accord with the financial plank
in the democratic platform, and it
is to the democrats in congress that
we must look for any early financial
legislation.
That platform, in its financial
plank, contains the following words:
"We oppose the so-jcalled Aldrich
bill or. the establishment of a central
bank, and wo believUthe people of
tho country will be largely freed
from panics and consequent unem
ployment and business depression by
such a systematic revision of our
banking laws as will render tempor
ary relief in tfcalitiea where such re
lief is needed' n,
These Tmggeationa call for no cir
culation privilege .except Uo meet
emersencieai & thetfivmay occur in
different localities riad they only
ask for such legislation aside frotn
thfe asLwlli- permit the banks in ordi
aaryjtim'es totmake .effective use of
thir towrirre0urcegrisr ji
ir'lt vtheNfcahkijrwiU tfoin in asking
eongmafoT -the irreinable- relief
covered. i& the .flTMfeftfctions, it may
almost 'b taki tor;? granted -that
they will be suppdrtedv by, its-members
of all political view.
' ' ' S " yr7L
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tys.
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