The herald and news. (Newberry S.C.) 1903-1937, July 28, 1908, Page TWO, Image 2
THE NEW CURRENCY LAW.
A Measure For The Benefit of StocJ
- Speculators and Boncl Syndicates.
Bankers Magazine for June.
In order that the position of tho
Bankers Magazine may he made clear
with respect to the new currency law,
two preliminary statements Seem essential:
First.?The editor of this magazine
hits always been a Republican.
Second.?lie has never proposed
any specific plan of currency reform.
l'/arly in the recent session of congress
a bill was introduced in the
senate by Mr. Aldrieh proposing to
allow national hanky to issue an
omergency circulation based upon
1. nited Slates, State, municipal and
railway bonds. This bill passed the
senate (alter the provision in regard
to railroad bonds had been stricken
out) and on ciiiiiiii',' before the house
it was referred lo I lie banking and
- currency commit tec. .\ number of
' lie leading bankers of the countrv,
us well as represenr.itIves of importanl
coininercial organizations, appeared
before this conimltlee and
condemned the bill in the strongest
possible terms. Antagonism to the
measure was almost universal. It
was I inally tabled by the banking and
currency committee, and was appar*
enlly killed.
I lime in control ol the legislative
program in I lie house (hen took matters
out -it I he hands ol tin' hankim?
and currency cormiiTYIee, and a new
bill. named alter Mr. Vreelaml of
New N ork State, was introduced and
passeil. The senali* refused to acc.epl
this bill :is the house had refused
to accept 1 lie Aldrieh bill. ('onlerces
were appointed on behalf of
I he two houses, but after prolonged
conferences, Ihe\ failed to agree.
I lien, when I lie session was nearimr
its close. e\I raoidiin,ry effort* were
resorted lo tor lorcing a financial
bill llirouuh ;>l the last moment when
il would be too kite for public opinion
to make itsell tell in opposition.
To insure the success of this scheme
.1 ?|ua I i I ied form of bribery was employed.
'I he public building's bill?
commonly known as the "pork bill"
was held over I he heads of members
as a club to force them to come
10 an agreement on the currency bill.
I his public buildings bill carried, we
believe, appropriations amounting to
.$2.1,000,000, apportioned among congress
districls in various parls of Iho
country. lo :;el a share of these appropriations
is regarded by I he average
congressman as tfie one tangible
v\ idence ol his elheieucy as a servant
?l 'tis particular district. His failure
to secure an appronriat imi for a
pvblic br'Mfi1: of some kind, in his]
district, is regarded as a mark of incompetency.
That the public buildings
bill was used to force currency
l"?rislai ion, substunt raily as described
above, was openly proclaimed. Il
was coercion if not bribery. As an
American we regret to say tfiis. Hut
1 he I acts, ugly as they are. must be
set down as a part of the record of
this dis^raccl ill episode, of which the
"New ^ ork ''.lournal of Commerce "
justly says, "A more deuardiiu; and!
11 u11111 i a t i n '_r exhibition o t u nscru pu- I
lolls abuse of i he power of legishv-j
'bv a nation d body it would he ;
hard to fi?d in all history."
Au.I wh\ w;is i!,is bill passeil?
Was il tavored by men whose studvl
and experience ipialify I hem as e.x- !
peits. No. Not one o| these men,
so tar as we know, defends this law.
All o| them \?itli whom we have talk- :
ed. or whose views we have read, de-i
noijace it. Then why was the law
vnacled !
In onr opinion the new currency 1
law was passed for two reasons: j
Firsl.? Certain ill-informed politi-j
t'iaus believed currency legislation id*
some kind to he a political necessity j
in view of I he approaching national
elect ion.
Second.?-Certain powerful finait'vial
interests 111 a I contribute large
amounts to the Republican campaign
lund will be enriched by the appreciation
of securities to be used as a
basis lor bank circulation under the
new law.
As ! > the firs I of ll.ese reasons, it
may l>c said that if the Republicans
iad passed a sound and honest measure,
designed to benelit the whole
country, they could have gone into
the campaign with clean hands, and
would have had a good chance of
winning. For there are few things
of more importance to the producer,
the wage earner and the merchant
than an absolutely sound and scientific
currency system. But a law that
will chiefly benefit slock speculators
and bond syndicates can hardly be
considered a good political asset.
