The Peoples Voice (Norman, Okla.), Vol. 16, No. 18, Ed. 1 Friday, November 15, 1907 Page: 1 of 8
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The Peoples Voice
VOLUME 16.
NORMAN OKLAHOMA. FRIDAY, NOVEMBER 15. 1907.
NUMBER \h
The Asset Currency Scheme
(W, J. Bryan in Commoner )
There is such a similarity between
ttJe editorials In the city dailies de-
manding an asset currency as to sug-
gest that the editorials are written
in response to a suggestion from the
money centers. The big financiers
have either brought on the present
stringency to compel the government
to authorize an assess currency or
they £ave promptly taken advant-
age of the panic to urge the scheme
which they have had in mind for
years. Several years ago Secretary
Shaw stated that we must either
have a perpetual debt or the bank
notes would have "some other basis."
The "some other basis"' referred to
Is the asset basis. When it became
apparent that the public would not
tolerate an asset currency the finan-
ciers asked for an emergency cur-
rency based on assets. This was only
a subterfuge and the republican lead-
ers were afraid to press it at the last
session. Now it is to be brought for-
ward as if it were a new remedy, just
thought of as a panic cure. It is a
panic breeder instead of a panacea;
it would aggravate rather than re-
lieve the situation. It would increase
the bank's liabilities just at a time
when depositors are fearful that the
bank can not meet present liabilities.
The need of elasticity has been very
much exaggerated; if banks would
prepare in advance for "moving
crops" and for such other future de-
mands as may be reasonably expect
ed they would not be confronted by
so many "emergencies. The trouble
is that they loan to the limit in ord-
inary times and therefore have no
reserve available for the unusual de-
mands. Another trouble is that the
banks are encouraged to keep a large
part of their reserve in reserve cities
and therefore a shock in any of the
big cities' disturbs banking every-
where Just now the country banks
can not use their reserves because
the big city banks wiil not allow de-
posits to be withdrawn
When the same money is counted
over and over in the reserves of
several banks the withdrawal of one
thousand dollars results in shrinkage
of several times that sum.
An asset currency would simply in-
crease Wall Street's control over the
nation's finances and that control Is
tyrannical enough now. Such elas-
ticit\ as is nect ssary should be con-
trolled by the government and not
by the banks. The government could
furnish a certain amount of elastic
ity by increasing and decreasing
government deposits according to the
needs of business; or it could provide
for the temporary issue of treasury
notes on government bonds when-
ever a holder of bonds is willing to
surrender the interest; or it could
issue treasury notes in any emer-
gency. But none of these plans will
suit the financiers; they insist upon
absolute control of the nation's fin-
ances—they to reap the advantage
while the public bears the burden
and takes the chances.
What we need just now is not an
emergency currency but greater se-
curity for depositors. The depositors
are scared—unnecessarily scared in
most cases—but scared. The govern-
ment is going to recommend a postal
savings bank but according to press
dispatches deposits will not be ac-
cepted in excess of two hundred and
fifty dollars from any one person.
This is good as far as it goes, but it
does not go far enough. All bank de-
positors should be made to feel secuie
and they could be made to feel secure
by a guaranty fund raised by a small
tax upon deposits. When depositors
feel sure of their money they will
not care to withdraw it and the
money which would be drawn from
hiding places would more than repay
the banKs for the small tax neces-
sary.
The first thing is to release the
public from the grip of Wall Street
and then when the stock gamblers
have to suffer for their own sins in-
stead of unloading them on the gen-
eral public we may expect legislation
in the interest of the people at large.
An Exchange.
The ladies of the M E. church will
give an exchange at the Palace
Drug store Saturday afternoon.
The Best Store in Town
For Young Men's Clothing
i
That's what our many well
satisfied younger-set customers
tell us.
The best store,for the reason
that here can be seen the great-
est variety of snappy styles
and attractive patterns.
The best store, because the
values we offer in
Michaels-Stern
Fine Clothing
For Young Men
haven't got their equal in this
city.
The best store, because the
stock is comprehensive, is be -
ing constantly kept up-to-date;
and for the reason that we
make a special study of the
requirements of young men,
and because we do everything
in our power to please them--
to give them the most stylishly
tailored clothing at the lowest
possible prices.
