The Montgomery advertiser., 1905-07-09

dent, against the advice and warnings of the system called for public bids for the second $1oo.oo0.ooo of bonds The good John A. Mccall was one or the syndicate which was in on the ex- pected loot, and though disappointed of the big booty he anticipated. he was among those present at the gathering in the treasury at Washington on the day the public's bids were opened. l know, for I was there myself. and saw him. Our bids were all submitted and carried into an inner room to be opened by young Mir. Eckels. controller Of the currency. We waited.
 Some time elapsed. Suddenly from the inner, room young MT. Eckels re- appeared He held a hurried consulta- tion with John A. Mccall and certain other "frenzied financiers," and again disappeared into the inner room. There was another delay, and then the an- nouncement was made that the bulk or the bonds had been awarded to J. Pier pont Morgan, John A. Mccall and their associates, because they had bid a frac- tion of 1 per cent. over the rest of us. It must have been a spirit of divination that enabled these eminent financiers to grade their bid such a minute fraction above that of their competitors, though at the time meddlesome newspapers in-
 
 Is that the system" got the bonds-at a much higher figure, 1t Is true. than they had expected to pay. yet at a price which yielded immediately millions Of money-and James H. Eckels was soon after elected president of one of the ''system's" leading institutions. the National Commerce Bank of Chicago.
 Paul Morton.
 As for Paul Morton, you of the xnyA Aat To-. L L.. I, nx,1 methods than I do, for he ran your Atchison road, and when he was tes- tifying against the interstate com merce commission as to the rebate evil. calmly admitted 1t was a bad practice. but that he allowed it be- cause he had to do as the Romans did. l don't know myself just what Romans do, but as I said before, President Roosevelt said Morton was all right. and that's good enough for me. but whether the President meant that he was all right enough to run the 600.000 Equitable policy holders 412 millions as lieutenant for the frenziedest of all frenzied financiers in the home of "frenzied finance" is something I must leave to our good President to answer.
 You must have noticed that I have not said anything about the appoint ment of the three eminently respec- table gentlemen who compose MT. Ryan's voting trust in charge of the Equitable. To quote John Skclton Williams again: MT Ryan has de- veloped the voting trust game to a science. It enables him to work in secret and reach out and take so that those who are deprived. while feeling their loss. cannot quite see who has nIt at,a hnx An q is just now up against one of MT. Ryan's voting trusts. It is unneces- sary to discuss further the parts of Messrs. Cleveland. O'Brien and West inghouse, except perhaps to say that I believe their intentions are excel lent
 These illustrations of ''frenzied fi- nance." have set before you to show in a round way what this inscrutable and deeply scientific business which Wall Street tells you is fncomprehen- sible to the untrained mind really amounts to.
 When our nation was organized ft was on the basis that all Americans free and equal. and that the country belonged to the people. No man or class of men had my inherent right to the labors of other men, and all men owned themselves and the re- suits of their individual work. From the earnings of each 1t was agreed that a fair sum should be deducted for the cost of government, but the people decided what this amount should be and who should take charge of 1t and i,s expenditure There was no misunderstanding or room for in- direction about these arrangements. and they seemed to assure to all a square division of such benefits as accrued to the nation. This meant that if the nation throve all the peo- pie shared in the prevailing pros- perity in due proportion to their part in bringing 1t about
 should Shake the "system."
 The first step is for the American people to divorce themselves from the system" and sell every share of stock and every bond they hold back to the srenzied financiers at present inflated prices.
 Take the money thus realized and place 1t in banks and trust companies. or. better still. in government. State and municipal bonds. In selecting banks and trust companies steer clear, to the best of your ability. of those in stitutions that are linked up with the system" When you all have done this you have cut the foundation from under the lnHdteQ prlCe structure tHe system must throw over the stocks and bonds it Is carrying. for, bear in mind. frenzied financiers never own outright the stocks and bonds that stand in their names. A financier worth $20.000.000 will be found owning $60. 900, 900 of stock, borrowing the $40. 900. 900 from the funds of the peo- pie in the banks. When the system" sells the public alone will be able to buy Then the system" will be no more. There is my simple plan-to load up the system" with the stocks and bonds distributed among the peo- pie in addition to the stocks and bonds 1t owns itself. Then deprive 1t of the money of the people, Result the artificial price structure. collapses, the stocks and bonds of railways and manufactures and gas companies all drop to the real cost or values of the properties they represent. Then the people, the money owners. purchase the stocks and bonds, and having only to pay interest on their real values, can reduce rates of fares and freight and prices generally. and the revolu- tion will then be complete.
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 Summer School Closes.
 Livingston. July S.-(Special)-The