Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1903-10-14
Ai:ling Wall Street,

LIettSuty is HOW tuklnS EXTRAORDINARY
measures to distribute the addition to
the surplus that is constantly accrtl-
ing. The refundng operations is.
exchanging new bonds for old ones and
paying premium to the holders has
been one way to distribute this sur
plus and as most of the bonded debt of
the United States Is held by the banks,
they have been the recipients of the
bonus amounting to millions of dollars.
1t is now proposed to redeem the bal
ance of the 5 per cent bonds outstand-
ing amounting to $19,5s5,O5 and pay
premium Of 2h per cent, as these
bonds are due next spring, this prem
ium Is equal to paying the six months
interest In advance, another very COM
forting bonus to the bondholders. The
Secretary of the Treasury also offers
the further advantage, to the banks
that have any Of these bonds on de-
post as security for their circulation,
of tak State, city and railroad bonds
and other securities in place of the
United States bonds and thus release
them for final redemption. How kind
Uncle Sam is to his creditors, paying
them long in advance of the maturity
of his obligations with full interest;
but, then, these bondholders are bank
ers and rich men.
We never hear of the Secretary of
the Treasury ordering the payment of
pensions six months III advance, though
that course would relieve the money
stringency in all parts of the country
and make many hearts glad, but the
pensioners are poor and cannot afford
to contribute large sums to the Repub-
lican campaign funds, and that makes
a striking difference.
Wall street Is like the horse >leach-
the more money 1t gets from the gov
eminent on such favorable terms the
more it cries, Give" 1t is officially
stated by u high authority at the
Treasury Department, that Secretary
Shaw has not yet exhausted the aid he
will render the bankers If greater ne
cessity arises, and from the continued
slump in Wall street securities and the
difficulty business men have In secur-
ing loans and the rapid decline in
stocks and bonds, there still seems ur-
gent need of more assistance.
1t is long way to the cash in the
United States Treasury, from the
lfloriey lathe pockets of the people,
and yet every cent in the treasury has
been paid in taXNe Vt is the peoples
money and the law requires IN act of
Congress before one cent of 1t can be
expended. Yet in practice millions are
paid out by stretching or evading the
laws and always these vast sums are
disbursed for the benefit of the ma
tfonal banks and never in the interest
of the taxpayers. The Republican lead
ers have a complacent idea that the
taxpayers are satisfied with any flnan-
cial or other policy they deem fit to in
augurate and that the Republican vot-
ers are more than content with the
way their political leaders are admin
istrating affairs Of the government
The majority of the Republican voters
may be satisfied, but there is strong
minority that are friends of honest,
straightforward and economical man
agement of the financial and other ex-
ecutive departments of the government
and will vote to inapgurate it.
This large minority is loudly calling
for tariff reform and protection from
trust extortion. In one State they call
it the Iowa idea, in others reciprocity
and In cono froo row ma tor;olo hut
everywhere the housekeeper is saying
how much more it costs to live than
it used to do. For the past six years
the same complaint has been made,
gradually growing louder. Some of
the Republican politicians have prom
Used reform after election, and are still
making the same reply. Others say,
Let well enough alone;' we are doing
we'll, why upset business by prosecut-
ing trusts or reducing the tariff? To
reduce taxation instead of piling up
an enormous surplus is the last thing
these "stand-patters'' will listen to.
The inquiry, however, is pressed by
the people, "Why make us pay taxes
that you cannot spend, even under the
most extravagant administration we
have ever knowng' The Republican
leaders answer, You do not know
when you are we'll off; continue to let
well enough alone" If the tariff is
too high it should be reduced, if 1t is
too low, it should be Increased" That
| is the latest expression from IL Repub-
lican convention. Is there any prom
Use of reduction of taxation or of any
covenant to control the trusts?