Young Men's Sack Suits
$10.00 to $25.00
single and double - breasted
models, full of the dash, go and
brightness that proclaim the
well dressed young man.
Young Men's Overcoats
$8.00 to $20.00
distinctive styles, fashioned ex-
pressly for critical fellows who
know what's right; all fashion-
able lengths, form, medium or
loose-fitting, in all the new
coatings.
The Prisons are Filled
With Little Nobodies.
The following extracts taken from
an editorial appearing in the Chica-
go Examiner can perhaps be read
now by many citizens without being
termed "anarchistic."
What some people are calling a
"financial housecleaning" in Wall
Street is, in plainer words, a revela-
tion of the fact that some of the big
financial men in the country, pro-
tected by dishonest officials, and se-
cure in their influence on certain
judges, have been robbing the entire
public, the honest investing public
especially, on a gigantic scale.
*
There are men above the law in
this country. And they are the most
dangerously lawless men in the coun-
try. They are the men that draw in
advance on the nation's resources,
taking for themselves the earnings
of the 'uture—putting on the backs
of the people an enormous load in the
way of dividends on watered stock.
tr
A few individuals are responsible
for present conditions in this country
today. At present the financial
troubles are chiefly troubles of the
most prosperous citizens. Those that
own stocks and bonds find that ihey
are worth less than they were. Those
that need money to carry on com-
merce find that it is impossible or
difficult to obtain the necessary
credit. Years ago this newspaper
pointed out the big criminals and
specified their crimes. Years ago,
when the funds of trust companies
were tampered with, and It was dis-
covered that office boys were used as
dummies to borrow hundreds of thou-
sands, the Hearst newspapers en-
deavored to force punishment of the
guilty big men.
If at that time one or two of the
big pirates had been put in the peni-
tentiary we should not have to-day's
collapse, which threatens all classes.
It must be remembered that the rich
man's difficulty to-day means the dis-
charge of the workingman to-morrow.
Business men now are realizing, as
workingmen will soon be realizing,
unless prompt action be taken, that i
when one gang of big criminals steal
a hundred millions somebody has got
to pay tbe hundred millions.
MICHAELS-STERN
FINE CLOTHING
Michaels, stern 4 co.
the men's outfitter
NORMAN OtyLA
We have told the people of the
United States for a long time that
they could not have genuine republi-
can government with power divided
between two parties and both parties
owned by one set of dishonest financial
bandits.
The moonshiner who makes miert
whiskey robs Uncle Sam of a few
pennies or dollars at most. Uncle
Sam's officers shoot him dead, if nec-
essary, without hesitation
The big man above the law robs the
the government of hundreds of mil-
lions in forest lands, in refusing to
pay taxes, in all kinds of government
swindling, from bond deals to armor
plate deals. Nothing is done to him.
The prisons are filled with little no
bodies, while a few big somebodies,
as you now learn from financial re
velatlons, steal in one day from the
general public more than all the
criminals in all the jails ever stole
in a year.
w
Readers, the trouble is this: While
you have been voting, you have real-
ly had nothing to say about govern-
ment. You have allowed the few big
men above the law to name your
judges, to name your sheriffs, your
prosecuting attorneys. Those that j
should have defended you have been
the creatures of the men that exploit
you. You have simply marched up '
and cast your vote to keep in power
the men above the law
You have got to realize that ju iges
are the real rulers of the country.
William Randolph Hearst, address-
ing the Independence League con-
vention in New York City recently,
said:
"The Legislature has the power to
make the laws if a majority of the
legislators are in favor of them; the
Executive has the power to veto the
laws, unless two-thirds of the legis-
lators are in favor of them: but the
Judiciary has the power to veto the j
laws if all the legislators are in
favor of them and all the people are
in favor of them."
Tulsa Gets in Line.
Tusla, among other progressive
cities of the southwest, is after the
commission form of City Government.
The Norman city "Dads" will please
take notice.
Watson on the
Financial Panic
The .leffersonian, during the last
few years, has spoken time and again
about the rickety condition which
the voracity of the National Bankers
has brought about.
These insatiable pets have been
allowed to inflate credit money, out
of all sane proportion to real money.
With a rapacity which is unpre-
cedented, these pampered pets have
been allowed to put out ten credit
dollars, to every real dollar.
