The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1904-03-11
RAILROAD BONDS AND FAR1
MORTGAGES


Secretary Shaw has permitted the &C
ceptance, as security for government
deposits in the national banks. of all
bonds which the savings bank law Of
the state Of New York permits the saw
ings banks 10 invest in. AS a result
the secretary accepts first mortgage
railroad bonds Of companies which
have paid dividends on their stocks for
a period OF ten years.
1t viii be remembered that the AID
rich bin introduced in the senate pro-
yiGed for the acceptance of railroad
bonds. The AIdrich bill did not pass.
and, indeed. received small encourage
ment outside Of financial circles. and
yet Secretary Shaw has undertaken TO
demonstrate that he is a law unto him
self.
The Wall Street Journal does not ap-
prove Of Secretary Shaw's action in
this respect The Journal says that IL
would not be inclined to enter serious
objection IL this were but a temporary
eXpedient, and not to serve as a prece-
dent The Journal takes the pains TO
say that il has no intention Of casting
discredit upon railroad bonds, which
constitute some OF the best securities
that the world presents" but we find
that the Journal fears the logical result
Of the acceptance Of railroad bonds. It
explains that in the light Of Secretary
Shaw's action the farmers Of the cOun-
try may legitimately claim that If the
government is TO place its money on
railroad bonds, It should not discriE.5-
nate against their mortgages"
That would seem to be very natural.
and yet. il is not at all likely that Wall
street generally viii agree that the
70 4
q claim.
When a few years ago the pOpulfsts
proposed that the government should
loan money on farm mortgages, the
proposition was met with sneers by the
Wall street magnates; and the plan
was not at all popular throughout the
country.
And yet. when it is proposed to loan
money on railroad bonds. Wall street
is very generally favorable to the plan.
while there does not appear TO be.
throughout the country, any consider
able disquietUde with respect to the
proposition
Perhaps American people have be
come quite accustomed to accepting the
Wall street view as being the correct
one, however inconsistent its protests
against one plan may be with its cham
piOnship of another plan.
II is but a short step from the &C
ceptance Of railroad bonds as security
for government deposits and the &C
ceptance Of RAILROAD bonds as the basis
for national bank circulation If the
secretary OF the treasury can. without
express authority of law, accept rail-
road bonds as security in the one case.
there seems to be no reason why he
may not. without authority OF law. ac-
cept railroad bonds in the other case
To q man like Congressman Shafroth
th0 words Of praise bestowed upon him
for his manly action are worth more
than congressional hOnOrs or the sal
aired emOlumeuts thereof
1t is worthy Of note that the only
congressman who ever resigned a seat
after learning that he was not honestly
elected is a democrat
A dispatch to the Cincinnati Inquirer,
under date OF Live Oak. Fla. February
10. quotes Mr. Bryan as saying Mr.
Hanna has grown in public estimation
+ during the last eight years. his recent
election demonstrating his increasing
hold upon the people Of his state he
won his place at the head il his party
Z in the senate and IN the nation BY his
( extraordinary executive ability and By
I his skill in organizing the forces that
I control that party. Even his political
I opponents recognized the strength OF
| his personality and his many admirable
Z qualities. He was one OF the most
forceful men in modern politics"
Judging by the appointment OF
Doc" Jameson. It must be evident
that President Roosevelt is a stree
/ Gus civil service reformer only when
Z the appointment Of spoilsmen win nat
serve his purpose better
If it is true that 1Ir. SchEab. spear
Ing Of the shipbuilding trust. sai5- aAIl
Is lost save honor then. indeed. are
hrs assets pitably small
II seems that the only Ting doing
at the headquarters OF The Hague
peace tribunal Is the matter Of 5anf-
tOrisl atteHtion 70 the cobWebs accum-
ulating in the deserted roOSs-