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PAGE TWELVE
OUR FINANCIAL SYSTEM.
(Continued from page nine.)
Journal and other friends of the Money Power
recommend—think what would happen to the
Government when such unscrupulous manipu
lators as Thomas F. Ryan and August Bel
mont want money. Think of the torrents of
water poured into the traction companies of
New York. Think of notes, to be used by bus
iness men as money, being based on Ryan
stocks, or Rogers stocks, or Lawson stocks,
or Morgan stocks, or Gould stocks 1 Think of
what can be done to such “securities” by re
organization schemes! See what Morgan did
for the Georgia Central. See what Gould did
for the Western of Maryland. See what Harri
man did for the Chicago and Alton. See what
happened to Amalgamated Copper. See what
occurrred when Morgan, Frick and Schwab
unloaded those hundreds of millions of Steel
Common.
' Use this kind of stuff as a basis for the
issue of notes that are to be taken as money?
Why it would bankrupt Aladdin, in spite
of his lamp.
For heaven’s sake don’t allow the cotton
factors to issue a temporary currency based
upon insured cotton.
That would never, never do.
Don’t allow farmers to issue temporary cur
rency founded on wheat, or corn, or cotton, or
hay, which is safely warehoused, well insured,
and of stable value.
That would never, never do.
Don’t allow anybody to devise a temporary
currency based upon improved farms, or city
realty.
That wouldn’t do, at all.
Don’t allow state banks to issue temporary
currency founded upon a certain percentage
of their real estate collateral, or ware-house
receipt collateral, or their gilt-edged person
al-note collateral.
It wouldn’t begin to do!
Nothing will do that doesn’t give the .Na
tional banker his monopoly, and his precious
compound interest on ten times more than he
ever invested in his business.
Jefferson fought these National bank usur
pations all his life. Jefferson is sometimes
mentioned in connection with democracy.
Andrew ‘Jackson fought the National
bank encroachment, and destroyed the sys
tem, for the time. Jackson is frequently men
tioned in connection with democracy.
But latter-day Democracy knows not the
ways of pioneers of democracy, and the Nation
al banker has his grip as firmly fastened on
the party of Cleveland and Bryan, as upon the
party of McKinley and Roosevelt.
TIMBER WASTE.
The warning sounded by Gifford
Pinchot, chief forester, against the
waste of timber in the United States,
has a serious meaning for the people
of this country. James Wilson, sec
retary of agriculture, and other close
observers have spoken in the same be
half. Unquestionably the American
people have used the timber wealth
of the nation extravagantly. It may
prove profitable, therefore, to take a
reckoning now and then to see how
far we have gone in this wasteful
course.
The lino should be carefully marked
between a policy which will guard
against wanton wastefulness, on tho
one hand, and a policy which would
unnecessarily increase the reserved
areas of the national government, on
the other hand. There is a very re-
What will President Roosevelt do?
Ravenous National bankers will move heav
en and earth to blind his eyes to the truth.
They will tell him that what the country
needs is another tidal wave of bankers’ prom
ises-to-pay.
The storm-tossed mariner is dying of thirst
—pour more sea-water down his guzzle—
that will quench his thirst. So say the Nation
al bankers.
Those men who know that the rottenness
of our financial system has be£n brought
about by the ten bogus dollars which have been
put into circulation against every one of the
real dollars invested in the banks, will tell the
President that the thing to do is to issue legal
tender Treasury Notes, based on the power and
the credit of the Government.
What the business world wants is more
money—not more bank paper.
MH*
Casual 'Remarks.
Maj. J. F. Hanson, dummy President of the
Central Railroad, says that he would not vote
for Roosevelt for dog-catcher.
Maj. Hanson also scornfully refuses to pay
any attention to a request from Hoke Smith's
new Railroad Commission for information con
cerning the Central.
A dummy President of a law-breaking rail
road must be keen for the fray when he throws
down the glove to President Roosevelt and
Governor Hoke Smith both, and during the
same week. Real anxious for a fight, is the
valorous Major.
Before it is all over, such arrogant railroad
men as J. F. Hanson, Milton Smith and Thos.
K. Scott will get all the fighting that they
want.
Oh, didn’t they abuse us old Pops for advo
cating warehouse certificates based on cotton
and wheat! There was nothing too mean for
the silk hat sound money men to call us.
And now the silk hat brethren are flooding
the country with Clearing House Certificates.
What are these Certificates based on?
They are based on the bad debts which the
banks cannot collect.
The banks have loaned out all the money of
their depositors and this money is represented
by a lot of notes which cannot be collected.
