Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1902-10-10

Not Interfere - Republicans Realize Tha
Strike Will Have Serious Effect Upon Fal
EIections-Sscretary Shaw's Monetary Pol
icy Open to Grave Obiections-It Is in Di
| rect Conflict With the Line of Policy Adopt
ed by Roosevelt Last January Regarding tn
Carnegie Bonds - The Presidents Play Wa
to Placate Alser - Senator Harris Bough
American Shoes in London for 20 Per Cent
Less Than They Sell Here - he Gives Hi
Opinion of Election Of a Democratic hous,
This Year.
From our regular correspondent
WASHINGTON, Oct. 9, 1902.
There is intense interest in Wash.
ington to-day in anticipation of the
conference which the President has
summoned at the While House to-
morrow, between the railway presi
dents, John Mitchell, president of the
United States Mine Workers OF Amer
ca, and himself. The invitations to
this conference were the outcome oil
several conferences held this week and
which were attended by Attorney Gen.
eral Knox, Postmaster General Payne
Secretary of the Navy Moody and
Governor Crane of Massachusetts,.
After carefully surveying the situa.
ton, in the light of the special report
made by Labor Commissioner Wright,
these gentlemen were unable to find
any ground on which the Federal
Government could interfere. The coal
mines we're construed as private prop
erty and even if the right of eminent
domain could be called into requisition
the State of Pennsylvania would have
to take the initiative. On the other
hand, every Republican politician
coming to Washington has impressed
it upon the administration officials
that if the strike we're not soon ended
it would have serious effect on Re.
publican success at the fall elections.
1t has 90 long been q recognized fact
that the Republican party stands for
the capitalists and the vested inter-
ests, that the people naturally hold
that party responsible for the present
condition of affairs. This serious as.
pect OF the situation moved the Presi-
dent to take the action outlined and
it was believed that the coal operators,
while they are unwilling to yield in
the slightest degree to the mine work.
ers union, would deem it judicious to
do so when appealed to by the Presi.
dent. They could then claim that
they yielded to the President and not
to the strikers.
The extraordinary methods pursued
by the Secretary of the Treasury in
his recent efforts to relieve the money
stringency in Wall street, have yon
for him the gratitude and support of
that element, but have at the same
time startled the moro conservative
business men Of the country. BY his
simple ipse dirt, Secretary Shaw has
entirely departed from the spirit of
the law under which government funds
are placed in national banks and has
completely changed their character.
Heretofore they have been deposits
simply. Under the recent ruling OF
the Secretary, whereby the banks are
relieved from maintaining the rs per
cent reserve required in tho case OF
private deposits, and heretofore re.
quired in tho case of government &C.
counts, Mr.. Shaw has practically
changed these deposits into loans &C.
cured by collateral, consisting OF U. S.
bonds. Heretofore it has been the
custom to require deposit as further
security OF bonds to the amount of 100
per cent. of the funds instructed 10
the banks. Hereafter, Mr.. Shsw will
accept securities consisting of State
bonds. railway obligations. etc., at 65
per cent. Of their face value. By this
means. not only is the security OF the
government possibly diminished in
value, but the Federal Government ia
made party to various State, railroad
and other enterprises. Only last JAM
usry, President Roosevelt refused to
accept from Mr.. Carnegie bonds OF the
United States Steel Company as en-.
dowment of the Carnegie Institution
and now his Secretary OF the Treasury
is accepting similar, and perhaps far
less valuable securities, a. collateral
for government loans. Apparently the
rumor circulated by Wall street, that
Secretary Shaw was about to resign,
was understood in the Treasury and
produced the desired effect.
There is = growing conviction in
Washington that the President played
very clever politics in Michigan when
he paid Difference to Gen. Alger. Ever
since Col. Roosevelt signed the ia.
nous Santiago round robin" which
brought such odium to tho Alger ad.
ministration of War Department
affairs, the General has lost no oppor-
tunity OF expressing himself in unfav.
orable terms Of the present occupant
of the White House. It is not be-
lievsd that, from inside information,
Mr.. Roosevelt had been led to believe
that Gen. Alger would be successful
in the Senatorial contest and, there.
fore. he, by bis courtesy at Detroit,
completely disarmed the Generals
animosity and in fact won q warm
friend and supporter.
Senator Harris OF Kansas, who has
just returned from Europe where he
went in the interest of the coming St,
Louis fair, spent several days in Wash.
ington recently. Speaking of his trim
Senator Harris pointed to his shoes
which were American made and
which he purchased in London for
20 per cent. less than they can be
bought for in this country. The Sen.
ator states that he found numerous
instances where similar conditions pre.
vailed and he emphatically denies that
the goods sold abroad by American
manufacturers are only the surplus
products. He says that the American
manufacturers are selling their goods
abroad 1t fair and reasonable profit
and that they are selling them in this
country at an exorbitant profit. Sen.