The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-08-29
OUR MONEY FOR RUSSIA
DEMOCRATS FIND NEW CAM
PAIGN ISSUE IN A LOAN.
when Russia Takes sI5O.ooo.ooo out
of This Country 1t VIII Make NOM
sy Scarce and Raise Interest.


Chicago. August 2l.-Cspecial TO the
Washington Post.)-Shrewd democratic
leaders are preparing 10 make a campaign
issue out of she projected shipment OF
$3.50. 900 (3eO, 100000 ruties) to Russia
py a syndicate Of insurance companies
If the report of this loan proves true, the
contention viii be that there IS need LOT
American money at home, and that 1t WILL
be direct and positive injury to the great
mass OF American borrowers II the loan Is
floatsd In this country. They Will make
the argument that II this vast sum Oh
money is taken away from America the
effect Will be to produce scarcity OF
loanable funds. with the inevitable result
Of hardening the money market Wherever
money is needed most. The newer parts
of the country will feel the effects OF this
hrst and hardest. The point will be made
that borrowers In the Middle West VIII
be the ones to suffer and direct appeal
Will be made to policy holders TO protect
against this sort OF disposition being made
OF their funds.
The matter will be dragged By the ears
into politics. Hundreds OF thousands OF
men living In the West contribute to tue
colossal accumulation of insurance funos
on deposit In New York and other
financial centers. The drain on the re-
sources of the country thus taxed Is very
heavy and the gospel will be preached
to the policy holders that the only Kind
OF protest which they can make TO stop
their money going out Of the country viii
be TO throw their votes against the party
in power. They expect to be able 10 make
the political connection clear, and by
clever process Of reasoning convince policy
holders and borrowers that the only sue
Il nFn outflow
American money In loans to foreign gov
ernments will be By change in the govern
mental regime.
To Arouse General Discomfort.
Data is already being collected bearing
on this subject. and the Westerners Will
be drilled in a school OF discomfort at con-
ditions which make 1t possible for GUS
todians OF great boards Of American money
10 send Il abroad at per cent while home
borrowers must pay to per ceht. The
Injustice of the openation Will be e&-
plotted and insurance companies are in d
fair way to find themselves the targets
Of political attack in way which will be
10 them novel and exceedingly unpleasant.
When the matter Is pressed to their at
tention. the masses OF American policy
holders, a great majority Of whom it Is
safe TO say are borrowers. Will not taxa
kindly to the idea Of sending their money
TO the Old World at cheap interest rates
when they would be willing to take II
themselves on ample security at yeEy
much higher rate than can be ohtainable
on foreign bonds. Why, they will ask, 10
It necessary for insurance companies to
lend money to Russia at per cent when
We Will cheerfully pay Az TO per cent.
The point will be made that the insurance
companies invite this kind OF attack by
the open stand they took for Mckinley in
1896 and by their continued sympathy with
the administration since its beginning and
during the present campaign. Insurance
companies are doubtless felicltating them
selves on the happy way they are solv-
ing the problem OF what to do with their
money In thus placing 1t abroad, and the
proposed protest against the policy inaugu-
rated Will be disturbing to them because
hitherto they have been immune against
assaults OF that sort The experience will
no doubt be shock to them. but whether
II will result IN reversal of policy and
diffusion OF insurance accumulations al
home remains to be seen.
No Hope of Dollar wheat.
Farmers in the wheat growing States ar.
evidently not placing reliance on the mar
ket wisdom OF newspaper editors and poll
ucians who have been preaching dolla
wheat to them as one OF the certainties
and as a convincing reason why the,
should vote for the continuance of the ad.
wheat for 81 bushel. but are pouring 4
upon the market at the rate Of nearly g..
100000 bushels day preferring TO tax,
So 10 s. cents a bushel on the farm II
ready and present cash to 81 a bushe IL
the remote and uncertain future In tn,
Southwest this stubborn refusal by whea
growers to wait for the predicted 81
bnshel is especially Observable, Kansas II
particular showing "A preference for To
bird In the hand to the flock In the bush
The talent ON the board OF trade in tn,
West take no stock In 81 wheat. Theu
statistics satisfy the professionals that tn,
worlds crop OF wheat will be almost IN Il
the average. and that there Is an availabl,
reserve from the two preceding burnpe
craps Of not less than 500 1000 900 bushels
The wheat growers themselves seem
have an inklng of the real situation AM
10 have a horizon beyond the area
spring wheat damage IN Minnesota an
the Dakotas, Ohip md Indiana The edi
tors end politicians who have been tell
Ing them thew would get 81 brshel ma
see these things later on. but Just nov
the chorus Is cutie nolsv
OBJECT 10 Millionaire supporters.
Western republicans have sent word /
headquarters, and aeEed that Il be pssse
along TO Chairman Hanna. that 1t woul
be we'll TO cut out Interviews with multi
millionaires prophesying the election o
Mckinley aad announcing the utter I'M
possibility Of Bryans success The inter
view with Mr. Vanderbilt cahlea frcl
Lfndnn few days ago along these lines
h'.s feen singled out by the Western yeo
mgnrF rs particularly Offensive.
Interviews o. that Kind som men wh
ara Identified IN the pgblic mi>d as rep
81 rrfoning cRncentrated worth prodnc
a, eject directly psosita 70 that Intend
Cd The hint. therefore has grne ont ,ha
u would be lust as well for the very ricl