As to the second of these reasons,
it is no doubt true that certain financial
interests holding bonds which
may be used as a basis for bank cirV
'r'''' * * ^ ' < * *
culation under tho now law will pro
iii^ largely by I ho enhancement in tli
price of their bonds. Whether th
law is made use of or not, the mer
fact thai those other bonds are mad
available as a basis of bank eircula
tion will, from its sentimental effee
alone, cause an appreciation in thei
price. Iji fact should tho principle
of this law be permanently embodiet
in our banking law?and that is wlia
is aimed at?there need no longer b<
any "indigestible securities." Tin
syndicates can buy (lie bonds, ant
gradually work them off on the publu
through (lie* banks, for in the end :
hond-secured bank note is only a pari
of (lie bond upon which the note i:
based. Tho syndicates will buj
these bonds, turn thorn over to thoii
hanks, and these in turn will pul
them up with the treasury for so
called bank notes (actually 11011-in
I terest-boaring bonds in small denominations)
and those will be handed
Mil Id the people instead of money.
This will help create a market foi
I lie securities made available as a
basis for bank circulation. Heretofore
I lie only bonds that could be used
to secure I lie circulating notes of
the national banks were United
States bonds. Now the door is opened
to a miscellaneous class of securiI
ies.
The currency that may be issued
under the new law will not he of any
henelit to legitimate production and
trade. Il will lie of service to Wall
sheet specula! inn and will boom the
securities deall in by bond syndicatos.
In Iraining the law the wage-en rj'ier.
Ihe farmer, the merchant, the
maniilncl urer and all legitimate business
interests seem to have been
completely ignored and the Wall
street speculator and the powerful
I iuaticinl syndicates most tendej'ls
cared for.
The Republican politicians in forenig
through a measure of jliis character
have shown an uller contempt foi
public opinion. They seem bent onl\
on placating certain "interests." regardless
of | he welfare of the business
community. To carry out theii
plans I bey were compelled to rcsorl
to coercion and construclivo briberv
Wo shall not at this time enter upon
a discussion of the details of this
law. They seem of little importance
Hut, involved in its passage, is n
question of momentous import to the
people of the United States. It is
their operations and the latter nr<
acted and administered for the people
s benelil or for the benefit ol
speculators and bond syndicates'?
This is the main issue now to be
decided. At present the speculator!
and the syndicates have triumphed
I lie former are furnished with unlim
i!ed supplies o| currency to carrv 01
liteir operations ami the latter an
provided with a market for their se
curities, enabling them to reap practically
unlimited profits. The met
who toil and sweat to produce the na
lion s wealth; (he men whose capita
and skill keep labor employed; tin
men whose brains and energies keci
the wheels of commerce moving?foi
all these supports of our industria
and commercial fabric this new lav
contains not a line or a syllable.
Mill I heir voice will vet be bean
and their power will yet t>c fell.
I nless the Republican parly in it?
pl.Utorm a! ( hieago shall domain
I lie repeal o| this bond-syndicate am
slock-spcculalors' currency law, am
take strong ground in favor of I Ik
passage of a measure I ha! will be foi
the benefit of ;ill the people, and demanding
also thai the surplus pub
lie lumls of the treasury be no longei
made available for I ho use of stool
speculators, it will he the dut\
ol every pat riot. of every honest man
<?? labor ami vote for I ho defeat ol
the Republican parly, in order thai
uovernmenl of "the interests," foi
"the interests" and by "the infer
0*1*" shall perish from the face ol
the earth.
Any bank that takes out currency
under (he new law will be doing one
ol Iwo things: it will either bo securing
a loan of currency, on collateral
or rediscounting its commercial paper.
In either case the hank will b(
borrowing currency at five per cent
I he strong and well inanngoc
banks of the country will not subjeel
themselves to the suspicion of weakness
that would attach to them il
I hey should take out currency undoi
this law.
TEACHER WANTED.
The undersigned trustees of Lone
Lane school will receive applications
for teacher of said school for noxi
term.
M. A. Ron wick,
T. IT. Rrock,
S. A. Riknrd,
Trustees.
#
|.. .. : - .,\ i \
REPORT OF CONDITION OF
! THE EXCHANGE BANK
r of Newberry, S. C.,
B
1 condensed from report of State Bank Exarr
J iner June 4th, 1908.
3
1 RESOURCES:
J Loans and discounts $199,738 7
1 Overdrafts 2,115.5
t Furniture and fixtures 3,696.6
* Cash on hand and in Banks 26,548.3
f 1
* $232,099. C
t
liabilities:
. Capital stock $ 50,000.c
. Surplus, net .... 8,439 7
I Unpaid Dividends 12.5
Cashiers Checks 1,162.8
. Bills payable 65,000.c
T~v .. . f Banks $ 1,492.74
eposi s, I individual +.... 105,991.82?107,484.5
I $232,099.6
' Reliable and absolutely safe. We pay 4 per cent 011 time deposits.
