The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-23
M'klNLEY's soLIcITUDE.

President Mckinley is always worry
ing about the bankers. He is afraid
they will not getseveryt,Iing they want.
| In his message to congress the presi-
dent asks that unlimited power be
I given to the secretary of the treasury
! to go to their rescue whenever they
feel a bit greedy.
In fact, without waiting for congress
! to vest the secretary with such author
! ity, the president has had him go to
| the rescue Of the brokers and bankers
OF Wall street three times within the
last three months. Every time they
hunger for a fresh consignment of gold
from the national treasury they get up
furry in stocks, send word to Wash
ington that another panic is threatened
and the chief executive of this great
republic invites them to help them
selves from the moneys in the national
treasury wrung from a patient, unsus-
pecting people.
The financial bill under discussion
now in congress gives the bankers
everything they have demanded. 1t
was framed in Republican caucus on
| the recommendation of President Nc
Kinley, it has been approved in Wall
street, and it meets every requirement
of the American Bankers association,
at whose last annual convention the fol-
lowing resolution was passed:
The bankers of the United States most
earnestly recommend that the congress
of the United States at its next session,
enact a. law to more forcibly and uneouiv-
hlU hitch 1lna GOLD CO do I'd in
country by providing that the gold dollar
which. under the existing Jaw. is the unit
of value. shall be the standard and meas
ure of all values in the United States;
that all the obligations of the government
and all paper money. including circu-
iating notes of national banks. shall be
redeemed in gold coin. and that the legal
tender notes of the United States when
paid into the treasury. shall not be re-
issued. except upon the deposit of an
equivalent amount of gold COIN
The bill which passed the house, re-
ceiving every Republican vote. goes
still further. 1t reduces the bank tax
and increases the power of national
banks to issue paper money, besides
conforming to the demands of the
bankers association, as expressed in
the foregoing resolution.
President McKinley's great solicitude
for the bankers, brokers and specula-
tors is shared pretty generally by the
members of his party. They are all
anxious to do something to tighten the
cares and strengthen the power of the
bankers, and especially those of the
great eastern financial concerns who
make panics and prosperity to order.
Ever since the decentralization of sill
yer in 1873 these capitalists have been
reaping a golden harvest by the depre-
citation of property values and the ap-
probation of gold. enabling them to get
three times in other property what
their money ought to be worth.
When the late William III. English re-
tired from the presidency of the First
National bank of Indianapolis, after
fourteen years in that position, he
said:
/ congratulate the officers and stock
holders of our enterprise. The bank has
been in operation fourteen years under
my control, with capital stock Of $780,
90 In the eantime ii has voluntarily
returned eco of capital stock back to
the stockholders, besides paying them in
dividends 81, 49,. go, part of which was in
gold and ! now turn it over TO you with
its capital unimpaired and 1927. 600 of I'M
divided earnings on hand To this may
be added the premiums of L. 5. bonds a
present prices. amounting 10 SIG coo. be-
sides quite a large amount for lost or de-
stroyed bills.
No wonder President McKinley's
heart goes out to the poor bankers of
Wall street. Their suffering in cold
weather must he inten:s