PAGE 8
Ufa Nobraohtx Indopcndcxit
APRIL 19, 1906
THE NEBRASKA INDEPENDEN1
ESTABLISHED 1889
J. M. DEVINE, Editor
FREDERIC O. BERGE, Business Mgr.
Published Every Thursday
1328 O Street
Lincoln, Nebraska
Entered at the postofflce at Lincoln,
Nebraska, as second-class mall matter,
Under the act of Congress of March 3, 1879.
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THE INDEPENDENT,
Lincoln, Neb.
BAILEY'S SPEECH
The greatest congressional battle of
modern times is drawing to a close.
, Debate in the senate on the rate bill
will soon be exhausted, when a vote
' must be taken. The argumentative
period is passed. The time remain
ing until the voting begins will be
consumed by the leaders of their re
spective sides in lining up their forces
for the final vote.
The merits and demerits of the
measure are thoroughly understood by
members of the senate and the speech
es that will be made hereafter will
be either for the purpose of individ
ual senators putting' themselves upon
record, or for the purpose of infiuenc-
' -1 i ' j v. . i ;
lug upimuu iu im cuuuwy u iurge
by giving out a cue for corporation
editors to follow In discussing the
rate bill. The railroad forces are
on the ground prepared for business.
It is unnecessary to say that they are
represented by their ablest men, and
that they have full authority to speak
and act for the fourteen billions of
capital they represent. The people
of the country at large are watching
every move made in the senate with
a tension unknown in connection with
any former legislative contest.
It is well understood that the rail
roads own and control outright a cer
tain number of senators. Another cer
tain number represent the people of
their states and the country at large,
while a number sufficient to turn" the
tables either way are hesitating and
weighing the contending forces against
each other in an effort to determine
lipon'the course to adopt the better
to protect their own future political
fortunes. . "
President Roosevelt, occupying the
highest position in public favor prob
ably ever attained by a chief magis
trate, is the focus of interest because
it was through his initiative the meas
ure was forced upon the attention of
congress. At his back stands a mighty
nation of free men more nearly a unit
upon the question at Issue, than they
have ever been before upon any ques
tion before the American congress.
So level were the utterances of Presi
dent Roosevelt upon the subject of
rate regulation will the heart beats
of the nation that in the matter be
fore congress his word carries with
it the authority of tne American elec
torate, and invests him with power
which, if properly appreciated and
used, will command obedience from
the large number of time servers in
congress who are impartial between
right and wrong, and whose only
trouble is to be able to make the right
guess as to the course to pursue to
insure their own political future.
The president unfortunately does
not measure up to the requirements
of the situation, and has committed a
fatal blunder of yielding to the bland
ishments of the enemies of rate regu
lation. He has fallen into their trap
and it is to be feared that his blunder
may prove fatal to the outcome of a
measure, the success of which meant
for him imperishable fame, and for
his country a long step towards the
solution of the most vexed question
of modern times.
The. speeches of Knox and Spooner
failed to produce the desired effect
upon the country. People waited to
hear from Roosevelt. And, when the
word finally came that he had fallen
a victim to the cunning sophistries
of the railroad attorneys, and had con-,
sented to an amendment that would
incorporate in the bill the right of the
United States district courts to in
stantly suspend all orders of the inter
state commerce commission upon ap
plication of the railroad to have this
done, all was not yet lost. The fates
still held another chance open for
President Roosevelt to discover and
retract his" blunder.
This time, however, it came from
a different quarter. Like lightning
from a clear sky the masterful speech
of Senator- Bailey electrified the coun
try, and surprised alike both the
friend and the enemies of the bill. The
argument of the great Texan was
forceful, lucid and irresistable. He
quoted decision after decision, not
garbled, exactly to the point and irre
sistable. He quoted Chief Justice
Marshall and a long line of supreme
court associates to clinch his conten
tion that "what congress can give
congress can take away, and hence
has the power to modify." Challeng
ing contradiction withour reply Sena
tor Bailey smashed Spooner's sophis
tries, crushed Knox's casuistry and
routed the railroad hairsplitters with
the unanswerable demonstration that
if congress can create and destroy an
inferior federal court.it must follow
as night follows day that congress can
strip its own creature of the power
to neutralize and set aside its own
orders in the matter of rate regula
tion. , .
