Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1903-09-17
THE BANKERS GRAFT"
United States Treasury Run
In Interest of Wall Street.
FINANCIAL LEGISLATION WANTED


Jobbers, Who sim Cry For More.
Further Aid Predicted by n New
York Banker to Save the Pets of
the Administrations.
Wall street is still in the dumps and
does not seem able TO rally from the
enormous decline in the quoted value
of stocks. The Napoleons 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 lust what the Wall street people
want Very seldom has congress legis-
lated entirely as Wall street has die
tated. because 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 1t. As long
as times are good in Wall street and
there are plenty of lambs to shear the
financcrs make no demand for legisla-
ton, but when the crop of lambs has
all been shcarcd 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 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 squally
and the secretary of the treasury, UNI
der orders from President Roosevelt,
ut once commenced to aid the banks In
every possible way. Bonds were pur-
chased mt an enormous premium, the
price being virtually dictated by the
sellers All the receipts from internal
revenue we're deposited IN the favored
banks and allowed to remain there
without interest, and the vast sum of
over 10,OOOO00 Is now loaned to the
est has ever been paid. All this succor
not being found enough TO stem the
tide Of liquilntion the banks. were al
lowed to withdraw their United States
bonds, which they had deposited with
the treasury rs security for loans, and
in place thereof deposit city and rail
road bonds. This allowed the banks To
use the released United States bonds
10 increase their circulation and thus
TO further initiate the currency.
At the last session Of congress the at
tempt was made to pass the Fowler
asset currency bill and the Aldrich bill,
but the proposed legislation was de-
fcntcd.
Then further cry of distress came
from the banks and Secretary Shaw
began the rcfunding Of United States
bonds, which has just been closed with
nm issue of over ssh 100000 of per
cent in exchange for like amount of
3 and per cents, the government pay
ing the enormous premium To the banks
and other hondholdCrs of over $4,000
GOO for the privilege of doing So The
statement Is now made by Mr.. Sclig
man, one Of the principal Wall street
bankers, that the administration is pre-
pared TO take further measures to re-
lievr the money strngency, If such
becomes necessary, to relieve the pres
sure in Wall street
President Roosevelt Is officially quot
cd MS favoring the financial lcgisla ton
that the banks ask for and will issue
a call for an extraordinary session OF
congress, to commence Nov, ., for that
purpose. All this shows that President
Roosevelt hug nut hnrigpl mora nnI