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Eastern Colorado times. (Cheyenne Wells, Colo.) 1912-1913, August 21, 1913, Image 1

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VOL. 2
Washington Letter,
By Edward Keating,
From Colorado.
The Wilson-Bryan bill will
pass through the fiery furnace of
the Democratic House caucus un
scathed. It will pass the House
as it was approved by the caucus
and will be ratified by the Senate
in substantially the same form.
'S The President has decreed that
we must enact both tariff and
currency legislation at this ses
sion, and the perspiring pleading
* Senators have been unable to dis
suade him from his course. He
would not listen to the suggestion
of a recess, which would permit
members to take a short vaca
tion. Of course, this has caused
some grumbling among the Re
actionaries and you hear a little
talk of ‘Executive Interference'.
The people are not likely to wor
ry over the situation however,
for they know when the Presi
dent “interferes” it is in their
The new currency bill has teeth
in it. Like everything which is
produced by the hand and brain
of the President, it is efficient
and will do the work it is desig
nated to accomplish.
That the Money Trust fears it
is evidenced by the frantic efforts
made to prevent or
consideration. Special Privil
ege was even willing to sacrifice
the protective tariff if it could
thereby avoid banking and cur
rency legislation. It is pretty
well known that the Republican
standpatters offered to withdraw
all opposition to the Underwood
Bill if they could be assured that
the currency bill would not be
taken up at the extra session.
The president smiiingly rejected
this rather tempting proposition
and urged the House to proceed.
Then Special Privilege took an
other tack. It sought to create
dissentions in the Banking and
Currency Committee and failing
in that flooded the country with
grosly misleading stories concern
ing the contents of the bill. It
was said to have been drafted
along the lines of the discredited
Aldrich Bill, It was pictured as
a great engine of evil, which
wo tld destroy the country banker
and at the same time deprive trie
farmer of both credit and cu--
rency. It is amazing how Spec
ial Privilege loves the farmer!
Every standpatter in both Hous
es of Congress has deiivered at
least one speech showing how
the tariff will ruin the farmer,
and now they are preparing an
other set of speeches pointing
out how the currency bill will
still further impoverish the un
fortunate tiller of the soil. They j
have pulled the wool over the j
eyes of the farmer so often that
they cannot believe he will ever
“ get wise” to their methods.
The Wilson-Bryan Sill does re
semble the Aldrich Bill-with this
most important exception: The]
, Aldrich Bill concentrated the
control of our currency and
banking systems in the hands of
a great central bank, owned and
operated by the b : g bankers of
the country. The Wilson-Bryan
Bill places the control in the
hands of the members of the
Federal Reserve Board-seven
men selected by the people of the
United States through their rep
resentalive-the President of the
United States.
To put it in a nut shell-the Al
drich Bill would have enabled
the banks to control the people;
the Wilion Bill enables the people
to control the banks. And that
is as should be. But the Wilson-
Bryan Bill safeguards the legiti
mate interests of every legitimate
banker, And that is as it should
be It is only when a banker
goes outside the limits of legiti
mate banking becomes a
menace to the community. Up
to that point he is one of the bul
warks of society and should be
protected and encouraged to ex
pand his activities.
Under the banking system a
money oligarcy has developed in
the great industrial centers of
the country. The hearings be
fore the Pujo Committee demon
strated the existence of a well
organized Money Trust. Morgan
Baker and Stillman- three bank
ers of New York-were shown to
dominate the finances of this
nation. Morgan was haikd as
the uncrowned emperor of the
realm of Mammon. This condi
tion was brought about largely
by the operation of the national
bank act which concentrated the
bank reserves of the nation in
New York where they were used
for stock gambling in Wall street.
When the rfioney kings wanted
to discipline the country they
made money “tight” and hard
times followed. When they
were disposed to have things
boom, they loosened their purse
strings and money was “easy”
Under the Wilson-Bryan Bill
these potentates are dethroned.
The country is divided into twelve
districts, or regions, and a cen
tral bank is organized in each
district, of which the hanks of
that district are stockholders.
These big banks are known as
Regional reserve banks and they
care for that portion of the re
serves of the little banks which
used to be sent to New York.
Thus, instead of these reserves
becoming concentrated in wall
Street they are kept in various”
regions” \vh re they are avail
able for commercial, industrial
and agricultural purposes.
The controlling power in the
new system is the Federal Re-1
serve Board, which as I said be-!
fore is named by the President J
and therefore always answerable j
to the people. This hoard has (
very extensive powers. Perhaps ;
the most importa'nt is what might
be described as the “Panic Pre
venter”. This is a very simple
hut very effective device. The
federal Reserve Board will have '
at it’s disposal five hundred mil
lion dollars in currency. In
times of stress when the Region
al reserve banks are unable to
take care of the situation, the
Federal Reserve Board will re
lease to the Regional reserve
banks so much of this great re
serve as may be needed. The i
; Regional banks put up as securi- j
i ty prime commercial paper to the
full value of the loan, and in ad
dition one-third the amount of
the loan in lawful money of the
United States. y
We never had a panic in the
history of this country which
could not have been squelched at
its inception by the proper dis
tribution of one hundred million
dollars. Take the hand-made
panic of 1907. All the banks of
the West and South asked at that
time .was that the New York
banks pay them what they owed
them. But the New York banks
were frightened to death and
would not release a dollar.
Under the Wilson-Bryan Bill
we could not have a repetition of
that experience. In the first
place the country banks would
not have their money tied up in
New York, and in addition they
could get all the currency they
wanted by depositing securities,
in Washington with the Federal
Reserve Board.
With the overthrow of the
money combine the “cashier’s
certificate” also disappears. You
remember those bits of paper
which took the place of real mon
ey during the panic of 1907?
You will see them no more, for
under the Wilson-Bryan- Bill
banks must meet their obliga
tions with coin on the Republic
or close their doors.
Another feature of the bill
which will eventually prove one
of its most beneficial provisions
is what is known as the “redis
count” section. This enables
the country banks to rediscount
the paper of farmers and stock
raisers with the Regional banks,
and in the opinion of experts will
have a strong tendency to not
only make money much easier in
the rural districts but to mater
ially reduce the rate of interest
When I speak ot the bill pass
ing through the “fiery furnace”
of the Democratic caucus, I was
not merely indulging in a fanci
ful figure of speech. When the
measure was first presented to
the caucus it met with earnest
opposition. After a prolonged
and exhaustive debate the wis
dom of the great statesmen who
drafted the bill was amply vindi
cated. A careful examination of
its provisions converted its most
stubborn opponents into its most
enthusiastic supporters’ and sent
it out on the floor of the House
backed by a harmonious and con
fident majority.
Charlotte Abernathy spent
Friday night with Lillian Walker.
Mrs, W. G. Edwards was a
caller at Cheyenne Wells Monday.
J. T. Price and wife are enter
taining a friend from Missouri
Will Tuxhorn leaves for
Springfield Illinois Thursday
Mr. and Mrs. W. Ivl. Hender
son are entertaing relatives from
lowa this week.
Elmer Richards, of Chicigo.-is
here visiting his uncle an aunt,
C, W. Raven and wife.

