Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1906-02-02
FRIDAY. FEBRUARY ., 1906
WALL STREET BEFRIESDED.

What Secretary Shaw terms us a ma
tloDal epidemic TO loan money last
summer is the cause Of the late money
squeeze in Wall street, where the rate
OF interest mou nted to leo per cent on
the last dnys Of the old year. Now from
all over the country says Secretary
Shaw, @these people are calling for their
money" lie seems to hold n grudgc
against these people" because they are
Now asking the Wall street bankers to
repay the money which has been on
deposit with them for months and on
which they only received ont or two per
cent interest.
Secretary Shaw treats the banks much
better than "these people do, for he has
deposited all the available money Of the
people that has been paid rs tariff and
intel nal revenue taxes, with the national
bankers without charging them one cent
Ut interest and ID evidently sorry the
people have not been more taxed go that
he could further relieve the necessities
OF the stock gamblers. For ne further
saye: The Kansas farmer damns the
New Yorker who buys stocks and the
Kansas banker curses al the Wall street
f!nancier who does not return his money
the moment it is called FOO"
1t seems that Representative Bourke
Cochran criticised the treasury depart
ment for assisting a vicious system in
depositing money i'll Wall street, which
was quoted to Secretary Shaw, who
wrathfully replied:
IBourke Cochran knows rs much
about that rs ne does about go other
things on winch he ia continually talk
ing. He knows as much about finance
as he does about running a steamship.
suppose il the sun total OF human
knowledge were blotted out tonight
Bourke COCHRAN could supply it tomor-
row morning"
Most Of US who have followed Secre-
tary Shaw's career as Secretary OF the
treasury have noticed his close connec.
ton with Wall street and the frenZied
tinatcicrs who run most Of tho banks i'll
hat region and his anxiety to aid them
1t has been also noticeable that Sccre.
tary Shaw has not and does not Ell force
the plain law Of the land against his
banker friends, who are continually
breaking it. For III an interview regard
ing the Walsh failure in Chicago, Secre-
tary Shaw is reported TO have said:
aThat part OF the banking law prohibit
ing the loaning OF more han ten per
cent OF the capitalization to one man
may have been violated. That is not n
criminal violation. and all that can be
done is to liquidate md pay off the
depositors. The violations Of that law by
one bank is no moro than hns been done
by almost every bank in the country
Thus utter disregard for a law which
congress, rs Secretary Shaw should
know, especially enacted to prevent
frenzied iinanciers OF the Wall street
brand from borrOwing more than they
could pay, il a pinch came, was for the
protection OF the public.
Secretary Shaw evidently fears the
criticism OF Mr.. ". Bourkc Cochran on
that and other numerous sins OF omis
sion, commission and ignorance he has
committed and thinks to bo!ittIe those
who call attention to his mistakes and
law breaking and who arc honestly
trying to protect the public. Ii Is
hardly necessary to defend Bourke
Cochran from a charge OF ignorance, for
there is probably no public man who
studies questions on which he speaks
more than he and no II cxccls him in
forcible and clear statement. Bourkc
Cocbran's little finger knows more than
all OF Shaw's body.
President Roosevelt should demand
the resignation Of this conccitcd igno
ramus he has allowed 70 long to- merlin
inato and Disgrace his administration
or no will be blamed when the cragl
comes for the sins Of SHAW which tho
irenzicd tinancicrs have induced him &c
commit. AZ il IL now, tho bankers
with the conuivance Of Shaw. are neatl,
all violating the law. IL that u eqmarC
deal?-Exchangc.
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