Truth. [volume], December 21, 1907, Page 3, Image 6

About Truth. [volume] (Salt Lake City, Utah) 1901-1908

Image provided by: University of Utah, Marriott Library

                
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i8S8 W. GRANT 1904
WHOLESALE AND RETAIL DEALER IN
Pianos. Organs. Guitars, Banjos, Acoordeons, Band Instruments, Eto
Sheet Muslo. Muslo Djoks. Musloal Goods of all kinds. Sewing Machines
Chlrttk.ware, GletasweKr, Crockery, Tos, Etc.
Bosks. Stationery, Silverware, Cutlery, Clocks, Watches. Jewelry. Etc.
Window Glass. Mirrors and Wall Paper.
AMERICAN FORK, - - - UTAH
I In Issuing bonds for currency in
M time of peace, Mr. Roosevelt has
I proveG that he is not above purloin-
ing one article of Grover Cleveland
B wardrobe.
Mr. Tillman declares that Mr
Roosevelt is the biggest grandstand
player in the United States. Modesty
forbade the Senator to make one
exception.
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V fri v IWl Ma , ' BPBSri i ' " - SIlHBllSBBBBBSBBBBBBBBBBBBBBBSS" ss
Anderson's Art Studio
G. ED. ANDERSON
PHOTOGRAPHER
:
DEALER IN
Frames, Glass & Picture Fittings
PICTURES COPIED and ENLARGED
: :
SPRINGYILLE, UTAH
THE PRESENT.
The bank statement for the week
ending December 14, shows the sac
rifice had been continued of the se
curities of the unfortunate debtor in
the effort to save the creditor who is
such on sufferance and assisted in hi
wrecking of individual fortunes and
legitimate business affairs, in thai
the loan account has decreased ele
ven millions. But even with this
great collection of cash and the in
crease of three and one-third mil
lions of circulation the loss in de
posits amounted to practically eight
tuitions and the deficit in the re
serve balance of 25 per cent remains
at over forty millions in the wonder
fully well conducted association ol
New York banks, while Mr. Comp
troller of the currency issues a state
ment that things arc fast approaching
a normal condition and hastens to
deny that he has been offered the
presidency of the Commercial Na
tional Bank of Kansas City when it
is reorganized as a gentle hint that
he may be open to engagement at an
early date. It is quite remarkable
that it has followed in many instan
ces that the comptrollers and sec
retaries of the treasury havi found
sinecure positions as figureheads in
large financial institutions and in
some cases even resigned their po
sitions under the government to ac
cept the flattering offers m?dc. Is
there any significance in this or ha
it any bearing on their attitude to
ward the "interests" at all times?
Ilias the old slogun "a public office
is a public trust" been forgotten or
become obsolete?
We can sec we arc on our way
but whither are we going? Where
are our American citizens of high
character that can do their duty re
gardless of their personal prefer
ment and aggrandisement? A just
criticism may be made of the state
ments previously appearing in Truth
as too sweeping relative to the cir
culation not costing anything, nation
al banks but it is so near nothing it
scarcely is worth noticing, being but
one-fourth of one per cent, and yet
even this small charge for making
money to loan at 7 and 8 per cent'on
commercial paper, the rate now in
New York. The expense is too
great to take up an issue sufficient to
prevent the wrecking of commcrci;
affairs. ..
There is no lack of elasticity in the
pres 'it system in the circulating
medium but the matter of greed
prevents its operation. If instead of
issuing bonds and certificates at 2
and three per cent and loaning the
major part of the working balance in
the treasury, which the last state
ment shows now to be over $250,
000,000 and also 75 per cent of ihc
proceeds of the sale to natio lal banks
without irWcst, Mr. Comptroller
had said to them: "Gentli ncn you
have Sted "ou should issue the
money 'tr the people now get busy
and issue to your full capacity and
even more." Although the secretary flj
had no right to offer this last issue, H
since he did so and declined the in- H
dividual bids for it alottcd all to the H
.national banks, yet ho fails to make flj
them fulfil the purpose for which flj
he excuses himself in making it. HJ
Do you know the reason why the H
national banker dislikes to issue cir- HJ
dilation? Well, the explanation is H
simple. There happened to be a W. H
Ilolmau, "a watchdog," on duty when H
that 1'ill was passed and he saw to HJ
it that the government must have the H
tightest kind of security to pass any HJ
such privilege to any class and it "s H
quite amusing to note as he must HJ
quietly have done the. effect his little flj
provision in that respect headed off H
the full effectiveness intended by the H
framers of that bill, so wc sec they H
only issue circulation when they are H
compelled to m help themselves and HJ
not to carry out as they s '.ould the H
functions of right government to H
help the peopl;, HJ
The law is plain as to percentage H
of reserve. Either let them obey the H
law or close up. If the law is wrong HJ
that will be a sure way to have it H
corrected but as long as it's on the H
books observe it or pass another H
that they cannot sell out their debt- H
ors if their creditors cannot sell them HJ
nut. As the proof of the pudding is H
in the eating, so is the proof that a HJ
law is good when it works both ways flj
and serves all alike. The reduction H
in the salaries which in some of the HJ
large institutions of their figurehead H
presidents and other officials would flj
readily and easily more than suffice H
to cover the actural cost of the cir- HJ
dilation but that's not high finance H
as it is now known and would not H
buy influence needed to uphold them H
in their lawless procccdures. Fewer H
automobiles and champagne dinners HJ
and purer whiskey and beer and few- H
cr palaces with no one living in them. HJ
and more comfortable homes, a re- H
turn to more simple, honest living H
will result in the restoration of our I
affairs to a substantial and rightful I
condition. I
ECZEMA and PILE CURE FREE I
Knowing what It is to suffer, I will give TREE OF Hi
CHAIU.K, to any afflicted a positive cure foi
Eczema, Salt Rheum. Erysipelas, Piles and Skin
P! -.1 -. Instant relief. Don't sutler longer H
Wru IV. WILLIAMS, 400 Manhattan Avenue fll
Nev urk. Enclose Stamp,
DRUNKENNESS CURED. I
WflS-KjraJL A positive and perma- fll
r,,5 hu r nen' cure 'or Drunkenness
IrKlf' ,SflrdR and Drue Addictions.
If.-rt-' 'tfrtYVRfy Branch Parent House,
IrfU!"' W SJ W Dwight In Correspondence H
" ' -:5-"'J?" ConfidentB.1.
KEELEY INSTITUTE I
334 W. S. Temple St., Salt Lake City, Utah
IF IT IS SAFETY
you want rent a box in our new M
Vault the best protected from fire fll
and burglais of any in the West. H
UTAH SAVINGS & TRUST I
COMPANY, I
935 Main Street, 9
In the business heart. "'H
fll