Minnie Quernermous of Chey
It Will cost You Little
to see the East
You have probably been wishing that you could take
a trip back East to sec the old home and your rela
tives. Or perhaps you would like to spend a few
weeks at one of the summer resorts along the At
lantic Coast. The woods of New England the Adi
ro -daclts and the cities of Canada afford many op
portunities for a pleasant vacation. Low round trip
fares to Eastern destinations now in effect provide
ma y pleasant trips at reasonable expense. Com
fortable and convenient service East is provided by
six daily trains via
Standard Road of the West
Sixty-day exc rsion and sea-1 Circuit Tour ickets, includ.
son tickets at low rates are ing many principal cities of
on sale excry day to all prin: XI t- - . 1
, „ ' . New England, Canada, New
cipal Juastern resorts and a!
i ..... York, Pennsylvania, Vir.
number of principal cities J
may be included on one j ginia and Maryland as well
ticket. Let us tell you about as t ] ic Central States afford
some of the many excursions ■ . r
, opDortumiy ror iigntiseeins
to resorts on the Great j
Lakes or along the St. Law-! and many delightful water
rencc. | trips.
The expenditure of millions for improvement of
roadway, for .election of grides, for elimination of
curves, for double tracks and ninety-pound steel
rai’s forautoir atie eLc'ricsrfety devices hes lightly
made the Union Pacific —
The Standard Road of the West
For literature and further information relative to rates, routes, tr *\in
service, etc, call on
W. E. rORE, Local Agent
• R. S. Ruble IlDiCi'Roftero^
Assistant General Passenger Agent ranama-fac'flcljposinpn
941 17th Street
Denver, Colorado.
enne Wells spent lest week with
her sister Itha at Arapahoe.
Vester Magwire and Mark
Quertermous Were Saturday af
ternoon callers in Arapahoe.
The dance at S. S. Eash’s Fri
day night was well attended and
a splendid time retorted by all.
Mrs. O. B. Kessler and son,
Cecrge. left for Kansas City and
other eastern points Sunday
T. A. Dodds, J. M. Kennard
and W. G. Walker were deliver
ing cattle at the county seat
vW. W. Howard, wife and
daughter, T. E. Howard and wife
spent Sunday in the J. H. Bidin
ger home.
Willie Loster returned to his
home Wednesday mo rning after
spending a few months in Hardt
ner Kansas.
W. S. Moore and wife and
Dr. Homer returned to Arapahoe
Friday morning after an extend
ed visit in the east and south.
There was a large crowd at
tended the dance at Jim Church’s
they hud good music. A fine
time is reported by all present.
The Misses Gertrude and Lilli
an Walker spent a few days last
week in the homes of Miss Hattie
Galland, C D. Sawyer and J. H.
Mr. and Mrs. Plinney Huff
mourn the loss of their little
daughter which died last Friday
near Colby, Kansas. The re
mains were brought to A.apahoe
Sunday. The funeral being held
from the Chapel at 10 o'clock,
Rev. I.ynde officiating. The re
mains were laid to rest in the
Arapahoe cemetery.
Everett Ray, son of Mr. and
Mrs. Earl Washburn died at the
h)me of his parents, north of
town last Thursday night, aged
three 'years. The funeral ser
vices were held at the house Fri
day at 3 o’clock. Interment in
Arapahoe cemetery. The entire
community extend sympathy to
the bereaved parents and rela
Some correspondence received
too late for this issue. Will ap
pear next week.
NO 21

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