Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1901-09-26
BAD POLICY.
Extrayagant Way I'm which Repuh-
1fcans Are Running Govern-
menf Affairs.

Tight money in Wall street means q
lower price for securities and stocks of
all kinds, because many of the specu-
q rate that viii leave any margin of
profit. So but few want to buy stocks,
md those who have borrowed money
On call with stock as security are
forced to sell. There are therefore
more sellers than buyers and down
go the prices. When the banks call
for the money they have loaned, it does
not always mean that they want it,
but they have an opportunity to loan it
at a higher rate, sometimes running
up to even 60 per cent. and in times
Of great panic even higher.
Now, We would naturally think
that all these gambling transactions
did not concern the people of the Unit
ed States and that therefore the gov
eminent and the treasury would not
be interested. But it appears that Sec
rotary Gage when the late furry &C.
Cured issued an announcement that
he would receive proposals for the sale
Of $40, 900 900 of bonds, so hat the
cash in the treasury to that amount
could be paid to the banks or to those
who sold the bonds and thus add to
the money that could be loaned. He
also sent the following telegram to
the chairman of the Clearing House
association, of New York:
Recognizing the u~nfavorable inf1u-
ence upon general business affairs OF
a continued absorption into the pub
lie treasury of revenue beyond ex-
penditure, I have directed that in
coming internal revenue receipts be
placed with national bank depositaries
until a balance with each is reached
equal to the par value of the bonds
held as security from such deposita-
ries. This will divert about SIS 5000 200
from the treasury vaults.
"The secretary will to-day invite
proposals for the sale to the govern
ment of $685. DOC, 900 of United States
bonds other than the new twos. 1t is
believed that these steps will obviate
the otherwise possible embarrass-
ments which are pointed out in your
telegram of yesterday"
All this means that the United States
treasury is helping out the bull spec
ulators by buying back the bonds at
a very high premium, that not long
ago the government sold for par or at
a small advance and in addition to that
loaning them SIS, 900 without in
terest. When it is considered that
the treasury has already loaned to the
banks nearly 500, 000, 900 without in
-~erest, which they have he'd fo- owe
two years, it will be easy to understand
how the banks and the trusts compa-
MES are able to pay such enormous div
i1ends.
It would appear hat the United
States treasury was in some way in
terested in these great financial insti.
t~utions and was anxious to see them
accumulate all the loose money in the
country, so that they a dictate the
price they shall have to those who must
borrow.
Thus through these underground
workings of the financial end of the
government the people are paying al
both ends; they pay in the money fol
taxes and then the government loansit
to the banks without interest and the
banks loan it to the people at the high
est rate they can make thempay.
This is the extravagant way in which
the republicans are running the finan-
cia1 affairs of the government. BY
keeping up most of the war taxes and
the high tariff they are collecting more
money than they can expend even with
the enormous present appropriation
and yet those who advocate revising
the tariff by taking off the taxes OF
those products which are monopolies
of the trusts are denounced as disloyal
to the government