People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1897-05-28
WALL STREETS INTENTIONS
Mr.. Machen interviews q Banter on the
Money Question.

construction now you had better take
a refrigerator car with you, for pre-
dict that capital will make it warm for
you Capital won't permit any new
development-can't afford to until the
financial question is satisfactorily set
tied and the cats and dogs now on hand
are worked off.
Are you not putting out any money
now?'
mo, except on call. We are piling
it up and putting the bars around it
tighter than ever. There never was a
time when we had as much money and
as much stuff as we have now. We
are obliged to keep the money here to
protect these securities We can't af-
ford to let you put down new rails at
$40 ton that cost an average of $40.
If the money goes out into the country
for new development there won't be
enough here to take care of our securi-
ties. We have to take care of these
gamblers because we have got their
stuff. All the banks are loaded down
with loans on railroad securities and
the world has unloaded or us.
THE MONEY PLAN.
Don't you think it was unwise, from
selfish standpoint, to call six millions
of the American people anarchists" l
asked
Eyes, that was unwise, and capital is
getting it in the neck because of that.
1t scared the Europeans and made
them unload our securities. But we
are not going to take that risk any
more. Give the Debs people forty-eight
hours start again and there's no telling
what would happen. We are going to
have things fixed this time. 1t was an
expensive luxury electing president
the last time. Instead of the tariff,
congress should first consider the cur
rency question. The New York bank
ers were assured that any reasonable
plan suggested by them with anything
like unanimity would be adopted.
$50 far we haven't been able to agree
upon plan. Financiers differ on some
points, but the general idea is to issue
thousand millions of low-rate gov
eminent bonds, at or III per cent
interest as a basis for national bank
circulation, take up all the greenbacks
and other paper, and leave nothing but
gold and national bank notes, and
make the bonds redeemable in coin, as
sop to you silver people. We will
/ keep enough silver on hand to give a
man who wants bank notes redeemed
a cart load if he calls for it. After he
ge.,s AZ -. Il cart load he won't want
G- 10y go. Is reesszI. ''--'----7
What will you do about all the rail
road securities you have loaned on2"
eve are going to have government
ownership of railroads. The govern
ment is the only purchaser we can put
them to. 1t is the only power that car
make the investment stable"
"How are you going to agree on g
value for them?'"
"'The operations of foreclosure are
rapidly scaling them down to POM
where the first mortgage bonds will
represent the actual investment.
"'What is going to become of the
stockholders and the junior security
holders?'"
1.-THE watchword of action will
them must be devil take the hindmost
You know these gamblers on the stock
exchange don't, as rule, buy for in
vestment.
LARGE ARMY WANTED.
''In further conversation he said:
"'We need an increase in the stand
ing army sufficient to protect property
and check the restless ambition O.
backwoods nobodies.
81 believe it would be better to put
1t to 100, 900 men.
1.-THE country would be better off i.
the currency question was left to the
financial people, because of their supe
rior intelligence on the subject, and al
they are the custodians of funds O.
widows, orphans and people who hole
them to strict accountability as trus
tees, there should be higher law t.
protect them than applies to everyday
trivial affairs of life
why said, that's leading to mon
archy?'"
"He said: Monarchy is not buga
boo to me, Though few will admit it
l believe that majority of people with
large property interests feel as 1 do
81 said: 4 am perfectly charmed
with your frankness, and feel sure YOU
are as honest as audacious, but if
were in your place, and suffered like
you do, I'd go home and take dose O.
liver pills and read the Scriptures
afterwards till my liver got right. L
the care of money made me as billion:
as it seems to have done you, I'd give
up the place quick"
The foregoing is the substance of Z
conversation Mr.. Machen had with
friends in private. A Journal repre-
sentative heard it, and the next day
went back and asked permission t.
publish it, Mr.. Machen said he didn't
care, except that he would not be will
ing to mention any names, as it was
private conversation. He said the gen
tleman is a clever fellow, who was per
haps oppressed with his responsibility
and talked much more freely in private
than he would in public.
81 don't believe, however" said Mr.
Machen, that he would object even tc
the publication of his name, as he is Z
man who generally speaks out what he
thinks"
Got 1t Down Right.
The address to the Peoples Party
issued by the populist senators and rep
resentatives in congress says there
must be concentrated action and ar