The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-09-25
4" Dishonest Element"

eastern organs of monopoly and its hand
maid, speculative swindling, to say that
the farmers movement in connection
with the establishment of oranges, has had
much TO do in precipitating this crash.
But what il the allegation be true? What,
il, instead Of being merely one of the
causes which have precipitated crash
that must, in the inevitable nature OF
things, have come sooner or later, the
farmers efforts TO restrict the railroads
" in their exactions be the sole and only
cause which has precipitated the crash!
Let us take this roaring bull fairly by the
horns, and.not seek to dodge it by any sort
of evasion. What is this crash, and
its meaning =? The London Times told the
whole story when it said, rs an effort Of |
the fiscal system 10 get rid Of its dishonest
clements. 1t is, then an honest and earn
est response Of the fiscal system to the |
farmers movement, which is an effort of
the political system, that includes the
fiscal system, to get rid of its dishonest
element
The dishonest element in the fiscal sys-
tenn is admirably represented by the Jay
Cooke sort of tinanciers, though the gene
sis of the dishonest element is found far
behind all such persons, in that financial
lie Of the Federal government which says
that a promise TO pay dollar is itself a
dollar. And who are the Jay Cookies
Men whose business activities consist in
obtaining money under false pTetences,
The Northern Pacific railroad scheme was
only one in thousand huge confidence
games To enable swindlers TO get some
thing for nothing The very same organ
OF monopoly and swindling which as
serts that the farmers movement has done
much 70 preeipitate the bursting OF the
monstrous bubble of fraud and deception,
cOutesses the truth in words deprecating
the fever OF excessive speculation which
has given rise 10 so many vast and rulnous
railway schemes, protessediy undertaken
tcih tie object ~ dereioping the resources
Of the country, bat really no mare than in.
g6aiOus deeiceS fer tie accumulation Of en-
0rmous fortunes for their projectors sucl
accumulation. it should be added, TO com
plete the truth, being sehoiiy at The cost q
The labor industry Of Tie country ThI
whole process consists in taking something
from men who have labored for it, and Civ
ing il TO men who have not earned 1t
Any person from the rural districts who
ON visit to New York or Chicago, ha
been relieved OF the contents Of his pocket
book by n Reuteel-appearing but vulga
swindler called confidence man has had u
Individual experience OF that mode of de
veloping the resources of the country
which the Jay Cooke confraternity, aide
by the federal government, have bee
practiclng upon the whole American pc,
pile ever since the passage of that meaSul
of unspeakable scOundrelism the sO-calle
legal-tender act.
The Northern Pacific railroad was pr,
jected by a ring Of confidence swinders Il
the purpose of swindling the people out
nearly lOO,0O0,0 600 acres of land. by buill
ing railroad to be also owned by ii
swindlersl with money 20 be earned an
paid by the people who were To be thu
swindled. Tie Union Pacific and Ceutr
Pacific and Kansas Pacific. and the Lon
hardly knows how many other se-callt
national highways had proven success
iul swindles Of the same kind the Mort
ern Pacific swindlers were encouraged !
the success Of the kindred gangs Tn,
would build railroad some two thousar
miles in length, through bowling wi
derness where not in half a century cou
railroad be made TO return a single fart
ing ON its cost but they would "develt
the resources Ofthe country which meal
that by persistent lying and misrepreser
tatlon they would induce people Ia 20 in
that wilderness and buy back at six dola
an acre the land which an ncOrruptib
Congress had voted to the swindiers #
nothing Tor for few shares in the swind
judiciOusly placed where they would d
the most good J. and give them five busl
els OF wheat for carrying one bushel ov,
their road, and thus pay the whole cost
the road out OF the earnings of their dupe
the people, and take their places amuI
the grandest money nabobs of earth. oV
government, and be regarded as publ
benetactors ~ To carry out this stupen,
Gus confidence swindle, the 'confiden
men got a charter authorizing capital
SlOO,OD0,OO0, but requiring only $1,000
900 to be subscribed, and only ten p,
cent. of that amount TO be autually pai
in, making an actual available capital
only S20O,OOO-nUt fifth part of the co..
ut surveying the route But unhmite
power to issue bonds would furnish III
money, which the dupes who were cxpec
ed to pay six dollars an acre for the wilde
ness, and five bushels of wheat for carr
ing one bushel to market, would pay. pri
Clpal and interest, out Of the products
their labor. So, these pattern 1igg Mo
tagus proceeded 10 shove their bonds
every money market in ChristendOm whe
they could hope to find q man with mo-
money than mother wit Their course
procedure was characteristic of the me
and the fraudulent scheme. Ii was G
pecially in religious publications that the
lying advertisements were 10 be seen.
was under the seeming patronage
Young Mems Christian Association
that these sharpers piOusly recommend,
Northern Pacific bonds to their Gu
toners as better than government secu
titles ~ Pets of the federal treasu
department with branch bankiI
houses in all corners of the earth, al
'freedmans savings banks WHEREIN
there appeared the chance of handlir
some ignorant negros small earning
with psalm-singing paradise at Putt
"Bayand gorgeous palace at Chiffon hill
"these.nabobs with their sanity and sord
surroundings" Succeeded by agencies
thorough dishonesty in dispOsing of SOU
$S5,00O,0OO Of their paper securities, la
of them 10 pay interest on the other hal
What is their security They have bui
four or five hundred miles Of road alt
gether; they have bought some rolliI
stock, tools, &c, amounting, all told, Ia
cOrding to ''Poors Railroad Manual
the cost value of Sl5,SO4. 37422 Besid
this they have earned that is, are e
titled under the terms Of their swindir
charter 10 land warrants for 100000
acres Of their land subsidy Reckonir
the land at government price quite
much ~ could be got for it under the han
mer), and all their other assets at co
price, and it appears that the assets
this confidence concern amount to SIS
NM a.1 % .nuuInaf InIalfaluagl
SETS not one dollar
Such is the utterly rotten character an
worthless foundation of this Northern +
ciie confidence swindle, whose timely e
plosion has exhibited 10 the country IN q
It's lurid ghastliness the volcano of CORFU
sion 4r.,,I aud ah,oauar,. ~, ,.L;.l 60.