Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1905-07-24
FOR FRENzIED FINANCE. FIRST
step EXPLAINED.
Scheme, Standing Alone, Does Not
Appear Feasible. Would Have the
People Unload Stocks and Bonds
on the "SyStem." His Further
Steps Nay Explain.

In his Kansas speech, where, by the
way, he administered wel-deserved
and impudently.invited rebuke to the
Young Nh. Jerome of New York,-Thomas
w. Lawson announced the first step in
the remedy for economic maladjustmen,s
which he has frequently promised in his
Everybody's articles to disclose. This
first step strikes us as somewhat difficult
if not wholly impracticable. 1t consists
in the peoples selling every share OF
stock and eve'v bond they hold, and
placing the money thus re slized in banks
and trust companies not linked with the
System, or, better still, in government,
state and municipal bombs. MIR. Lawson
relies upon this course to for e the Sys.
tenn to cover it's hypothecated stocks and
bonds upon falling market and cause
its collapse. "There," he said. "is my
simple plan-to load up the System with
the stocks and bonds distributed among
the people, in addition to the stocks and
bonds it owns itself; then deprive it Of
the money of the people; result, the arti-
fetal price structure collspses, the stocks
and bonds OF railways and manufaciur.
ers and gas companies all drop to the
real cost or values of the properties they
represent; then the people (the money
.owners), purchasing the stocks and
bonds, and having only to pay interest
on their real values, can reduce rates oi
fare and freight, and tile revolution will
be complete"
Since Mr.. Lawson stated that his
remedy comprehends further steps,
which. when the proper time comes he
will announce, and that he will then set
forth and operate the remedy, his first
step as described in the speech cannot
be very intelligently examined either for
criticism or approval. Its practicability
seems very doubtful, Notwithstanding
Mr.. Lawson'e assurances; because, un.
less he has invented some scheme to get
the people to act together as one until
they shall have forced prices down to
rock bottom, the system may play re-
turn match or two to Mr.. Lawson's dis
comfiture. If this possible obstacle be
overcome, at least one other will have to
be met. When the stocks and bonds
have been taken up at real values, after
the collapse OF the System, the new
owners will forthwith water them on
their own account unless Mr.. Lawson
has some method, as yet undiscovered,
of coaxmg them to reduce excessive
freight rates, etc., down to the level of
stock values, instead of initiating stock
values up to the level of excessive freight
rates. And if such method is to be
disclosed, nevertheless the real value OF
the stocks OF railroads, gas companies,
mines, ETC., is not measured merely by
the service the owners perform; it is
measured by the tribute.levying power
of their monopoly franchise or deed.
Consequently, no matter how stocks and
stock values may be arbitrarily regulated,
the annual value OF the monopoly fran
chise or deed will be annually extorted
from somebody's earnings for somebody
else's benefit. In that case Mr.. Law.
cons remedy would not, as he promises,
"benefit all alike, the farmer, the labor.
or, the producer and consumer first and
the honest possessor Of capital second" :"
But, as he promises that his remedy
really will do this, and that emo man
CON rois,,ae IL Or turn il into an instrll.
ment for his personal benefit" common
fairness demands that full judgment
upon the remedy be withheld until it is
fully disclosed Public.