The daily journal. (Salem, Or.) 1899-1903, 1903-08-19

Judge Peter 0rogBcnD, OF the United
States circuit court. in an address here
beforn the Lutheran assembly ex
pressed his belief that IN the supervis
ion OF monopoiies by the government
lies The only hops for tho perpctuation
OF the American nation. and sounded
a note Of warning against the manipu.
lation On securities in tho interest Of
interruptions promoters and spocula'
tors.
In the fact that within the last few
years tho deposits IN savings banks
have Increased from s2OO0.0OO. 900 10
O,OO0. 900 900 a sinister rather than
a sangulno meaning was traced. the
Judge declaring that under normal
conditions this vast amount would
have been Invested by the iaboring
classes. but that II was lying Idle "be.
cease polite swlndlors and high-up ras-
Gals we're able TO subvert the laws and
give 10 stocks value that they do not
really possess.
we can never 20 back 10 the days
OF our boyhood," said the speaker. 'but
We can 20 back 10 the days when the
man with 800 did not have TO hoard
Il or intrust II TO his neIghbor for safe
keeping. but could put Il into indus.
triah. sure that Il would return with
earninga.
"what should be done3 Change the
laws 80 that no set Of men can organ
lac corporation except on strictly
legal basis. Then put Il under such
Supervision az Ahe National banks are
aubIect.to and / believe that little by
lllils thla imemnso boarding In the
savings banks Of siO.O0O,OO0,O 900 will
be trlckling into ownership again"
n say nothing against the man who
makes bis fortune honestly" said
Judge nrosacup, "but when noe the
laws OF my country introduced 10 en-
able men 10 consolidate money for the
public good. turned into the excuse for
swlndlea that should land the pro
motern IN the pcnltentIary, and when
see that 10 be the almost universal
history OF corporations every drop OF
my blood boiis with hate and revenge"
n is strange that 80 learned a man
NJ Judge 0roaaeup should fall Into 50
palpable an error as uupposlnE that
Iho $4,000. 100000 he speaks OF the
lavlngs hanks boarding. should be
actually In the vaults OF these instltu'
Ions This he does because he speaks
II the money lylng idle instead Of be.
ne used. The Judge should know that
he monsy Il not only not In the banks
'ut Ia not. In fact In existence. The Z
otal amount OF money. gold. silver and 4
'aper In tho United States IA only \
bout $4,000. 900 900, or only about one I
len of the amohnt tho Judge mourns \
'yeE He DOES not seem 10 realize 4
hat the savings hanks iend the G
noney of their depoalton at a larger 4
ntofust thea they pay. Il Is probably Q
rue that tho books of the banks may 1
how deposits amounting to the sum 4
neniIoped by the ! udge-but the Z
aoney h not there.
Indeed. it opens up a pretty field Cor Z
ome mathematicaily inclined peraon, u
3 estimate the amount OF Interest g
ollar earns IN this country. p
suDpose smith dopoaitA $1,000 u
n = time deposit In hank he will d
~ say three per cent interest; b
ohea goes 10 the bank and borrows. q
y sane money paying interest there 9
". IN order 10 pay what he owes a
rown. who 10 turn deposits Il IN the 4
anh. gotfins interest GA a. The y
nnk loana a to Robinson. who pays n
reen. Who also deposits Il In the n
lnk, sslfins his intoFest too. The O
lain u endless. and. giyen time and g
anssetlons enoagh. that $1,000 might a
'pfeeent hlillion dollar dopoalt q
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