Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1899-12-27
WASHINGTON LETTER.

The hold the New 7 Ork stock specu- l
lators have upon this administration Is
demonstrated anew almost daily. Not
long since the treasury department
made an offer to buy $25, 100000 of
government bonds, at present prices, .
large premium, in order to lower the
rates of money on call in Wall street.
The war news in Europe, % some
authorities assert, or the passage Of the
gold standard bill In the house, q Others
MAINTAIN, caused another panic in Wall
street; and % might be expestsd, Secrs-
tary Gage dropped all other business to
study scheme to further help bis
friends-on the wrong side of the market.
An order was issued permitting the
national banks to receive and hold
Temporarily oil the government re-
ceipts for internal revenue. which
amount to 81, 900, 600 day, under the
present war schedules.
The concern Of this administration
that the bsars should not succeed in
their flrthur campaign for depressing
stocks, is easily to be understood. Nine
tenths of the so.ealled prosperity" en-
joyed in the large business csntsrs since
this administration came in, has been
the nominal increase In the value Of
stocks of industrial enterprises. They
have been quoted In the stock lists from
third to . half higher than these
prices during the depression Of 1925.
But, following the decision Of the 81
preme court Ia the Addystsl Pipe Trust
case, which found that combination
illegal, being In restraint Of trade, the
banks have called bask their lsans On
many Of the largely watsrsd stseks Of
the so.calleA "Industrials" requiring the
borrowers either to pay Of their lsans
at once, or to substitute railroad OF
other shares for collateral. The vie
tories Of the Bssrs at the same time
caused rapid selling Of American rail-
road shares abroad, and the consequent
export Of Z cid to pay for them. Such
Q combination has shrunk the aggrs-
gate values of the stocks listed In New
York fully slOO, 100000 during the past
three weeks. With money on Wall
street loaning on call Of from so to 125
per cent, in eases - high - ons-hslf
per cent . day for large amounts, little
less than decentralization 10 in sight.
Bankers under such conditions refuse
loans to legitimate merchants, prsfsrrins
the high rate for short loans; and with
little more of these untoward condi-
tions, all.the: evils of 1893 would return,
and oil be chargsabls to the admins
tration in power. With an election
| just ahead, ii 10 not surprising that
Secretary Gage is giving oil his attsn-
ton to throwing the aid Of the govern
ment to the stock brokers. 1t is not
the business of the government to take
hand in stock deals, but the republi.
can party pridss itself on indifference
to the constitution when it stands be.
tween friends.
| The present Wall street situation Is
likely to play strong part in the out.
come Of the next national campaign
The passage of the currency or gold bill
certainly did nothing to restore cont
dence. Five minutes after it went
through the house, there was the big
gest panic in Wall street that has been
there in fifteen years.
i Scarcely less important in it, effssti
upon the coming national election here
will be the outcome of the war in thu
Transvaal. 1t is coming to be believed
by military experts in Washington thai
the Beers probably will win. TheresiI
no question that the majority OF the
American people wish for this end
There is still less doubt that the Nc
, Kinley administration Is bound, by d.
plomatic agreement quite as binding ss
treaty, to give whatever moral influence
and aid 1t can to the British. That ID
one of the embarrassments of the en-
tangling alliances already half cement
ed with the Britons, by which English
speaking people are to stand shoulder
to shoulder in the Coward march of
christianity and Civilization" This
country is to shoot civilization into tn
Filippinos, the English approving; and
the Britons are, with this governments
approval, and st least moral aid, Il
force civilization upon the Beers Will
Lyddite shells; that is, Of course, pro
: viding the "savages" offer no succsssfr
J, opposition.
J. But the Doors just now seem to hav
8 even more friends in the United State
Q than the Filippinos have. This Is blu
natural, because their conduct upol
8 the field is much more deserving
sympathy and admiration. Tho Ri
L berian societies in all the states hav
y organized movement to assist tn
struggling patriots in the Transvaa
y and they will hold account at the prope
9 time the administration that even Il
motely connives at the aggressions o
s the Britons.
Q The current of events in the past
d week have done more to alarm tn
+ shrewd republicans for the outcome o
b the Presidential election than any
y thing that has occurred since tn
b breaking out of the Spanish war. 1
g stocks go to pieces, as they promis
3. now to do, the business Decentralization
|. and financial disturbances in the lsrg,
centers just prior to the campaign, viii
It destroy utterly the claims made b
8 this administration that prices are VI
d as result of its work; and if the Boer
are even partially successful in the ent
g as now seems assured, it will stand 1
8 the impotent and contemplate position
y of having wanted their enslavemen
d by a powerful government, and b
1 -, -