The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1903-10-01
WASHINGTON LETTER
(FROM OUR REGULAR CORRESPONDENT
Washington, D. c., Sept. 2S, 100

unwarranted lengths to prevent poss-
ible slump in the quotations of Wall
Street securities, and TO that end actu-
ally seeking to depress the consols of the
country, is presented by Secretary Shaw
in his latest efforts to prevent, according
to his representations, possible finan-
cial stringency. That the President and
his secretary of the Treasury have be-
come panic stricken in their fear that
the market will go off still further and
that the results will prove inimical to
the political interests Of Mr.. Roosevelt
is obvious from Mr.. Shaws recent finan
cial gymnastics. In the first place he
has offered to redeem Immediately the
per cent bonds which mature Febru-
airy and pay the full interest up to
that time. By this means he hopes to
put between $40, 600, 900 and $50, 900, 600
in cash into circulation. Then, because
per cent bonds have risen to f109 he
proposed to refund the 8 and per cent
bonds due in 1907 and 1908 with 2's thus
adding 800, 900, 600 more 2's to the avail
able supply and thus depressing the
market value He has already segre-
gated $40, 600, 600 of internal revenue re-
ceipts which he believes he can under
the law, deposit in national banks and
he has offered to take approved state
and municipal bonds in lieu of United
States bonds Of the issues of 07 and 0S
where such are deposited as collateral,
He is also disbursing $4,000, 600 to the
ST. Louis Exposition Company and all
this he pretends is to prevent a none
tary stringency when the crops have to
be moved.
There are, however, two more import
ant ends which the Secretary of the
Treasury has in view. Under the exist
ing tariff laws the money of the country
constantly aCcum nlates III the Treasury
to the injury of business. The natural
remedy would be the reduction of the
tariff to point proportionate to the
government expenses, but now that Mr..
Roosevelt has become n stand -patter,
that is not to be thought Of The man
ufactures would contribute nothing to
the campaign funds were the tariffs to
be touched and so the Secretary of the
Treasury must seek unnatural means to
get this money back into circulation
The other reason is the demand OF Wall
Street for more money. With the least
shortage of currency the water will be
still further squeezed out of the inflated
stocks of the trusts and of course the
last thing the present administration is
willing to do is to incur the further dis
pleasure of Wall Street,
The Indictment of State Senator
George E. Green, of New York, followed
by his arrest, it having been discovered
that, as president of the international
Time Recording Company, Green had
paid a commission of 10 per cent on all
Bundy time clocks pure ha.ed by the
government, to George W. Beavers Gre
ated great surprise, especially among
New York republic ans, Green having
always been one Of the most influential
leaders of the New York machine. 1t is
calculated that Green paid to Beavers
approximately Sl5, 600 under the agree
ment entered into by the two men in
1897, soon after Beavers became super
intendent Of the division Of salaries and
allowances. 1t is roughly estimated
that the fraudulent contracts thus far
discovered to have been award cd by
Beavers and Machen have cost the GOV
ernment $500, 600. Thi. arrest is gener-
ally taken ~ an evidence OF the thor
vest cation in so far as it goes, but is
worthy of note that the President has
never authorized Bristow to investigate
the bureau generally believed to contain
the greatest frauds that Of the Second
Assistant Postmaster General, which
has charge OF the railway mail service.
As Bristow has never been authorized
to probe the affairs Of this division, it is
regarded ~ probable that there will be
an effort on the part Of the democrats IN
Congress to force congressional inves.
tigation of thi. and all other bureaus of
the Postoflice Department, although it
is known that such effort will be stren-
uously resisted by the republicans who
we'll appreciate the fact that were all
the facts in connection with the rail
way mail service to come out it would
mean the inevitable defeat Of the re-
publicans in the election Of 1904.
The president has taken no action
with regard to the case Of Miss Todd
the Delaware postmistress who was dis
missed because she was personally and
particularly obnoxiou. to Alice. the Ad,
dicks senator. In this connection, some
interesting information has reached