The people's journal. (Pickens, S.C.) 1891-1903, 1896-04-09

81 lcI, stfSis LILO fIrOQuCC EScUauSc auu tii'
4 Cotton Exchange, whore the products o.
the country, representing the toll of mil
lions OF farmers and other workers. are
: tossed up or down In price according to
: the whlms or interests OF the greedy gam
blers.
Strange to say, the most insignificant
of all the structures on Wall street prop.
8 cr--or ut least the lowest and one Which
would bc the most insignificant were II
not for It's massvcneSs--is the Sub-Treas.
nry Of the United States, at Wall and
: Broad streets. IN front of it stands the
!. bronze figure Of Washington. on the
very spot where he took the oath of Office
when sworn in us the first President OF
the United States.
Just across the way is the office Of Nor
gan q Co. The Office of the Sugar
Trust Is just down the street 4 few hun
drcd feet, just beyond the Custom House
: In the immediate vicinity of the Sub
treasury arc to be found the Offices of the
largest private banking houses of this
country. the representatives of the for
cign houses and the headquarters OF the
bullion dealers.
SO much by way OF explanation as to
localities. | propose now briefly to out
line the methods by which the millions
of toilcrs throughout this country are
laid under tribute, and their earnings alb
as Wall street.
It has been said that if anything is
more tmid than 81 000, ,O10 it is So, ,OO0,-
| 600. Sad experience has shown that II
there Is anything more greedy and ty-
| rannical. more inSatntc aud rcmorSclcSs
than $50,0t0,0GO it is 100000. 900
Enough is III unknown word in the vo-
cahuary of those who own this much
capital. Their cry is "More! Even
| tnOrr.H
| The great power and influence of Wall
street. which has doubled and quauru-
| pied and become more and moro appall-
ing, was laid during the war. when by
| The rational banks and the control of leg
| islaton in their interest, together with
the spcculations in gold, and national
securities, few hundred men utterly
lacking in patriotism. and without any
regard for tho public welfare, seized the
government by the ,hroat and threatened
IL with bankruptcy and paralysis il their
demands were not granted.
Enormous fortunes multiplied. The
owner of Il million soon found himself
possessed Of many millions Money bred
money by reason of the violent fluct,ul-
tions in the national credit as the fortune
OF war changed on the battlcticlds of the
| south.
The g"cenbacks, hich were the saliva
tion OF the Union, were Spcculatcd in
daily. The National Treasury, under
stress Of war, WAS forced to exchange
bonds Tor them, and as soon 10 the war
terminated, the schcmcrs set about So
curing legislation under the prctcnse of
strengthening the public credit, looking
to the payment OF the bonds in coin.
This did not satisfy them, however.
In brief time the decentralization Of
silver followed, and ever since the fell
purpose of those who have ''conSpircu to-
gether has been TO force payment in
gold.
The national banks have received in.
tcrcst from the government on the bonds.
: They have received interest from the
people on the notes issued rs representa-
tivcs Of the bonds. Thus the Industries
OF the country have been laid under
double tribute.
The banking business of New York is
G concentrated III the New York Clearing
House, which is simply 4 trades union Of
all the banks, and has palatial quarters
+ Within stones throw Of Wall Street.
y These SiNty->iv banks have ln aggregate
. capital of about SCI 900 0CO, and in atldi-
q ton have Il surplus OF accumulated prof
+ its of $13,00O,oOD. They holl on drpos-
T. it fram customers about 500. 600, 600
n They have loaned out at interest about
| SfVo,'o''NOu. liclI casa on Hulltl con
= ssts OF about Gi ,000,000 in gold anti $S7,
@ oCO,00O in paper money. Their holdings
v OF silver are quite insignificant. 1t is AN
d dcrstood practice among them never to
p ollcr silver money or silver certificates to
, one another in payment Of balances.
The New York sub b-rrraSury is Il mcm-
Der Of the New York Clearing House,
Il and is equally careful in boycotling silver
n and never offers it in daily settlement
g win banks. This Notwithstanding the
i Fact that all our government obligations
r are payable in coin, silvcraS well aS gold.
- The aggregate bank clcaringS or cN-
changes of checks for 1875 was $50 ,OOO, 900,
: 600, IN New York City alone. In all other
clearing houses of the country the ngErc'
= gate for the same time was S23,500 900 900
I New \ ork does more money changing thai
!, all the rest Of the country, and the man wht
! handles money tales care that plenty OF i
y sticks To his fingers, and the New Aori
i bankers ar" no exception: the Cheinlsa
u Bank has for years paid $50 per cent, an
: nually on its capital and another bank hi!
J. paid 100 per cent, and the average OF all
4 II very high one.
\ In 1895 the New York Stock Exchans -
:" which is an uncharactered body, II mcr
- club. in fact, aud entirely independent &
~ the obligations of Il corporation To state
'l Federal law, bought and sold 66,4AO,5
l. of $6,0ooo0o: In addition, $500 900 I
O railroad and State bonds were sold an
about $l6,o00,0 900 ef government bonds.
-, it not more?
" The two latter classes Of securities ar
y largely dealt in over the counters Of bunl
Is ing houses, and the figures do not rcr;rsri
lc all transactions. Besides there is auotht
III exchange within the Wall street prccin,
~ actively engaged in the same line Of mluil
r. ulution. There arc now listed ON the Ne,
,n York Stock Exchange Il par value of 81
~ 067 ,210,3A in stock and So l22 ,OE2 ,.G9 i
II bonds Of various classes. In 1885 aho,
l. $500, 900 900 in new ISSUES of securities wcr
'g placed 0Ror nnseld. OF these, Sl25,o0o,0
were purchased or placed here. This il
~ cludes tho Morgan government bond syi
ic dicate issue of February, 1893.
But this is only one phase Of the mat I e.
." 1t is only one Of the many schemes th;
- have been invented and carried to success
IL" by the harpies who frequent the gamblin
IL dens known as the stock exchanges. Th
OF products Of labor throughout the cuuntr
nj have been manipulated from Wall street !,
Il centre so that those who produce I'll
"a wealth receive rs little az possible, whil
,d the men represented in and by Wall sire,
M have continued to amaSs wealth at an IN
VI eNamplcd rate. Speculation drives price
down when farmers have to sell and drive
II. up after the farmers products have passe