Not content with compound inter-
est on the money they actually have,
they have floated ten credit repre-
sentatives of every actual dollar.
They did this to get interest on
money which has no existence. They
have beerv drawing compound inter-
est on twice as much money as ex-
isted in the United States.
Now, as long as everybody Is full
of confidence, and full of satisfaction
at being remorselessly plundered by
the National Banks, all is well.
Even slaves have been known to be
happy Prisoners have been known
to become fond of the jail and the
jailer. Men have even gone to the
gallows because they confessed to
crimes which—as afterwards demon-
strated they did not commit.
Nothing is stranger than human
nature. And few things in this
world are stranger than the uncom-
plaining submission of tbe American
press and people to the organized
and legalized piracy of the National
Banas.
So—as we were saying—as long as
the victims were contented, all was
well;but the moment confidence filed,
and the people wanted money, there
was h—11 to pay.
For this reason, simply: when ten
credit dollars clamor (or redemption
in actual dollars, at the same place
and time, one actual dollar cannot
multiply Itself by ten.
Result—Panic
Now, the Jeffersonian pointed this
out, in the New York "Watson's,"
two years ago. Such observers as
the editors of The Investigator, the
Missouri World, and other publicists
who understand finance, did tne same
thin<*
Mr. Albert Griffin, of Topeka, Kan.
sas, published a most valuable little
book, in which he presented a start-
ling exposure of the rotten condition
of our present system.
But nobody paid any attention.
Cassandras are unpopular; let the
town fall, rather than listen to the
prophets of evil.
So, the mad inflation of credit
money went on, until the intoxicated
revelers in High Finance had in-
creased the inflation of 1896 by four-
teen thousand millions of dollars.
All drawing compound interest you
see.
Where on earth is the money to
come from to rede-m those credit
dollars?
It does not exist.
Therefore, whai? The moment tbe
call for actual money is heard, there
is a stampede.
In this wild stampede, all banks
are apt to be trodden under foot.
In this mad panic, all values are in
danger of being mashed fiat.
In this blind rush of terrified men,
the pillars of the temple itself may
be dragged out of place
Therefore, the government had to
gallop to the relief of Wall Street.
Therefore, Morgan and Rockefel-
ler had to step into the breach
But isn't it a shameful spectable?
Hundreds of millions of dollars—
taxed out of the pockets of the com-
mon people—have to be given over to
a few governmental favorites to
save the country from disaster,
brought on by the boundless rapacity
of those pampered pets.
• What is the remedy?
Put into operation the sovereign
prerogative of the government to
create real money, in a sufficient
quantity to meet the legitimate de-
mands. Sweep away these billions
of credit dollars, which suck the
blood out of tbe people, and const!
tute an awful menace to the country.
Go back to the money of the consti-
tution
Go back to the sistetn of Washing-
ton, Jefferson, Monroe, Jackson and
Lincoln.
Drive the National Banks off the
ground of governmental prerogative.
Compel them to limit their opera
tions to leg tim^te banking—loans,
discounts, and exchange.
Keep tbe money of the people in
the National treasury. It has no
business being mixed up with b*nk
funds, and used in sustaining a sys-
tem of remorseless exploitation.
The money of the people should
iff
Mince Pies
©
Made of HEINZ'S BULK MINCE MEAT
have the flavor of the old time Thanksgiv-
ing Mince Pies
We have just received and are selling' HEINZ'S
BDLlv MINCE MEAT per pound 20c, 2 lbs 35c
New State Brand 12 oz pkg mince meat per pkg
10c, 3 for 25c
Club House Brand 10 oz pkg mince meat per pkg
15c, 2 for 25c
Apple Butler
Under the CLUB HOUSE BRAND which is the
highest grade packed we have Club House Apple
Butter in jars as follows:
3 pound stone jars per jar 40c
5 pound stone jars per jar. 55c
10 pound stone jar per jar 1.05
20 pound stone jars per jar 2.00
New Pickles
We have a full line of new pickles, bulk kraut,
new paekage raisins, bulk raisins, dried apricots,
dried figs. In fact no matter what your wants are
if it's Good to Eat
You'll find it at"
BROCKETT'S
Phone No. 31.
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not be used against the people them-
selves.
