The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1903-08-28

The tnitsd states Treasury IL Beins
huu Ia the Interests ~ BroL-
ere and BANKERS.

Wall street Is still In the dumps anu
does not seem able - rally from the
enormous decline In the quoted value
81 stock. The NapOicons vi finance are
turning their eyes 10 congress To hell
them and the select members vi the
finance committee OF the senate are pre-
pairing bill which is intended 10 he
Just what the Wall street people want
Very seldom has congress legislated en-
iireiy 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 IL they
can help IL. As long as times are good
In Wall street and there are plenty OF
lambs 10 shear. the financiers make ne
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 10 laid the banks and prevent
4 panic"
Early in the fall Of 1902. when the
first big break in the price OF stock
commenced, the condition OF the finan-
cial 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.
enue were deposited in the favored
banks and allowed to remain there.
without interest. and the vast sum Of
over $3.50 100000 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 were allowed to
withdraw their United States bonds.
which they had deposited with the
treasury as 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 10 pass the Fowler
lsset currency bill and the Aldrich bill.
but the proposed legislation was de-
Gated
Then further cry Of distress came
from the banks and Secretary Shaw be-
gan the refunding of United States
bonds. which has just been closed with
An Issue of over ssh 900 600 of two per
cents. in exchange for like amount of
three and four PEI cents. the govern
ment paying the enormous premium 10
the banks and other bondholde IS 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 is pre-
pared TO take further measures TO re-
Iieve the money strngency. IL such be-
comes necessary. 10 relieve the pres
sure in Wall street
President Roosevelt is officially quoted
as favoring the financial legislation that
the banks ask for and will issue call for
an extraordinary session OF congress. to
commence November .. Tor that pur-
pose. 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 republican newspa-
pers 10 make IL appear that Wall street
is opposed to the president are not only
absurd. but not borne ont by facts.
The spook that worries Wall street il
congress. for it is a notorious fact that
at any session just before a national
election the politicians are on their
good behavior and do not. as q rule. en-
act legislation that will be questionabiy
received by the voters That President
Roosevelt will recommend financial
legislation to congress is said TO be as
sured. but whether congress will dare
10 legislate further in the interest OF
the banks and Wall street is problem
atical