Thereupon, the banks issue a certificate, bas
ed upon their assets, said assets being the
notes which they cannot collect.
Oh, did you ever see the silk hat gentlemen
get themselves in such a mess, with their
Sound Money, and Gold Standard lunacy?
Ah, those sad years of 1873, 1890, 1891, 1892,
spectable sentiment in this country,
particularly in the Pacific Northwest,
against further unnecessary forest
reservations, and those who share
this sentiment are net at all out of
sympathy with the general -purposes
of rhe forest reserve policy of the
federal government.
No doubt much good can be ac
complished by reforesting denuded
timber lands, and the government
would do well to use its energies in
this behalf instead of seeking to
withdraw additional areas from
entry and settlement. So, too, tho
states may do much to prevent waste
fulness by aiding the fedei*nl officials
in their efforts to guard against foi
est fires.
Every state and every citizen
should do whatever may bo necessary
to prevent the wanton waste of tho
nation’s timber, and no doubt any
reasonable policy having this end in
view will meet ready public appro
bation.—Post-Intelligencer.
WATSON’S WEEKLY JEFFERSONIAN.
DEPOSIT YOUR MONEY IN
BANKS.
The .farmers as well as others can
help the situation by depositing their
money in the banks. The banks are
solid and safe and there is less risk
if the money is in their vaults than
there is if it be carried about in pock
ets or hid away about the house. Ts
it is in tho banks, it is considered in
circulation and does just that much
to increase the value of cotton and
of every other commodity that the
fanner has to sell. If it is hoarded
or hid, it serves to decrease all val
ues.
How frequently there is printed in
the newspapers stories of money being
lost from the pocket, stolen from its
hiding place or burned up with the
home. All is the result of folly and
unbusiness-like methods. What would
bp thought of the big merchants of
Spartanburg, if when they close their
stores at night they should stuff their
1893, when the man of moderate means could
not exchange corn, wheat, cotton or land for
its true value in real money. What happened?
The money-lender and the time-price man
and the guano time-price man and thetaoishrdi
and the guano dealer sued their claims to
judgment, and the debtor was sold out—lock,
stock and barrel.
How many tens of thousands of hardwork
ing wealth-producers went through the mill
God, only, knows.
These poor fellows could not issue Certifi
cates against their cotton and wheat and
live-stock and land. Seven of these distressed
citizens could not go to the shop of a printer
and issue little pieces of paper for one dollar,
or five dollars, accompanied by a statement
that the seven citizens guaranteed the payment
of those certificates.
No. The poor fellows did not wear silk
hats and ride over other people in their auto
mobiles, and enjoy the vast privileges and
powers of the National banker. The Sheriff
sold them out, and they had to gather up their
homeless loved ones, and tramp away to join
the hosts of Misfortune and Want.
Many a grave yard is tenanted by the vic
tims of those dreadful years.
But the National banker knows how to play
the game.
When his “assets” are unproductive of cash,
he doesn’t wait for the sheriff to come.
No. He calls in seven other National bank
ers, and they agree to guarantee, for each
other. #
So, against their unproductive assets they
issue a promise to pay. They call it a Clear
ing House Certificate.
These promises to pay are generally built
on other promises to pay, and the uncollecti
ble notes which the bank holds for collection
were also given for the use of promises to pay
—these being the notes issued by the National
banker himself.
m n
Honor Roll.
Among the active friends who are aiding
Mr. Watson to build up the two Jeffersonians,
are these:
C. P. Wells, New Hartford, Mo.
(And he does live in Pike.
We thought you’d want to know.)
W. C. Stokes, Atlanta, Ga.
Robert Winn, Banning, Ga.
G. T. Chatfield, Jonesboro, Ga.
P. A. Ross, Thibodaux, La.
A. S. Anderson, Millen, Ga.
(To be Continued.)
money into a bag and carry it home
with them, leaving it in danger of loss
bv theft or fire during the night while
the merchant and his family sleep
and exposing himself to robbery or
a highwayman on the streets? These
merchants do not even keep their*/
money in their big iron safes, but
every day they send it to the banks
and there deposit it for safe keep
ing and for use the instant they want
it. They do not even handle it any
more, but draw cheeks for it, as they
require it, the check itself serving as
a receipt against the person to whom
it is paid. This is good business for
the merchants and it is good business
for the farmers.
There is every reason for the far
mer to deposit his money in a bank.
It is both safer from losses there and
to his own interest as to the value of
his own products to have it there.
There if absolutely no reason for not
placing it there.—Sparta wlmag .“Pmlr
ani.