The Spokane press. [volume] (Spokane, Wash.) 1902-1939, 1904-09-28

ING AS THE TEACHINGS OF
GOD ARE UNLIKE THOSE OF
THE RACE-TRACK TOuTS."
What one thing has contributed
to tie greatest extent to cause the
professional stock market of the
past year,"
The thing which has contributed
much more than all else is the fact
that the undigested securities-the
cats and dogs of frenzied finance
are now owned by the people, only
they don't know it. The people
bought them from their manufac-
turers at inflated prices. and were
squeezed out of them at the drop,
and now they think that tney are
owned by the frenzied financiers,
and they are in one sense--in the
sense that they will take all the
profit if they can only get the peo-
pie to buy them again at inflated
prices. But, in the meantime, they
are being carried by the national
savings banks, trust and insurance
companies with the peoples sa-
wings deposited in these insti-
buttons.
The public is said to be out of
be in Wall-st. buying stocks when
all the accumulated money is tied
up in indigestibles? All! Yes,
billions of it.
IAN instance: The Bank of Iowa
telegraphs its Chicago correspond
ent, Loan my balance, $4,000, on
satisfactory collateral And after
the Chicago bank has received 25
of such orders 1t telegraphs it's New
York correspondent, the City Bank,
Loan our balance, 81 ,250, 900 on col
lateral satisfactory to you And
after the City Bank has received SO
of these, it notifies Billy Sharp and
Johnny Slick, You can have $685.
500, 900 at a low rate on bale or
two of United States Steel; take it
and buy Steel, for We are going to
put it up
A PROFESSIONAL" MARKET.
"The market will be professional
III q tiiuc lohSCi, Until otNSi oAio
other cats and dogs have been put
high enough to again unload, when
the brokers will again be notified as
follows: Send out word to all your
customers, the people. that Steel
and other cats and dogs are going
way up; that they had better buy
some; that it won't require cash,
because We can borrow unlimited
amounts at the bank" on them at
low rates There you are. That is
professional stock market"
What influence or action will re-
store public confidence?"
"Any new slick trick in 'Frenzied
Finance temporarily, but perma-
nently nothing but legitimate. le-
gal remedy, which will legitimately
and legally invert the tube. which
has, during the past 20 years, been
siphoning the peoples savings to
the SYSTEM = INVERT THE
TUBE so THAT 1T WILL SIPH-
ON BACK TO THE PEOPLE
THAT OF WHICH THEY HAVE
BEEN PLUNDERED."
What remedy can you suggest
for the evil which made it possible
for few men to transfer into their
own pockets thousands of millions
of dollars from the public purse, as
you have stated in the case OF
Amalgamated?"
"A heretofore unheard-of one,
and yet one which believe will be
a full and absolute remedy. | re-
greet I can not give it to you. but if
| did my story, 'Frenzied Finance,
would be robbed Of its climax"
rs it just plain honest to water
stock?"
ut all depends upon the kind of
water used, and whether 1t is lad
led from a bucket or hogshead or
connected by a six-foot main. with
out a shut-off, from the ocean,"
do you advocate Government
control of such utilities as railroad
and telegraph lines, and municipal
ownership of public utilities?"
God forbid! The easiest work
ing section of the SYSTEM today
10 tuC Coullol, dpSoiuIG Cohlio VI, VI
the Government in all those depart
ments whose aid is necessary to
the smooth running Of 'Frenzied
Finance and the control Of munic-
ipal officials who would have the
handling under municipal owner
ship. There is yet some safety
for the people in the fact that the
many things necessary to control
to have 'Frenzied Finance run
smoothly, are so scattered that it
keeps the SYSTEM busy and COM
pels large expenditures by them,
but concentrate the different mon
ey-sucking machines in sets Of pub
lie officials and the SYSTEM
would have closely approached the
ideal.
IAN illustration: There is no bet
ter law on the statute books than
our national banking law, and the
people, every time they read that
this or that cashier, that clerk or
other Office boy, who has stolen
from national bank, has been rail-
roaded to States prison, fall upon
their knees and thank the Lord
there in one law that can not be
surrounded or infringed.
"STEERiNG THE Banks
and yet, hardly without excep-
to-. ha oa1;t;o;a. hannp,oc