The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1903-08-20


does not seem able to rally from tbs
enormous decline in the quoted value
Of stock. The Napoleons of finance are
turning their eyes to Congress to helI
them and the select members of the
Finance Committee of the Senate are
preparing bill which IS intended to
be just what the Wall street people
want. Very seldom has Congress leg
lslated 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 IL they can help 1t. AS
long as times are good In Wall street
and there are plenty Of lambs to shear
the financiers make no demand fol
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 be-
gins and the President is called upon
to order the Secretary of the Treasury
to laid the banks and prevent a
panic"
Early In the fall of 1902, when the
first big break in the price of stocks
commenced, the condition of the finan-
cial weather in Wall street was squal-
ly and the Secretary Of the Treasury,
under orders from President ROOse-
welt, at once commenced to aid the
banks in every possible way. Bonds
were purchased at an enormous pre-
MUM, the price being virtually die
tated 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 $15O,OOO.O0O Is now
loaned to the banks, on which not one
cent of interest has ever been paid.
All this succor not being found enough
to stem the tide of liquidation. the
banks We're allowed to withdraw their
United States bonds, which they had
deposited with the Treasury as securi-
ty for loans, and in place thereof de-
pOsit city and railroad 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
attempt was made to pass the Fowler
asset currency bill and the Aldrich bill.
but the proposed legislation was de-
feated.
Then 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
cents in exchange for like amount
Of 3 and per cents, the government
paying the enormous premium to the
:anks and other bondholders Of over
;3.500,OO0 for the privilege of doing so.
rhe statement is now made by Mr..
Seligman, one of the principal Wall
street bankers, that the administration
is prepared to take further measures
to relieve the money stringency, if
such becomes necessary, to relieve the
pressure in Wall street.
President Roosevelt Is officially
quoted as favoring the financial legis-
latiOn that the banks ask for and will
issue a call for an extraordinary ses-
sion of Congress, to commence Nov. 8.
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 Republi-
can newspapers to make it appear that
Wall street is opposed to the Presi-
lent is not only absurd, but not borne
put by facts.
The spook that worries Wall street
is Congress, for il Is notorious fact
that at any session just before a ma
tional election the politicians are on
their good behavior and do not, as n
rule, enact legislation that will be
received by the voters.
That President Roosevelt will recon-
mend financial legislation to Congress
is said to be assured, bu. whether Con-
gress will dare to legislate further in
the interest of the banks and Wall
street is problematical.
Trusts in Control.
II President Roosevelt is reelected