The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-01-23
SPIRIT OF The PRESS.
STANDARD OIL CROWD CONTROL
WALL STREET.

STANDARD OIL CROWD CONTROL
WALL STREET.
Henry ClewS.
A new order of things has come, due
to the most powerful influence that has
ever manifest ed Itself in Wall Street
This influence is largely composed OF
the Standard Oil combination, who
have introduced in their Wall Street OPP
erations the same quiet, unostentatious,
but resistlesS measures that they have
always employed in the conduct of
, their corporate affairs.
At his best day Jay Gould was always
compelled To face the chance of failure.
Commodore Vanderbilt though he often
had the street in the palm of his hand,
was frequently driven into a corner
where he hal to do battle for his life;
and so it was with every great specu-
lator. or combination of spectators,
until the men who control the Standard
Oil took hold With them manipula-
tion has ceased to be speculation. Their
resources are so vast that they need
only to concentrate I'm any given prop
erty in order to do with it what they
please.
How much money this group of men
has made it is impossible even to esti-
mate. That IT is a sum beside which
the gain of the most daring Spectator
of the past was a mere bagatelle is put
ting the case mildly. And there is an
utter absence of chance that is ter
rible to contemplate. This combination
controls Wall Street almost absolutely
BONDS FOR IMMEDIATE EDUCATION
AL NEEDS AND FOR GOOD ROADS.
From the North Carolina Journal for Ed
cation for January.
Progressive cities and towns needing
permanent improvements beyond the ca
pacity of their annual income, borrow
from their richer selves of the future,
issuing bonds and paying interest OH
them, believing the larger amount OF
money wisely expended at one time will
enhance the value of property beyond the
amount of annual interest. The same
sound business policy is time honOred in
all progressive States, and. as rule,
towns cites and States are progressive
and prosperous to the extent that they
have wisely and economically applied this
v
Carolina when our immediate needs are
much greater than can be supplied from
our regular annual income, and the Gen
eral Assembly should provide for the is
sue of bonds to meet them.
The Legislature now in session will be
asked to make large additions to the State
hospitals. to the Institutions for the
Deaf and Dumb and the Blind. to the
Normal and Industrial College the Uni
versity and the Colleges of Agricultural
and Mechanical Arts; to provide for two
or more normal schools, and a reforma-
tory, or school for youthful criminals and
ncorrgibles. 1t should encourage the
building of good school houses and good
roads, and it must make more liberal APP
preparations to the public schools.
This cannot be done without more
money, and bonds must be ISSUED and sod
if these Just demands are to be met
Bonds bearing three per cent interest and
payable in fifty years can be sold at or
above par. The annual sinterest on
81, 900 900 at this rate would be only
$40, 900.
Three hundred and fifty thousand dol
lars would supply the immediate needs
of the hospitals, the Agricultural and Me-
chanical Colleges, the University and the
Normal College, erect buildings for the
new normal schools. and purchase ana
improve property for the reformatory
Two hundred and fifty thousand dollars
should be used to encourage and aid in
building good school houses in villages
and rural districts, the State paying one
fourth the cost of building, when the
community raised the additional three
furths in some other manner than by TAX
ing the amount from it's portion of the
general school fund. Of course appropria-
lions should be made only for houses we'll
located and built after plans approved by
the State Board of Education. 1t is prob
ably safe to say that in less than three
years school houses to the value of ST.
600 900 would be built-the present value
of all public school property in the State.
Four hundred thousand dollars should be
used to encourage and aid in the making
of good roads, the State paying one-fourth
the cost Of every mile of permanent road,
carefully surveyed, graded and built, ac-
cordng to the directions of the State
Geologist or State Engineer, appointed
for this purpose. In this way the $780,
900 would result in an expenditure or
81 500, 600 for good permanent roads, an
incalculable source Of profit to the State
| forevermore.
Necessary improvements at the
hospitals. the schools for the
blind and the deaf and dumb; the much
needed increase of room and equipment
, at the institutions Of higher learning, for
the want Of which theihr usefulness is
greatly impaired; buildings and grounds
for two or three normal schools, for
that education and training of the purllc
school teachers which must be provided
before these schools can be greatly i'm
! proved. (The amount appropriated for thls
purpose would probably be duplicated by
| the towns in which the schools were To-
cated); a reformatory for youthful Grim
| inals; one million dollars in new school
houses of approved structure i'll small
towns, villages and country districts; one
million six hundred thousand dollars IN
good roads. 1000 miles radiating from
the principal cities in the State-does any
ono dOuht that thpSp would be worth