Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1900-01-17
GOVERNMENT BANKING.


1t has been an expressed desire on
the part of the Republican party to
take the government out of the bank
ing business" but what would Wall
street do without the aid of the Secre-
tary of the Treasury to lease" things?
Not long ago the Secretary advanced
$25, 100000 of interest to help the Wall
street gamblers over bad piece of
road and now it is alleged that he will
come to the aid of the street with n
bond purchase of $25,OOO,OO0 and de-
posts of government money in national
banks to the amount of $5O.OO0,O0O.
If this government were out of the
banking business what would poor
Wall street do? In viewing this phase
of government financiering. the New
York Journal says: sThe Treasury
Department believes that by increas-
ing government deposits in the banks
and permitting the banks TO use the
money as they may see fit, much of the
present trouble will be obviated. In
other words. it is the idea of Secre-
tary Gage tllimself an experienced
banker and financially interested in n
bank which has business relations with
the Rockefellers) that by giving the
banks control of enough money to ease
the market the financial situation will
be all that can be asked But If the
banks may use government money to
ease The market, may they not handle
the same money 10 tighten 1t at pleas
ure? Will not the rule work both ways,
or are we to trust the bankers for its
honest operation? Under the financial
scheme carried out by the government
will not banking trust be able to take
the people by the throat on the stand
and deliver principle? Secretary Gage
is the conservator of the peoples finan-
clal interests. To him we look for a
legitimate and equitable circulation of
legal tender His scheme may be
fine one. We hope it may be. But the
gradual and constant drift of govern
ment finances into the hands of the
bankers is not a pleasant thing to con-
template. Again we call attention to
the similarity between this policy and
that of pouring water down rat
hole.">
Perhaps the everyday. honest. indus
trlous, conservative business men may
be prompted to inquire why the gov
eminent should aid Wall street gam
blers, and yet find no way to aid men
engaged in legitimate enterprises. 1t
is easy enough to find an answer 30 this
question. Panics are made on Wall
street. A great panic would defeat
Mclinley's ambition to be reelected
President, therefore panic must be
prevented at any cost and Wall street
must be ''eased."
Tariffs and New Possessions.
The New York Press resumes the
heartening circumstances. Everybody
had forgotten about the tariff. Our
manufacturers having demonstrated to
their own satisfaction and profit that
they can ship their goods across the
ocean and undersell European manu-
y
thought that nothing else was neces-
sary to convince them that a tariff is
not necessary to protect them from
competition. But the Republican press
is angry at the Republican President
because he recommended the adoption
of free trade with Porto Rico, which is
a part of our possessions. and reduced
schedules with Cuba; and its editor de-
clares that "if debate is started IN
Congress cmbodying the Porto Rican
free trade or Cuban tariff reduction
recommendations, it can be made the
most dangerous issue the party has had
to face In Il decade"
What nonsense! The Cuban tariff
reduction is thing apart, but 1T is not
necessary for any bill to be introduced
to bring about free trade with Porto
Rico. All that is necessary to produce
that result is for Congress, by legisla-
ton, to recognize the fact that Porto
Rico is part of the United States This
recognition need not be of Il declara-
tory character. The moment Congress
legislates form of government for
Porto Rico, that moment the tariff now
existing ceases to affect that island
Under the constitution there can be no
tariff or trade Determinations between
the States, Territories and possessions
of this government. No tariff or anti
tariff legislation is necessary to carry
out this policy of government, which is
fundamental, being provided for in the
organic law.
AS the Washington Post remarks, we
are bound, now that we have deprived
Porto Rico of her trade with Spain. to
give the island fair chance to thrive
and prosper as the result of its connec-
ton with this republic. We cannot ex-
ercise dominion over the island and at
the same time. treat its people as for
eigners.
Related Zeal.
We are told in the dispatches from
Washington that the President. aided
by his eyer-faithful Grosvenor, has de-
termined to make an example of the
Republican officeholders in Utah who
are charged with practicing polygamy.
This is right. But why We're these off
cials appointed?Is their polysamy only
reprehensible now because it has been
brought into public view by the devel-
opments in the Roberts case? Mr.. Me-