Courier Democrat. (Langdon, N.D.) 1891-1920, 1903-09-03
THE BANKERS GRAFT,
United States Treasury Run
In Interest of Wall Street.
FINANCIAL LEGISLATION WANTED

Vast sums Poured Out to the stock
Jobbers, who Still Cry For More.
Further Aid Predicted by a New
York Banker to Save the Pets OF
the Administration.
Wall street is still in the dumps and
does not seem able to rally from The
enormous decline in the quoted value
of stocks. The Napoleons of finance
are turning their eyes to congress to
help 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 pesp.e
want. Very seldom has congress legis-
lated 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 If they can help it, as long
as times are good in Wall street and
there are plenty of lambs to shear the
flnanciers make no demand for legisla
ton, but when the crop of lambs has
all been SHARED 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 to laid
the banks and prevent 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 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 We're pur-
chased at an enormous premium, the
price being virtually dictated 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 $15OO0O,OOO is now loaned to the
banks OH which not l cent Of inter-
est has ever been paid. All this succor
not being found enough to stem the
tide of liquidation, the banks were al
lowed to withdraw their United States
bonds, which they had deposited with
the treasury as security for loans, and
in place thereof deposit city and rail-
road 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 at
tempt 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,O0OO00 of 2 per
cent in exchange for like amount of
and 4 per cents, the government pay
ing the enormous premium to the banks
and other bondholders of over $780,
600 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-
lieve the money stringency. If such
becomes necessary, to relieve the pres
sure in Wall street.
xICSlueul nOOSefell ~ HuOl-
ed as favoring the financial legislation
that the banks ask for and will issue
a call for an extraordinary session 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 Republican newspa-
pers to make it appear that Wall street
is opposed to the president is not only
absurd. but not borne out by facts.
The spook that worries Wall street is
congress, for it is notorious fact that
at any session just before national
election the politicians are on their
good behavior and do not. as rule.
enact legislation that will be question
ably received by the voters. That
President Roosevelt will recommend
financial legislation to congress is said
to be assured, but whether congress