.The. action of the hard headed sen
ator from Maine, ? Mr. Hale, an able
lawyer himself, ripe with more than
thirty years of continuous legislative
experience in publicly accepting the
conclusion of Mr. Bailey as he was
nearing the close of his argument, em
phasized the importance ,of the point
at issue, and was a distinguishing
tribute paid to the. speaker.. .
The public. mind .is now at rest over
the point at issue, having accepted
the evidence furnished by Mr. Bailey
as fiixing the dividing line between
legislative and judicial authority un
der the constitution as applied to pub
lic service corporations, and the coun
try will watch the action of each in
dividual senator on the amendments
to the rate bill with a keener interest
than before, now that all hazi
ness of intellect is removed, and the
question of whether a senator is on
the side of the railroad or on the
side of the people will be revealed
stripped of all hope of concealment.
Senator Bailey's service to his coun
try, in this instance, regardless of the
outcome of his amendment or the fate
of the rate bill in this congress, is
worthy of the ambition of a life time.
OVER PRODUCTION
What has become of the political
economists and politicians that were
wont to explain hard times by claim
ing over production to be the cause?
The production of everything from the
farms, mines, looms and factories "of
our country, and of tthe world have
exceeded all previous records for four
successive years, each showing a phe
nomenal and unprecedented gain over
the preceding year, and as yet no
sign of over production is visible in
any quarter. And the price of all
things are high, the index number rep
resenting the average of all prices
reaching a new high figure.
Wages are higher than ever before,
and there is a positive scarcity of
labor in many departments of indus
try, with our population wholly em
ployed. The only over production to
be found anywhere is an overproduc
tion of corrupt politicians and: graft
ers, and they are receiving deserved
attention at' the hands of the people
and their occupation is .becoming
more difficult and hazardous.
When we were told that over pro
duction was the cause of industrial
paralysis, people by the millions were
starving and perishing for want of the
necessaries of life, and labor could
find no employment even at a scant
wage. Money was idle in vast hordes
in the banks at the money centers,
and borrowers could' not be found
for it although interest rates were
low. At such a time and under such
conditions' the philosophers of despair
ascribed the catise of distress- to ovef
production.
During the periods f industrial par
alysis that have" occurred within the
memory of most men now living, every
natural condition favorable to pros
perity were present, namely, abundant
harvests, good health and profound
peace. Yet, in the midst of abundance,
poverty and distress held high carni
val in the land.
The reason for the conditions that
existed then, and for the conditions
that exist now, is found in the money
supply. In considering the question
of money supply let us, for the time
being, forget that there is such a thing
as gold, or silver, . and consider the
functions of money divorced from. the
material of which the tokens are made.
Let us accept for present purposes
the definition of money given by the
late Prof. Francis A. Walker, in his
great book, "Money Trade and Indus
try." Prof. Walker; defines money as
follows : "Whatever passes freely
from hand to hand In exchange for
commodities and in final payment of
debts, being accepted by the receiver
without any reference to the charac
ter or the credit of him who offers ft
and with no intention on the part
of the receiver to use U for any other
purpose than to again tender it to
others in exchange for commodities
and in payment of debts. Whatever,
does this is money regardless of its
form or substance. Or, to pharaphrase
an old saying, "money is that money,
does." Whatever does the money
work is the money thing."
Accepting the above definition it
will at once become evident that the
number of money units that will ex
change for a given thing must depend
upon the total number of money units
in existence for exchange against ail
things.' Therefore, it will be seen that
money becomes the pricing , instru
ment and the unit of money, becomes
the unit of money value, or price. It
is the one thing against which all
others are exchanged. . . ' , ;
Buyers-in. response to a natural in
stinct always buy as cheap as they
can, and sellers smilarly actuated al
ways sell as dear as they can. In the
conflict of the antagonistic forces of
buyer and seller all -things become
arranged one above another on a scale
in terms of the one thing against
which all others are exchanged, mak
ing a scale of prices wherein money
becomes the vague denominator.
Money units, all being equal and all
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" THE INDEPENDENT,
' Lincoln, Neb.'
