Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1901-05-27
WASHINGTON LETTER.

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is known that he felt greatly relieved
when the disturb ,nce did not extend
outside the ralks of the spectators.
AS a fnancior of long experience he
knows that there is always danger
that these speculative orgies may do
great damage to the country when
the inevitable collapse comes, by un-
settling values and shaking confidence
throughout business circles. The
government has no control of these
things, out there are times when the
Secretary Of the Treasury may do
much toward preventing financial
trouble of serious nature. For that
reason Secretary Gage kept close
watch on the Wall Street specula-
tions He was prepared to do what
he could had the necessity arisen, but
is very glad that in this case he was
not called on to do anything. He is
still buying short time .. S. bonds,
whenever they are offered at price
that makes it advantageous for the
government to buy, aud will continue
to do so, because thereby he not only
puts the money that is in the Treas
ury back into circulation, but saves
interest for the government.
Secretary Root made short work of
the official career of a War Depart
ment official who offered to sell copies
of official correspondence to the
| Counsel of Nicely, who is charged with
the embezzlement of Cuban postal
! funds. The offer was made by W. D.
Williams, private secretary for Col.
Edwards, Chief of the Insular Division
of the War Department, to Judge Lin
say of New York, who at once report
ed it to Attorney General Knox.
Detectives had no trouble in tracing
the offer to Williams, who ac-
knowledged his guilt. Secretary Root
at once dismissed him from the gov
eminent service. He would also have
been prosecuted, but inasmuch as the
copies he had offered to sell were all
recovered and would in any event
have been of no value in the case, it
was decided that dismissal was
sufficient punishment.
Mr.. q. M. Schwab, president of the
newly founded steel trust, known as
the United States Steel Company,
was one of the most interesting wit
nesses yet heard by the Industrial
Commission. He was a very frank
and willing witness, giving all that
was asked except a copy Of the syn
dictate agreement, which he said he
thought was private matter that he
would not care to furnish at this time.
He said the new company controlled
about rs per cent of the steel pro-
ducts of the country, and expressed
the opinion that the consolidation
under one head would be beneficial
all around. When asked what effect
it would have on prices, he replied,
81 think the tendency would be
towards somewhat lower prices. I do
not think there is probability of
higher prices unless something un-
foreseen happens" When asked |
what effect, if any, the talk of the re-
moval Of the tariff on steel products
would have on his company, he re- |
piled, "Reduce the tariff and the |
wages of labor will be reduced. La |
Dor forms the largest element. Our |
greatest exports have been in rails
and billets, wherein labor is the least |
factor comparatively, and not in the |
lines upon which the most labor is
exerted." When asked to state what |
effect corporate consolidation would |
have on the chances of men for en-
ployment, he said: Opportunities
were never so great before as they
are now, for men of brain and energy
who are willing to work. There was
never so great a scarcity of the special
men who are required by manufac-
tories. Men with such exceptional
abilities have chance equal to any
such men ever had. I doubt, how
ever, if men with small capital have"
He said the average wages paid by
the Carnegie Co. at Homestead, last
year, were 81 day. The lowest was
$3.50, but Mr.. Schwab said he was
ashamed to tell what the highest was.
Minister Conger is in Washington.
He declines to discuss the Chinese
question, further than to say that he
thinks it will be impossible for China
to pay the amount of the indemnity
that the representatives of the powers
have decided to demand.
While it would be obviously i'm
proper for the Department of State
to take any notice officially of the
constantly repeated reports of efforts
being made to form a commercial