* J. D. DAVENPORT, M. h SPKARMAN,
President. Cashier.
! EDW. R. HIPP, W. B. WALLACE,
Vice-President. Assistant Cashier.
| GEO. B. CROMER, Attorney.
NATIONAL BANK OF NEWBERRY S. C
s J ' 5 * i''
ON THE RIGHT ROAD
1
| if it leads him to deposit his cash in The Nation
i Bank. Means that he'll improve his financial credii
quit handling soiled bills by paying by check, simpl
fy book-keeping and be able to keep a stub record c
j all transactions?a few of the favors our Bank extendi
DIRECTORS:
1 M. A. Carlisle. H. C. Moseley. T. B. Carlisle.
J. A. Blackwelder. Robt. Norris. Geo. Johnstone
- B. C. Matthews. S. B, Aull. Jos. H. Huntei
' CHICORA COLLEGE,
GREENVILLE, S. C.
j Owned and controlled by the Presbyteries of the Synod of South Carolina.
A high ^rade college for women. A Christion home school.
' Graduate courses in the Arts and Sciences, Music, Art, Expression, Gymnasti
and Business.
j J,arge and able faculty, beautiful grounds, elegant buildings, modern commences,
healthful climate. Location in Piedmont section, and in city of 25,000.
EXPENSES FOR Till". ENTIRE YEAR.
1 A. Tuition, Hoard, Room and Pees ..... ?183.1
1 R. All included in proposition (A) and Tuition in Music, Art or Expression
j $203.00 to #213 (
j Next session opens September 17th I'or catalogue and information address
S. C. BYRD, D. D,, President.
?I a???MMM?<rn Mi M K BMMMMMMBiTBBg??BU ttmcVUSS*3CBrJEBaMU?DfU*HB
REA& and PROFIT
For a limited time we will giv<
p subscriptions to the
: McCall Magazine
; FOR
20 Cents a Year
1 " *
' Call at Our Store and Learn Par
\ ticulars.'
O. KLETTNER
; The Fair and Square Dealer.
We have many other Bargain*
1
I that no ot^er store can offer.
. V . _
-Y. \ 'J* h ;
{*
J
IT" RESOLVED ~ It
that it? a mighty confortable fcellwq j>
to knowyou have onthe proper clothes. )
if we go to the proper place: we can i . j
FEE!. s<>'re WE ARE ALL RIGHT WE OWE ! ]
it to cur.selves to dress well >
'* ^^'Z^ |^ "
4
or COURSE You WISH TO Go TO THE PROPER.
PLACE To BUY THE THINGS YOU WISH To
WEAR. WE WISH YOU WOULD INQUIRE
WHETHER. OR, NOT OUR STORE I.J THE PROPER
PLACE TO DEAL. IE YOU KNOW OE ANYONE
WH DEALS AT OUR .STORE. A.5K THEM HOW
WE TREAT THEM.- OR BETTER .STILL, CoWE IN
? ,4ND LET US SHOW YOU THE GOODS WE CARRY,
THE PRICED WE .SELL THEM AT, AND JUDGE
EoR YoURSELE. WE BELIEVE WE TREAT OUR
.CUSTOMERS RIGHT BECAUSE WE .SEE THE
SAME EACES SEASON AETER SEASON. JUST
- NOV. WE ARE ESPECIALLY SHOWING: HOT
i WEATHER SPECIALTIES, BLACK ALPACA,
_ MOHAIR AND SICILIAN SACK CoA"S, D. B. BLUE
5 SEDGES, ETC.
5 RESPECTEULLY,
H EWART-PERRY CO.,
j
3 THE UP-To-THE-MINUTE DEALERS,
a I
t. I
l" I
i
JONES' GROCERY,
[ S, B. Jones, Proprietor.
DQALBR IN 9
STAPLE <? FANCY GROCERIES, PRODUCE, 3
Confectioneries, Fruit, Cigars and Tobaccos.
Phone 212.
Newberry, S. Jan, 17, 18.
cs Dear Madam Housekeeper: |
We wish to call your at- j
o tention to our stock of Fancy and Staple i
ao groceries and solicit at least a portion of I
your potronage during this year. j
We feel safe in saying that our stock is J
?the most complete that is offerea here and M
that we can serve you in a satisfactory man- 1
1ner- ]
We will ever keep in mind three very im- j
5 portant points: quality of goods prompt ser- J
vice modorate prices. I
If you are not already a customer of ours I
we would be pleased to add you to our long J|
list of satisfied customers. jflB
We wish 1908 to be our banner year. Will mH
you join us in making it so? Jf]
Yours for business, SB
Jones' Grocery. IH
t k?1