And when the government takes
your money out of the treasury, to
sustain this monstrous credit dollar
system, which enables the National
Bankers to collect interest on ten
limes more money than they actually
have, the government becomes a
party to the crime.
In such a case, the slave is made
to mend his own chaim.—Watson's
Weekly Jeffersonian.
Mr. Roosevelt!
To Mr Roosevelt: Now that your
able Secretary of the Treasury ba-
deposited J25,000,000 of our surplus
money with Wall Street to relieve
the money stringency produced by
gambb rs in watered stock, can't you
induce your appointee to put a few
millions of our money into the banks
of the South to relieve the pressure
which Wall' Street speculators are
now exerting to force the ware-
housed cotton of the South upon a
panicked market. The act of con-
gress under which he made the de-
posit in Wall street says he "shall
distribute the deposits herein pro
vided for as far as practicable equal-
ly between the different states ano
sections." The prosperity of the
United States is more dependent up
on the cotton crop than upon the
gamb ing checks of Wall Street.
The greater the price of cotton the
more gold it brings from Europe to
America. The smaller ihe price the
less gold America gets. The more
gold America gets the richer and
stronger we grow. The eastern
bankers are reported as notifying
their Southern correspondents to
withhold loans on cotton stored la
warehouses If this is adbe>red t>
millions of bales of cotton mig'it be
forced upon a "broke" market,
which means ruin to thousands of
laboring farmers. The spinners of
the world have taken no orders for
goods at leos than 15 to 20 cents basis
for cotton. But the speculator for
the present is between the producer
and tbe spinner. If the speculator
in conju ction with tbe eastern
banks can force the cotton farmer to
market bis cotton, tbe farmer loses
and speculator wins. Which side
have you chosen, Mr. President? If
that of the farmer, instructs your
secretary to "distribute" $25,000,000
of our money among the Southern
banks,—From Watson's Jeffersonian.
Drugged and Robbed.
J, H. Moon, of Comanche county on
his way to this county to visit his son
was drugged and relieve of about
$20.00 in an Oklahoma City wagon
yard. On reaching the wagon yard
and putting up his team he was met
by a man who wanted to trade him
a mule for one of his ponies. Mr.
Moon did not care about trading; but
the fellow insisted that he go with
him to see the mule. It was about
dark but the old man started to go
and see the mule; walking several
blocks and finally being shown a
worthless mule. Just as he started
back a fellow drove up in a buggy
and the fellow he was with km w the
man in tbe buggy and asked tim to
drive Mr Moon back to the wagon
yard which he graciou-ly consented
io do, arriving at the wagon yard be
invited the old man ti> tnke a gbiss
of beer with him which he did. Mr.
Moon then went into tne wagon yard
and the fellow followed him and
greatly to the old man's surprise he
was soon In the arms of a woman
and sack of silver gone and in trying
to catch the woman he was hit on
the side of the head and dazed the
next thing he knew he whs w .Iking
along a railroad trac« out of town
and it was nearly daylight when he
succeeded in getting back to the city
and to the Santa Pe denot before he
could get his bearings. Be i satis-
fied now that the glass of b er he
drank was drugged and that p'an to
rob him had been all planned out
President Fills
Federal Places.
Last Thursday the President set
tied the scramble for federal ap-
pointments in Ok horn i by annotinc
the appointment of John B t otter-
ell, judge of the western district:
John Embry, United Stxtes attorney,
John Abernathy, United Staies mar-
shal, western district; Ralph P
Campbell, judge eastern district;
William Gregg, Uni ed States attor-
ney, eastern district; G. A. Porter,
United States marshal; eastern dis-
trict.
Por Alaska, Silas H. Reld, of PI
Reno judge of tbe district court of
Alaska.
The appointment were in the main
suggested, dominated and controlled
by tbe old Rouuh Rider crowd.
Prantz, Abernathy and the other
rough riders had the president's ear
and put their slate through.
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Allan, John S. The Peoples Voice (Norman, Okla.), Vol. 16, No. 18, Ed. 1 Friday, November 15, 1907, newspaper, November 15, 1907; Norman, Oklahoma Territory. (https://gateway.okhistory.org/ark:/67531/metadc118139/m1/1/: accessed March 18, 2024), The Gateway to Oklahoma History, https://gateway.okhistory.org; crediting Oklahoma Historical Society.