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Newspaper Page Text
"SWY erTO'?55flM!7i?sprW" "
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accord, and that is that the bill will benefit immoasurably the workingman
"The passing of the bill means that the bitter blow which used period
ically to hit the poor man square in the face the blow of being thrown out
of work indefinitely will fall no more! It is the fear of that catastrophe
ever present in the wage earner's mind in former years from which the
new currency bill emancipates him.
"We all know, every few years, the gaunt ogre, Financial Stringency,
has stalked grimly about our country. Each one of us has felt its talons.
But while he has merely hampered "and worried the wealthy man, he has
actually gone right into the poor man's home, taken the bread from his
children's mouths, and the warmth from his fireplace.
"For it is the poor man who has thrown out of work by the shutting
down of factories. And, out of work, he has found himself face to face with
those two elemental enemies which i
no human being living in civilization
ought ever to be forced to contend
with starvation and freezing cold.
'"It was, only a few years ago, dur
ing the panic of 1907, that these
things happened. Hundreds and hun
dreds of plants shut down, let their
fires go out, and laid their men off.
Yet there was NO over-production.
There was hardly an article being
made in those factories which was
not widely needed throughout the
country. Then WHY did the plants
"Why, simply because the manu
facturers couldn't get enough hard
cash to pay their employe's pay rolls!
The nation was in the situation of a
wealthy man who enters a fine res
taurant and finds he has left all
his money at home! The man has
all kinds of wealth right on him, in
vested in jewelry and clothing yet
he hasn't a single cent of cash with
which to pay for a square meal!
"So with the employers, in times of
panic like that of 1907. They couldn't
find the currency with which to pay
their men and all the time the coun
. try was really RICH in all those man
ufactured goods which currency
"The wage earners was laid off.
And, not only did his wage cease, but
the banks suspended payment, and
he couldn't get at his small savings!
"These arc the conditions which
the new currency bill surely will
PREVENT in the future. The secret
Edmund D. Hulbert.
of Its operation lies in the provision
for the rediscounting of commercial
paper. This term means, rouehlv.
that. nhnnlr whinVi Vine lortf nnf mrmtr-
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to a manufacturer on his promise to
repay can, if a sudden need for cur
rency arises, go to the reserve bank
and EXCHANGE the manufacturer's
PROMISE for a supply of CUR