Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1903-08-20
Wall R E FAVORED.
The United States Treasury Is Being
Run in the ~Interests of Brok-
ers and


Wall street iG still in the dumps and
does not seem able to rally from the
enormous decline in the quoted value
)f stock. The Napolcons OF finance are
turning their eyes TO congress to help
them and the select members Of the
finance committee of the senate are pre-
pairing a bill which is intended TO be
just what the Wall street people want.
Very seldom has congress legislated en-
tirely as Wall street has dictated, be-
cause what the stock jobbers ask for is
just what the other people who pay the
taxes don't want, and won't have if they
can help it. AS long as times are good
in Wall street and there are plenty of
lambs to shear, the financiers make no
demand for legislation, but when the
crop of lambs have all been sheared
and the bulls and bears undertake to
strip the hides from each other. then the
trouble begins and the president is
called upon to order the secretary of the
treasury to laid the banks and prevent
a panic"
Early in the fall of 1902. when the
first big break in the price of stocks
commenced, the condition of the finan-
cial weather in Wall street was squaIly,
and the secretary of the treasury, I'M
der orders from President Roosevelt, at
once commenced to aid the banks in
every possible way. Bonds were pur-
chased at an enormous premium, the
price being virtually dictated by the sell
ers. All the receipts from internal rev.
enue were deposited in the favored
banks and allowed to remain there,
without interest, and the vast sum of
owe $3.50, 0 $1,000 is now loaned to the
banks, on which not n cent of interest
has ever been paid. All this sucCor not
being found enough to stem the tide of
liquidation, the banks were allowed to
withdraw their United States bonds,
which they had deposited with the
treasury as security for loans, and in
place thereof deposit city and railroad
bonds. This allowed the banks to use
the released United States bonds to in
crease their circulation and thus to fur
Their initiate the currency.
At the last session of congress the
attempt was made to pass the Fowler
asset currency bill and the Aldrich bill,
but the proposed Legislation was de-
feated.
Then a further cry of distress came
from the banks and Secretary Shaw be-
gan the refunding of United States
bonds, which has just been closed with
an issue of over $S1 900, 900 of two per
cents. in exchange for a like amount of
three and four per cents, the govern
ment paying the enormous premium to
the banks and other b%ondholders of over
So $500, 900 for the privilege of doing so.
The statement is now made by Mr.. Selig-
man, one of the principal Wall street
bankers, that the administration is pre-
pared to take further measures to re-
lieve the money stringency, if such be-
comes necessary, to relieve the pres
sure in Wall street.
President Roosevelt is officially quoted
as favoring the financial legislation that
the banks ask for and will issue a call for
IN extraordinary session of congress, to
commence November 8, for that pur-
pose. All this shows that President
Roosevelt has authorized more anC
greater favors to the banks and Wal
street than any president ever did, ant
all the efforts of republican newspa.
pers to make it appear that Wall street
is opposed to the president are not only
absurd, but lot borne out by facts.
The spook that worries Wall street i.
congress, for it is a notorious fact thar
at any session just before a nationa
election the politicians are on theil
good behavior and do not. as a rule, en-.
act legislation that will be questionable,
received by the voters. That Presidenr
Roosevelt will recommend financia
legislation to congress is said to be as
sured. but whether congress will dart
to legislate further in the interest o
the banks and Wall street is problem
atical.