Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-07-06
MlssouRrs TREASURER.

cago-He Compares New York Money
Lenders to Shylocks.
Some remarks by State Treasurer
Lon ". Stephens of Missouri stirred
up things in the congress of bankers at
Chicago.
Mr.. Stephens, acting for dozen OF more
Missouri banks, recently had some CORE
spondence with New York bankers as to what
they were willing to do in the event OF certain
emergencies arising. That correspondence
and subsequent events prompted In the mind
OF Mr.. Stephens some conclusions. He gave
the congress of bankers the beneht OF MS IN
formation in very plain language
In regard to the present panic and momen-
tary strength. said Mr.. Stephens, Il think 1t
most senseless state of affairs. It seems to
me that it was brought on by some o. New
1orks banker-po1iticians in order to influence
the south and west over the gold theory. It
seems to me, further, to te altogether pol1t-
lcaI scheme for political and mercenary pur-
poses. I do not believe that our New York
friends had any idea when they began upon
this little game of squeeze and freeze-out
that 1t would be far-reaching in its results In
certain direction. Before they knew them
selves they were the ones who were
squeezed and frozen out, because confidence
was lost throughout the whole country,
and stampede which might have resulted
very disastrously to the country at large was
begun. I speak only for Missouri know
sensational news from New York concerning
the monetary stringency. conservative as they
are, made application at once for future
nelp In case an emergency required 1t. They
were answered promptly by their New York
repositories by these eastern financiers that
they were unable to accommodate them, be-
cause they were compelled to take care of only
large customers. and that their balance did not
place them where they felt especially obligated
to carry them. This Is another case where the
big fish swallows up the little ones. The rate
cut no figure. nor past loyalty. faithfulness or
collateral offered seemed to have any effect up
on these heartless money-lenders and senti-
ment manufacturers.
Fortunately for the Missouri bankers. they
mad prepared for an emergency, and had
strengthened up and were carrying q 30per-
cent reserve. 1t IL at this time that the west
annually requires the most help. because we
are harvesting our wheat crop and the farm
ers all need little help for thirty. sixty
ninety days. This help we are unable to get in
New York, and am glad to say that we
were able, and I hope will continue to be
able, to do without it. The result of the &C
ton of the New York banks was felt to q
large extent oil over the country. Many SOL
vent banks and merchants have gone down
because they were unable to borrow at criti-
cal times upon collateral worth 100 cents on
the dollar. They offered plenty of security and
high rate, but they were sacrificed. This
purpose to make silver odious think has had
the opposite effect. and popu1arized it. 1t
has. at any rate. popularized the idea that we
have not sufficient money in circulation with
which to meet the requirements of our bank
ing and business interests. and the people OF
the west and southwest somewhat embar
raised temporarily as they are in moving
their crops to market, not only this
year. but always just about this time
when they most need a little financial
help, are in favor OF more money OF
some kind. 1t matters not whether it is gold.
silver or paper. We don't want the gold bugs
or the silver humbugs to run country, but
We would like to have 1t SO that when we have
to have money, and when we are willing to pay
for 1t and can oder ample security for it. we
can get it. Ihave not a cent in silver mines.
have invested in the last five or ten years
about $4,000 in this industry, and have lost
every cent thus invested. have only holes
In the ground" here and there in the mountains
of Colorado to remind me OF my lost money
worth not more than five dollars square
mile.
when some OF our Missouri people, antici-
pattng trouble. applied to New York for loans
to help them to care for their good friends in
the event OF emergency and were told they
could not help them under any circumstances.
they were just a little bit frightened. I know
that when applied to a New York bank for
assistance in the event that the banks in
which was interested needed it, was told
practically that in order to get the
help I wanted on business princi-
pies would be almost expected
TO compromise my standard of dignity and
respectability and get on my knees and beg for
1t. Then that spirit of western independence
was aroused in me, and I felt like writing to
these fellows who had assisted in precfpitat-
ing this trouble on our people without q just
cause that IL they needed any help and would
offer us per cent. and the proper sort Of col.
lateral would contract to take care Of them
from the Missouri reserve and tide them over
the monetary depression.
II believe it was Mr.. Cleveland who said: 1t
is a condition. not a theory that confronts u.s.
I believe now it is theory that confronts u.s.
and want to place myself on record as saying
that if this condition has been brought about
in the interest Of gold against silver. am for
silver. and am in favor OF its free and I'M
limited coinage. I want to say further. that
1 shall be in favor hereafter. when Missouri
has any of her bonds to ISSUE OF paying them.
not in gold. not in silver. but in specie. II this
proposition is not satisfactory to our eastern
friends, we will place these bonds at home, and
we can do it without any trouble Missouri
bonds have always. and always will. command
q premium. Missouri is all right There Is no
panic out there st. Louis. our metropolis
city. is as sound and solid as the rock OF
Gibraltar, and while we are not cranks on sill
yer or anything else, want to say. the kid
eloved financiers of the east rapidly driv-
ing US to free, unlimited coinage of the white
metal
Charles Parsons OF St. Louis who presided
over the session of the congress all the week,
commented on State Treasurer Stephens re.
marks:
Il feel compelled" he said ito notice what
he said about the bankers o: New York. 1t
seems to me to be in bad TASTE to talk thus OF
them. believe from my acquaintance with
n ir1Gf JRn ynY1-
tleman said that in seeking loan in New
York ne was obliged to go with his hat in his
hand went to Wall street in 1873 for a loan
of $50 900 and had no trouble in getting it. My
relations justified me in asking this favor. ano
got it. Bankers should not be called mfsers
and Shylocks. II the bankers OF New York
hold certain views on the gold situation. II
does not follow that they have done what has
..The bankers OF New York are like the bank.
ers OF Chicago-Mr. Gage. Mr. Odell, Mr..
Hutchinson and others-who have shown their
Worlds fair enterprise. The bankers OF Chi.
cagO are like the bankers OF St. Louis. we
should hear no more denunciations OF bankers
as misers. Shylocks and heartless money
lenders, They represent widows and orphans
and persons Of all classes Az that banker
interests placed in his hands, ~
Much applause followed Mr.. Parsons re-
marks.
An Interview.
In an interview Mr.. Stevens is quoted
as saying:
have been talking to some Of the bankers
here about the present financial troubles. Most
of them are q good deal in the dark about the
situation. They don't know what to make Of
it exactly. My idea is that this is sentimental
manic There is no reason for it. The condi.
tions do not warrant it. The beginning OF ii
was in the east. A lot of shrewd 6nanciers and
politicians combined and started the squeeze.
holt forf he Of bringing