West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1903-09-17
THE BANKERS GRAFT"
United States Treasury Run
In Interest of Wall Street.
FIuAEoIAL LEGISLATION WANTED

Vast SUM. Poured out 60 the stock
Jobbcr-, who SIN Cry For More.
Further Aid Predicted by New
the Administration.
Wall street In still IA the dumps and
does not seem able to rally from tho
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 eenate are
preparing bin which Is intended TO
be just 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 II they can help It AS long
as times are good in Wall street and
there are plenty OF lambs 10 shear tho
flnanciers make no demand for legisla-
ton. but when tho crop OF lambs has
all been shearcd 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 aid
the banks and prevent panic"
Early In the full OF 1902, when the
first big break In the price OF stocks
commenced. the condition OF the fnan-
cial weather I'm Wall street was sQually
and the secretary OF the treasury. un-
der orders from President Roosevelt.
at once commenced 60 aid the banks In
every possible why. Bonds were pur-
chased at an enormous premium, the
price being virtually dictated 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 of
over $l5O00O.0O0 Is now loaned to tho
banks, on which not l cent OF inter.
est has ever been paid. All this succor
not being found enough TO stem the
tide OF liquidation. the banks were al
lowed 70 withdraw their United States
bonds. which they had deposited with
the treasury as security for loans, and
in place thereof deposit city and rail-
road 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 at
tempt was made 20 pass the Fowler
asset currency bill and the Aidrich 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
cent In exchange for a like amount OF
B and per cents, the government pay
Ing the enormous premium to the banks
and other bondbolders OF over $3,5O0,-
600 for the privilege OF doing 80. 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, II such
becomes necessary. TO relieve the pres
sure In Wall street.
President Roosevelt is officially quot
cd as favoring the financial legislation
that the banks ask for and will issue
q call for an extraordinary session OF
congress, to commence Nov. o, 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 Republican newspa-
pers TO make II appear that Wall street
Is opposed TO the president Is not only
absurd, but not borne out by facts.
The spook that worries Wall street In
congress, for IL is notorious fact that
at any session just before national
election the politicians are on their
good behavior and do not, as rule.
enact legislation that will be question
ably received by the voters. That
President Roosevelt VIII recommend
financial legislation to congress is said
to be assured, but whether congress
will dare to legislate further in the in
terest OF the banks and Wall street Il
problematical.