Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1903-09-08
WALL STREET FAVORED.
The United States Treasury Il Bsiss
Run I'm the Interests of Brok.
ers and Bankers.

enormous decline in the quoted value
Of stock. The Napoleons of finance are
turning their eyes to congress to help
them end the select members Of the
dnancA committee of the senate are pre-
paring 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 Ia
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
. panic"
Rarly In the fall Of 1902, when the
eIat big break In the price Of stocks
commenced. the condition Of the fnan-
sAal weather In Wall street was squally,
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.
snue were deposited In the favored
banks and allowed to remain there.
without interest, and the vast sum Of
over $50. 100000 is now loaned to the
banks. on which not one cent Of interest
has ever been paid. ALI 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 an 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-
Lated.
Then a further cry Of distress came
from the banks end Secretary Shaw be-
gan the rsfunding Of United States
bonds. which has Just been closed with
N issue Of over $e1 200, 900 Of two per
cents. in exchange for like amount of
ehree and four per cents, the govern
mont paying the enormous premium to
ehs banks and other bondholders Of over
$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 il pre-
pared to take further measures to re-
ltsvs the money stringeacy. II such be-
eowes accessory, to relieve the pres-
sure In Wall street.
President Roosevelt ID ofncially quoted
- fayortng the financial legislation that
che banks ask for and will issue call for
"a extraordinary session of congress. to
commence November 9. for that pur-
pess. All this shows that President
Roosevelt has authorized more and
CRATER favors to the banks and Wall
Gtssst than any president ever did. and
N the efforts Of republican newspa-
psss 70 make It appear that Wall street
. opposed to the president are not only
absurd. but not borne out by facts.
The spook that worries Wall street ID
osogress. for It ID notorious fact that
at any session Just before q national
election the politicians are on their
good behavior and do not, a. q rule. en-
act legislation that will be questionably
received BY the voters. That President
Roosevelt will recommend financial
teeislation to congress 10 said to be as
sured. but whether congress will dare
TO lesislate further in the interest Of
the banks and Wall street IL problem
steal