The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1903-10-29
Republican Lenders Agree.

IL tue lulOTiudtiOH given out lTUu
the White House is correct, the Repub-
lican leaders have agreed with the
President that no financial legislation
shall be attempted at the coming ses-
sion of Congress. The reason assigned
is that the country is so prosperous
that there is no need of such legisla-
ton, but the large number of iron fur
naces and other factories shutting
down and the reduction of wages al
ready commenced, prosperity cannot
months ago, at the close of the last
session of Congress, that Senator
Aldrich, who represents Rockefeller
and Wall street more faithfully than
he does the State of Rhode Island. said
in the Senate that if his bill for the
relief of the banks was not passed the
country would go to perdition. Most
of the country has managed to rub
along since then except Wall street,
which has been in the dumps mainly
by reason Of the avarice of the trust
magnates in biting off more than they
can chew. The President and Secre-
tary Shaw have given the banks al
that the Aldrich law promised them.
and more, too, for whereas that law
proposed the banks should pay
small per cent on government de-
posits, the administration has given
them the use Of over S160.000.O00
without one cent of interest To bring
these matters up, just on the eve of a
Presidential election, and have it de-
bated, so that the voters of the whole
country would have their memories
refreshed about the favoritism shown
the banks, would be bad political
move and the Republican leaders have
therefore decided against doing so.
But the rotten condition of Wall
street and the enormously high trust
prices which protection has engen-
dered have had their effect. The boom
is busted in Wall street and it is very
evident that the puncturing of that
inflated balloon is having its conse-
quences in every city, town and ham,
let where Speculator can be found.
The banks, even other than those
in Wall street, have had TO draw in
their horns and the building boom
and the real estate boom and the steel
boom and several other inflated indus
tries are collapsing and showing signs
of depression that warn honest citi-
zens to be careful. Get out of debt
and keep out until the storm is over
is the best advice that can be given.
This business disturbance has been
termed a rich mans panic, and it is
to be hoped that it will not spread to
the undoipg of honest folk. The good
crops and fair prices for agricultural
products will protect the farmers from
distress. and If the extortiOn of the
railroads and the trusts were abated,
reasonably good times would ensue in
spite Of the reduction in the volume
of business in other pursuits.
II financial legislation is needed
why does not President Roosevelt
and the Republican leaders honestly
bring forward their proposition? Such
a measure being for the benefit of the
whole cauntry and not for a favored
class. they need not fear the voters
like they now evidently do. The
coming Republican Congress could do
nothing better to endear their party to
the hearts of the American people
than by enacting righteous legislation
To reform the tariff and stop the ex-
tortiOn of the trusts would surely
cause the Republican ticket to be
elected. But they will not do it, be-
cause the protected interests-the
trusts and monopolies have too firm
a grip on the majority of the Repub-
lican leaders and the banking in
street has an equally
grim hold that they dare not sever.