The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1893-07-08
MIssoURrs TREASURER.
Hon T. V. stephens Creates . sensa tion In
sh- Worlds Congress of Bankers AZ Chi
cago-Hs Compares New York N oney
Lenders to Shyiocks.


Hon. T. v. stephens Creates . sensa tion In
Inv Worlds Congress of Bankers a. Chi
cago-He Compares New York m oney
Lenders to shylocks.
Some remarks by State Treasurer
Lon V. Stephens of Missouri stirred
up things in the congress of bankers at
Chicago.
Mr. stephens, acting for q dozen or morn
Missouri tanks. recently had some CORE
spondenre with Cs*York tankcss ss to what
they were willing to do In the event Of certain
emergencies arising. That correspondence
and sui sequent events prompted in the 9ihd
OF hr. Stephens some conclusions. He gave
the oonercss Of tankefs the fenefit OF his In
formation In very plain language.
In regard to the present panic and ni0mef-
tary strength" said Mr.. Stephens. Il think 1t
most senselcss state of affairs. II seems to
me that II was brought on hy some OF New
forks banker-politicians in order TO influence
the south and west over the gold theory IL
seems to me, further, 10 be altogether polit-
ical scheme for political and mercenary pur-
POSES. l do not believe that our New York
friends had any idea when they began upon
THIS little game of squeeze and freeze-out
mat IL would be far reaching In its results In a
certain direction. Before they knew them
'SA'to tutg NcIC inc ones VINO WClo
squeezed and frozen out. because confidence
was lost throughout the whole country.
and stampede which might have resulted
very disastrously 10 the country at large was
begun 1 speak only for Missouri. I know
mat many of our hanks. when they heard the
sensational news from New York concerning
the monetary stringency. conservative as they
are, made application at once for future
help In case an emergency required it. They
were answered rrOmnffv ~ fdefr Navr Y0rk
repositories by these eastern fnanciers 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
10 carry them. This Is another case where the
biz 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 ssntl-
ment manufacturers
Fortunately for the Missouri bankers they
had prepared for an emergency. and had
strengthened up and were carrying 39per-
cent reserve. It is at this time that the west
annually requires tho most help. because We
are harvesting our wheat crop and the farm
ers all need a little help for thirty. sixty or
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 II. The result Of the &C.
tion OF the New York banks was felt TO
large extent all over the country Many SOL
vent Banks and merchants have gone down
necause they were unable to borrow at critf-
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 odioas think has had
the opposite effect, and popularized It. It
mas nt any rate' popuiarized the idea that We
nave not suincient money In circulation with
winch TO meet the requirements OF our bank
ing and business interests and the people Of
the west and southwest somewhat emoar-
rassed temporarily as they are In moving
their crops to market,- not only this
year, nut always Just about tnis time
When they most need little financial
help are in favor OF more money OF
some KIND IL matters not wnether IL Is gold
silver or paper. We don't want the gold bugs
or the silver humbugs to run our country. but
we would IKE to nave IL so that when we have
for 1t and eau offer ample security for it. we
can get II. Ihave not cent In silver mines. j
nave invested In the last nve or ten years
atout sloVp In this Industry, and have. lost
every cent thus invested have only holes
IN the ground here and there In the mountains
d Colorado to remind me OF my lost money,
worth not more than five dollars square
III n." ',, so'ie .. our M sour % Poopis, "n'er
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sA"s IN oiuoA W SNb tho
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.o.,..,I ,'I,..., ~ y. 80, ~.
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inc this tro.,b,a On on, naonIa rJ,hon, = inst
-,rso IN, tr ,bov neo5cJ ,nr nsIn ~ vorIa
sSase sga .n,. !, 'ney @ neeaca ecu my nsIp anu woua
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=, " ,ho ntissa,,,i -a.s--a "a ,,s. So, -.
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n ,ho tn,oroe, =, ,,oId ,,,;,s, .,,,o- a., %.
- .r. 80 az, ~ 60. :, o. 80. .as ~, ~
Iin,;,sd cni,,ca ran, % s,r ,nr,hcr IA,
T, Ill ~ ia go, ha.o.,,.s ,rhon ,,,..a,-;
! shaii DC IN ia'or nerea''er- wn'n missouri
has any OF her bonds 10 issue. Of paying them.
not in gold not in silver but In sDc.ie. II this
proposition is not satisfactory to our eastern
f-Jonds we will Mace these bo,Is n, home and
s q. -, -. ,-.,.,,H ,s.NS..-i
We can uo IL Nl'nou' 'Iy 'Ioupu ~ ~mlssour.
nonds nave aiwsys' anu always NiiL. command
premium Missouri Is all right Thsre Is no
panic out there st. Louis, our metropolis
city. Is as sound and solid as the rock of
ciI altar and while ne aro No, crankz on an
~. ~. -,,,S;a, a,.a -, % - ~ Ia,
yer OF aay'alas sSa o,,' "ah. " say. tno sLu-
gioNeu hnahe'ers oi tns ess' are ,sP,uo ur,v
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