Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1906-12-31
Tennessee Man Thinks Sec'y.
Of Treasury Is Pander.
ing 10 Wall Street
S-e&s. -; bsi3.z -
Shaw az /. yslGOlVefnInent Money
Has Been Released for
BenefitOf Country

Washington, D. c., Dec. 31.-In
g letted to a correspondent residing
In Nashville, Tenn, Secretary Shaw
repudiates the suggestion that the
United States treasury ever has come
to the relief Of stock gamblers. The
! letter to the secretary reads:
Pardon this letter: hope it will
receive due consideration, if not an
answer. I have often noticed relief
given stock gamblers in New York by
the government. do not see what
right the government has to do this.
4 How much longer will the treasury
come to the relief Of gamblers and
money sharks. the, real cause Of high
money in New York. You know it
4 is like this. The big game sell
stocks, Gall loans make tight money,
4 stocks go down, suckers. lose, the big
game make their money. am
simply a common every day man and
\ may be wrong in my conclusions, but
~ think not. I see by the papers
that they are after you again. Some
people are hard to please
To which the secretary made the
following reply: 81 ;.@5. i..:s.
our letter of December % is re-
ceiyed, and note your sentiments
with respect to stock gamblers. Your
letter Is so courteous and verses SO
accurately the view of many well in
8tentioned people, that am con-
: strained to answer It somewhat at
& length. .55 s,..
on seem to proceed upon the
theory that the existing monetary
4 stringency is caused solely by stock
gambling In this you are In error.
Some people gamble In stocks, some
y in cotton, others Id wheat. corn.
u pork or lard, and some in land.
When times are good people will
speculate III anything and everything
that possesses d market value. The
proportion OF speculatives as COM
4 pared with necessary and legitimate
business Is very small, however, ant; and
is probably no larger In New York
u than iii Nashville. Tenn, where you
reside, Oh ia Dennison. Iowa, where
s.s live. The best estimates can
get place the amount Of spe culatiVe
transactions III New York city at
from w to 5 per cent Of the aggre--
n gate.
The treasury has never come rtl 70 6,
lie relief /, or stock gamblers and
4 probably never vi III, thong the re-
sIief which the treasury grants
frequently aids those who gamble on ~
the bull side of the stock market.
ana the bull side of the wheat
4 market, the cotton market, the corn
market and every other market, but
it ii equally harmful to those who
gaunble on the bear side of these
respective markets. Both bulls and
bears importnne the secretary 81
the treasury. but the nature Of the the
Z advice usually indicates the side OF
the marker On which they are oper-
ating Naturally these col unica-
tions have no influence hatever.
] The real business situation is the
sole considered ion.
ssIf you will stop 70 consider. you
viii realize that more money is
needed when crops are being
marketed. when factories ere filing
their warehouses; with cotton and
q wool, hemp, sisa1. lumber and every
other material than during the s1l lrl.
8 n,er. when the crops are growing
ana when business men are eiljoyins
their vacations. There are over
Us, 900 banks III the United States
doing commercial business These