The independent. [volume] (Lincoln, Neb.) 1902-1907, 1904-04-21


constantly being asked, by travelling
men, merchants and others: what S
the matter? Trade is dull, sales are
hard to make; stocks Of goods are too
large. Collections are slow and hard
to make" The same tale is indicated
in the Dun and Bradstreet reports.
Railroad earnings have fallen z Per
cent. Trade is irregular The indus
trial situation has not been entirely
favorable. Spring trade has been dis
appointing in many lines. Collections
show no improvement"
The matter is just this: 1t is inn
possible to take billion and half OF
money out of the pockets Of middle
class people and without giving any
thing in return, transfer it to the cof-
fers of score or SO of men in New
York, without producing business
stagnation and distress, and that is
exactly what has been done during the
last three years.
The watering of the stock of the
steel trust took something over $780,
100000 out of the people and it went
into the hands of less than a half
dozen men. That much steel common
stock was sold and although it is
quoted today at 10 and Ii cents it pays
no dividends and every cent invested
in it is a total loss. That is SAM
pie Of sixty or seventy other SUCH
transactions of large moment while
there have been. countless smaller,
ones. Money has been put in mining
stock, oil we'll stock and every kind
of stock. It came out of the little
savings of the people and has been
a total loss That leaves the people
poor and unable to buy. If the peo-
pie generally cannot buy, business
must of course be dull and collections
from the merchants who have laid IN
stocks of goods that they cannot sell
must be hard to make.
There is another thing that is i'm
poverishing the people, especially the
people of the west. That is the meat
trust. Feeders are all losing money.
The price of fat cattle Is so low that
there has been" heavy losses to the
banks which have made loans on cat
tie. Several banks in Iowa have been
forced into the hands of a receiver on
that account. The deposltOrs in those
banks have lost their money. Tie
loss of these deposits has spread pow
erty all over the region where these
banks do business. There are Oth.r
banks that are holding on "by the
skin of their teeth"
What's the matter? The national
government has refused to enforce
the criminal laws against trusts. The
states have refused to prosecute men
who have issued watered stocks. The
common, middle class people have
been raided and robbed, and the gov
eminent, state and national, has re-
fused to protect them or punish the
robbers. The ministers in many cases
have held UP these robbers as cap
tains of industry" whose methods
should become models for the young
men Of the country. The daily press
has lent its powerful influence to as
sist the captains of industry" to rob
the people of their hard earned saw
ings. Millions upon millions of mon
ey has been wasted in gaudy displays,
in the building OF useless million dol
lar yachts, constructing great resi-
dences along Fifth avenue, which are
utterly useless for such purposes aud
are only pretended to be inhabited
for few weeks In the year. A very
great portion OF the taxes for the sup
port OF the general government has
been thrown upon the poor by tariffs
which increase the cost OF goods con-