even talks about a genuine investigation of the banking system. The bankers fully realize the danger of having the curtain raised, for they know what is behind the scenes.

A bank with $1,000 cash can loan $10,000 "credit," while an individual with $1,000 of money can loan only $1,000. As increasing wealth sharpens the competition between individual investors and the banks for desirable mortgage and other loans, this law-made advantage may enable banks to monopolize investments by cutting interest rates. This would tend to force individuals to leave their funds on deposits in banks at nominal interest, largely because they could not safely and profitably invest the same. Each $1,000 so deposited enables the banks to increase credit loans $10,000, which increases the power and advantage of the banks in their competition for loans against those who actually own the deposits. As the income that individuals can derive from their capital thus grows less annually and the cost of living and general prices go up because of this resulting inflation of the volume of bank credit loans, the individual more and more will be sacrificed for the benefit and profit of incorporated wealth. The effect if not the chief object of the Aldrich plan will be vastly to increase the already over-swollen power and profits of the banks at the expense of individual investors. That is the whole tendency of modern banking, finance and legislation. It is an alarming symptom. This course should be reversed. The law must place the welfare of the individual above that of incorporated dollars.

CHAPTER X.

A CENTRAL BANK TO BE BOUGHT?

$1,000,000 "Promotion Fund" Raised.

Testifying in November, 1911, at the public hearing before the Senate Interstate Commerce Committee, Wharton Barker, a prominent, respected and wealthy retired banker and capitalist of Philadelphia, is reported to have positively affirmed that at that very time an enormous $1,000,000 cash fund was being raised by Wall Street and the big banks of the country as a "promotion fund" to put the Central Bank scheme through Congress.

He said that banks of Philadelphia were expected to supply or raise $100,000, or one-tenth of the amount, and were then engaged in doing so. A prominent Wall Street banker has admitted the raising of the fund, but claims it is only $500,000.

No one acquainted with Mr. Barker and his high reputation and unblemished character will for a moment doubt that he believed what he said and had ample evidence to prove its truth. And if it be true, it is a fact of grave significance. Everybody knows that Wall Street puts money into a mere gamble only on the basis of what it believes to be a 100 to I or 1,000 to I shot. That when it gambles with a million, it at least thinks it has a cinch to win a hundred million or a billion. When the "special interests" put up in cold cash to promote just one bill through one Congress a greater sum than sometimes is required by all parties to conduct an entire national campaign throughout the whole United States, it is pertinent and wise for the people to ask what such "special interests" expect to make as the result of the passing of such bill, and who is to pay them their expected profit. What will Wall Street and the big banks gain if their conspiracy to "put over" a great private Central Bank is successful?

Big Banker-Corporations can not legally pay money for "political" purposes. So this $1,000,000 fund is subscribed to "educate" the people and to lobby the private central bank bill through Congress. Why can't we use this money to "educate" the people to nominate for the presidency and Congress in both parties candidates who secretly will pledge themselves to support our central bank scheme?

Wall Street-Sure thing! "Educate," that's the proper word, pard. Havemeyer had the right idea. The sugar trust contributed to the democrats in democratic states, and to the republicans in republican states. In doubtful states it financed both parties.

It's cheaper and much safer to buy a man before he is nominated or elected, or buy the party boss or machine that will control him. We must stir up the tariff issue to divert public attention from our bank scheme. If we can keep those pesky progressives divided between the two parties we always can elect the men we want. Barnum was right-the people want to be humbugged!

Former Secretary of the Treasury of the United States Leslie M. Shaw is reported to have publicly stated that "a private corporation could well afford to pay the entire debt of the United States, which on October 31, 1911, amounted to nearly one billion dollars (or, to be exact, $963,349,390) for the power and opportunities for profit which the "Aldrich plan" for a great central bank would have Congress confer free upon just one private corporation, the National Reserve Association.

If this be so, and in fact it is a very moderate estimate, "high finance" can well afford to put up $1,000,000 or $10,000,000, or even $100,000,000, to lobby the bill through Congress, and to bring about the nomination for President in 1912 a candidate of one or each party who will not veto the bill, and of congressmen and senators who will support the measure if it happens to fail in this Congress and must go over to the next. And "high finance" generally knows what it wants, the surest way to get it and is not stingy or slow about putting up any required amount of money needed when the game is big and the reward large and certain; nor has it a burdensome and inconvenient excess of moral scruples to interfere with the spending of its "legitimate campaign fund" where and in ways to insure winning what it is after not simply an election, but rich legislative, executive and judicial favors and immunities after election.

With the giant trusts fighting for their very lives, and their officials to keep out of prison and demanding from Congress legislation to that end; with 235,000 miles of railroad dependent more or less for profits upon the will of an interstate commerce commission appointed by the President; with 24,392 banks and trust companies scattered over the country hoping that their power and profits soon will be vastly augmented by act of Congress; and with Wall Street organizing and financing a nation wide campaign to induce Congress to grant for fifty years to a private corporation it will manipulate a complete monopoly of the entire money supply of the people and power to rule the banks and through the banks the business of every individual and corporation, by inflating and contracting the supply of currency and $15,000,000,000 of bank credit; the true friends of the people and of poular Government may well stand aghast with anxiety if not fear as the ravenous flock of financial vultures assembles above the campaign of 1912 ready to devour the expected feast to follow.

Unless conditions now apparent change or all signs fail, the national campaign of 1912 and the preliminary struggle for control of the nominating conventions, presidential and congressional, will be full of intrigue, secret deals, selfish compacts, unpatriotic, political and financial bargains, and the most venal and corrupt and degrading of all American history. It is an approaching climax. Will it destroy one or both of the great political parties? At last, will it break the corrupt and dominating small "balance of power" that so long has terrorized and controlled many of the acts and the destinies of both parties because, though small in numbers, it has ruled by keeping the great majority, composed of patriotic citizens politically divided? Will it force a union somewhere of the unselfish, law-abiding and patriotic of all parties? The present air is surcharged with potential possibilities likely to lead, under the unseen guidance of an all-wise and merciful Providence, to a grander republic and greater hope and happiness for the people.

"High finance" cares little for the fate of parties or of statesmen after it has gotten away with the legislative spoils. As a certain insect invariably destroys its life in giving birth to its young, so Wall Street would gladly welcome the political death of a President or a party first serving its purposes by giving birth and perpetual corporate life to its private central bank financial monstrosity.

The "interests" consider this a republic in name only. They doubt the intelligence and capacity of the people to rule themselves. They hold that money should be master. And they own the money. Therefore, that from its throne in Wall Street the "special interests" as an imperious monarch must and shall rule the republic.

They are mistaken! This is a republic in fact. The people can and will rule. Their wonderful patience spoken of by the immortal Lincoln that makes them conservative and cautious soon will be exhausted. Then their turn at

the wheel of events will come. They have the power, for as yet the constitution and the laws have not been abolished, even if often they have been ignored. And these are effective instruments for the protection of the people and the execution of their will.

Already there are laws prohibiting corporations using corporate funds for political purposes. Banks are corporations. Such acts are ultra vires, beyond the corporate powers. There are criminal penalties. It is said to have