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

q
1t will be observed that the Secretary
reads into this law the word or" In
stead of "and" as it, now reads, before
the word "otherwise." His prede-
ccssors have uniformly refused to do |
this, but have construed the statute
to mean what it plainly says: ]. e.
that the security to be taken by him
for deposits Of government money
must consist of United States bonds in
any. event, and that he may require
under the term otherwise" such ad-
ditional collateral as may seem to him
best. His Interpretation of it, how
ever. dispenses with bonded security,
and allows the latter to be displaced
by whatever he may be willing
to accept as the otherwise" which
may. and sooner or later Will, mean
something far less valuable and even
less convertible, than the Nebraska
farmers proposed deposit Of wheat,
so bitterly scoffed nt few years ago.
Under this forced Interpretation,
what the Secretary of the Treasury
says amounts to the equivalent of some
132 millions of money have been re-
leased within a week for the purposes
of the New York financiers. And for
the time it relieves them from their
panicky situation.
The transaction is strictly revolu-
tionary, measured even by Wall
I Street standards. The cry there has
been: "The government must go out
of the banking business" The week
past has shown not only that the gov
eminent has not gone out Of the bank
ing business, but that 1t proposes to
stay in that business, and to use the
peoples money in that business
not. however, for the benefit of the
people. but to help out those whose
thrifty business consists in Fleeing
them.
We know several men in this town
who would like to borrow money on
security of the otherwise sort, just
as the Nebraska folks wanted to on
wheat. But we may be very sure they
will obtain nothing Their business
is TO earn money for the government
and nay 1t out in the shape Of protec
ton for the industries of the country
| II is not too much to say that thi
action Of the administration In furnish
ing credit to the New York banks IL
an amount which, now that a begin
nina is once made, will be limited Onl.
by the quantities Of otherwise whicl
the paper mills can be made to grin'
out in the shape of bonds and stocks
and which the government has by thi
precedent bound itself to take, thi
action, we say turns over the Treas
ury Of the United States to Wal
Street, as n mere. annex to its stocl
exchange
The result for the time being wa
announced in Yesterdays dispatches
thus "The Morgan stocks are FIRE
from raid" Morgan Is helped nu
of financial trouble, and the countr
Is safe. But when farmer Is thren
cned with foreclosure proceeding
does the Treasury department step
much At last the government of II
United States has been Morganlze
and has gone into the trust. Instea
of the gold standard, we have gor
below the standard of silver and dow
10 that of pure brass, otherwise know
as otherwise"
The 'conf miners of Pennsylvan
have some of this otherwise secu
ity, In the shape Of sweat and Draw
" and muscle otherwise" called Il
labor necessary TO mine coal, which
very much wanted also in New Yor
and which they would like to paw
TO the government In return for rea,
money or credit, to keep themselv
and their little ones from starvl
In the coming winter. VIII they c
20 ltg We shall see. Don't let us he
:" anything more about dishonest dolla
or Wildcat currency; the Treasury /,
:" partment is banking on 1t now.
mt For some time now the army
TO Democratic voters In Summit coui
Ill have had no representation by men
ow their own party at the Court House
The Is Il case of the Republicans havin,
to "full house" and so In county pollt
len they cry stand pat" There is anot
ich and much more respectable phr
Ing which is occurring to fair minded
md liens at this time, II Is that 1T /
ter, long lane that has no turning" 4
'pt- there Is turning point ahead anc
the will be reached about Nov. !.
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