Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1903-08-25

The Administration and Wall Street.
Wall street is still In the dumps and
does not seem able TO rally from the
enormous decline in the quoted value
of stock. The Napole0ns of finance are
turning their eyes to Congress to help
them and the select members of the
Finance Committee of the Senate are
preparing bill which is intended TO
be just wat the Wall street people
want Very seldom has Congress leg
islated entirely as Wall street has die
tated, because what the stock jobbers
ask for is just what the other people
who pay the taxes doE'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 fiaanciers 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 be-
gins 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 conditioned the finan-
cial weather in Wall street was squat
ly and the Secretary of the Treasury
under orders from President Roose
welt, at once commenced to aid the
banks III every possible way. Bonds
were purchased at an enormous ire
MUM, the price being virtually die
tated by the sellers. All the receipts
from internal revenue were deposited
in the favored banks and allowed to
remain there, without interest, and the
vast sum IF over $150000,000 Is now
loaned to the banks, on which not one
cent of interest has ever been paid.
All this succor nol being found enough
to stem the tide of liquidation, the
banks We're allowed to withdraw their
United States bonds, which hey had
deposited with the Treasury rs securi-
ty for loans, and in place thereof de
posit city and railroad bonds This
allowed the banks to use the released
United States bonds to increase their
circulation and thus TO further 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
began the refunding of United States
bonds, which has just been closed with
an issue of over $S1 100000 of per
cents in exchange for a like amount
of 3 and 4 per cents, the government
paying the enormous premium to the
banks and other bondholders of over
SO, 100000 for the privilege of doing So
The statement is now made by Mr.
Seligman, one of the principal Wall
street bankers, that the administration
is prepared to take further measures
to relieve the money stringency, if
such becomes necessary, to relieve the
pressure in Wall street.
President Roosevelt is officially
quoted as favoring the financial legis-
lation that the banks ask for and will
issue a call for an extraordinary ses-
sion of Congress, to commence Nov. g..
for that purpose. All this shows that
President Roosevelt has authorized
more and greater favors to the banks
and Wall street than any President
ever did and all the efforts of Republi-
can newspapers to make it appear that
Wall street is opposed to the Presi-
dent is not only absurd, but not borne
out by facts.
The spook that worries Wall street
is Congress, for it is a notorious fact
that at any SESSION just before a ma
tional election the politicians are on
their good behavior and do not, as a
rule, enact legislation that will be
questionably received by the voters.
That President Roosevelt will recon-
mend financial legislation to Congress
is said 10 be assured, but whether Con-
gress will dare to legislate further in
the interest of the banks and Wall
street is problematieal