Courier Democrat. (Langdon, N.D.) 1891-1920, 1906-02-22
A PROSPERITY PANIC
Frenzied Financier Predicts All
Kinds Of Trouble.
WALL STREET AFTER MORE MONEY

WALL STREET AFTER MORE MONEY
Wants Congress to Give Bankers
Power to Issue Currency Secured
by Iheir Watered Stocks A Tri-
umphant Democracy Would speed
lily End All Such schemes.
Il leaders Of 'frenEied hnance" in
Wall street are intent on iuiatiug the
currency, for they find they have not
enough money available To speculate
with. \ great panic is predicted by
jacob II. Schif. head OF the banking
firm Of Kuhn, Loeb x Co. unless 0 n
greSS provides for more currency. He
favor> a currency based on CONNER
cial paper and does not approve Of
the plan Of Secretary Shaw. which. he
! declares, would aid speculation rather
than legitimate business. Mr.. Schiff,
who is n OF the Rockefeller crowd Of
dnancial princes, has been foremost
in watering the stocks OF railroad and
industrial CORPORATIONS. Imitation is
the principal business OF these frenzied
hnancierS, and they have inflated the
Wall street balloon With such q vol
ume OF gaseous stocks and bonds that
they NOW ind il difficult 10 hold down
their creations.
{ There appears TO be plenty OF money
for legitimate business. but not enough
Tor the stock gamblers. The volume
Of business all over the country is
| greater than ever before. and 10 pro-
duce-. be he miner. manufacturer or
farmer. but can get money for his prod
eee Al the market price. The curren-
Icy Of the United STATES has been in
creased 49,. PEI cent Siaee 1896. or
nearly S1Oo,00N.0Ao II nine years. for.
whereas II was S2l.42 in 1886, il IS now
Sl.4U Per capita. OF this vast sum
nearly ~one-fourth was crea?ed by the
act Of congress OF March. 1900. which
allowed the national banks 10 issue cur
rency % the tull noun Of their depcS-
tied bonds and 70 new banks that have
been started. and the other Jhree-auar-
tiers IS from the increased output Of
gold.
Yet with al this imitation the fren-
lied tnancierS Of Wall street are call
ing for more money. and their dupes
who speculate there have been paying
rs high as 100 per cent Tor money to
carry the stocks they buy. some OF
which are lot inuinsically worth the
margin deposited. The facts are that
the financial princes o pirates. which
ever view is Iaken OF them. have used
Ill the surplus money OF the New York
banks and companies 10 buy the
stocks and bonds that have been Of
fered on the Stock Exchange so as TO
advance the price. or, at all events, not
allow prices 70 sag. in the hope that the
dear nuhlic-known as the lambs" in
Wall street parlance-wili eventually
come into the fold and be sho-n by buy
ing the inflated stocks.
Il really IS & shame that congress
does not pass Z law allowing Mr.. Schif
and the other Wall street bankers TO
Issue money. with their Undated and
watered stocks IS security. Ii such
wildcat" currency could be circulated |
only II Wall stree. there would be no |
great harm done except 70 the f-enzied !
InaDcie-S and their spec9laring dupeS. |
buI even such. Ike a..ler vicious PEG |
pie must T. projected by wise laws
from their own depavivy for the gen |
e-al welfare
- re Republican party has done ev-
e-y-1:a- possible for irS friends. the
--enz:ed ~tinanciecS ani trust raasnaceS. f,
eTe1 - den,>iTi1s II y1o:- hanks I'll the
ira money in the United States treas
HI thar could he spared. II IS no Won
de- thar II fears ; pan;r : lnraad- !
ing. fa- the finger OF rha wall Is writ
ing is doom. and lis kingdom i 10 be
eaIet ny the Democracy Then honest
men VII -e- their tfra,
Eu- -ha eso-- o. Banker SehiT 70
stampede congress ir.-o currency leEs-
lar3aa los rha be.es- q Stock Sna,ula-
-cSS IT -hs threat - : -eni, hist
would p more disastrous re2c any
,rhe- thar has o<cu--H VII k--i:y
12ca-.s,5Ee inn legislation Congress
VIII ,u-n : deaf ear - RE pleading 81
-his t-enr!ai srac.;e=. - :. -Ee-a :
znyChlns : Republican c2-@ :
~ : : Ihe wa-- a11 - -he
-o-ey ~QuSIc1- WEa2 SL@S 7a-e
AMI : over cte-e VII = o.
EeS which XII, ae- sz21d - psf. hc-
wiz -ha russ a1d cv-po-aEo-S ~ I
o~&1g anoley and able 70 subscribe
!1e-4-y = Republican HsDEsu funds
n c9U-<e hey srx-d pr, Wl4- or
e1--1 does SchtS w2r- -e-e -.-ey ta-
va hare such uez&-g,@5 pros
1e--S- S-6 he banks a-e cva-1owiug
ao-~e1s ts2cs,cS Wy, lez1
hing X s25t hear -sa- R2ekete3le-
M Mo-s@2 z1d E47e1ey%- a-e pet
tbs Republican congress - -
'~- re ,e-@ o- reducing Ihe p-o,ec
e-:oyet or M s-ee sugar. !,
se7z-a a1t 2-be- Trusts. Is -her a-e
--e+ = 7.r-1=-- liz .@of p
-A@&- eaE-ess ley sG2G.. Er3w
'-SA> pa i Lcss 1o- prepare fo-
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