Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1902-10-03
"OTHERNISE' SECURITY.

In Nebraska, being in hard lines for
want of money with which to carry
ON their industry, but having plenty Of
wheat and the like grains. proposed
to deposit a lot of the latter with the
government as security against which !
currency might be issued for the ye- |
lief Of their needs. Thus they claimed !
the government would be safe, having
q tangible and always marketable
security. while the farmer would be
supplied with enough money to keep
his business from bankruptcy.
The scheme was hooted at as wildly
visionary and the proposers of it as
lunatics and nowhere SO yehemently
as III Wall Street.
Last week Wall Street found itself,
through the operation Of the whirligig
of time and fortune, in the same plight
with the authors Of the sub-treasury
proposition OF a dozen years since.
There was, however, this difference.
I'he wants of the Western farmers
were entirely merltorious and honest.
A unit of value was,--through the
operation of fiscal policy designed
to help the East as against the West
constantly appreciatipg in value,
xx,hta a
farmer had to give in exchange for
It was falling in price, with the In
evitable result Of widespread distress
which could find no relief except
through an augmented volume Of cir
culating medium of exchange.
On the other hand the panic which
rattled Wall Street last week, and
sent the shivers up and down Its
spinal column till call money on Sat
nrday reached 80 per cent, had Its
Ctprigin. as all the numerous panics of
that region do, in stock gambling.
That particular place,-the seat of the
gambling industry of the country, is
where the captains of industry" have
their Offices and where the "upholders
of the honor Of the nation" live. II
Us the peculiar dwelling place of the
gold standard, d,--the only standard, AZ
the public were assured in 1896 ant
1900, which could be relied ON as stable
and subject to no fluctuations. Never
fheiess, on Saturday last, there wal
n fit In the street Of its periodical
financial jim-Jams; and-and here th'
point Of departure from the farmerl
sub-treasury axperience came in,--i
clamor was made for the government
10 come UP to the help Of the Lore
against the mighty, who In squeezing
the life out of the shorts had run shor
of money and must have some to maxi
good. And the government of course
~-just as much of course as its rid
cule OF the Nebraska cry, responded
The secretary of the Treasury add
Gated his post ut the capital of tn
country and his duty to look after II
finances. went Into Wall Street an
made haste TO assure the gentleme
there, who were Mt the time violatin
the law by permitting their reser,
funds to go below the legal limit th'
he was their humble and very muc
obliged servant, ready not only
wink at their breach of the statut
but to loan the credit of the goverl
ment to them to help them out OF Il
fix into which their gambling prope
stiles and lawless habits had brougl
them. And not only so, but to nal
the United States an active paw
broker for these gamblers, this mi
himself broke the law, by putting u
on 1t an Interpretation which do
violence to It's letter and Its spirit, al
which no predecessor In that office h
ever yet dared to youch for,--serv
tools of the gamblers AS some Of the
have been.
Secretary shaw in order TO furnl
money for the New York nterei
deposited with them governme
funds, first upon the security nam
in the statute. and, that not provi
enough for the insatiate demands
the dicers, he consented to stretch
law and take other securl
What the other security is the p,
lie do not know and cannot know;
for the time being II is given out
be municipal bonds. What II v
ultimately descend TO depends-n
that the door is once open, on
cheek OF the street operators as
what they may see fit to offer wi
the situation later on begins TO PHI
them still harder. Shaw seems will
to take anything, SO that the dem'
comes from the Wall Street quar-
and we may expect 10 see him acc
ing chips and whetstones before
4t,.nu..h ,.5itb -