The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1906-01-12
UNSTABLE FlNIN cIERlNc.
Republican System c1crs No Pro
lection Against RGpacity
of Banks.

onlA IN times or nnaut al stress and
therefore advice 10 tn m Is superfu-
GUS. But the farmers storekesprrs
and workingmen have bit a small
chance OF getting rellal le Information
OF tho great affairs Of the world that
may lead 20 financial disaster in this
country. From the trend OF events
there Is danger OF W 1rld panic. al
though now the times are what are
called prosperous. The danger comes
from our frenzied huar clers and the
revolution in Russia Property is be-
ing destroyed in Russia CT millions OF
value. and the crops n we in some
provinces been poor and neglected II
order and good government was Ger
tain Tomorrow. which is far from the
case, the people OF Russia would be
unable to pay the taxes necessary TO
support the government and pay in
terest on the public debt The people
will require time 10 recuperate from
the devastation that they themselves
have caused In their fury against their
licentious rulers.
over two billions Of Russian bonds
are held outside OF Russ Ia. OF which
the greater proportion have been pur-
chased by the people OF France and
Ger many. If the interest on these
bonds is not paid. it will bring disas-
ter tn many Of the holders, and prob
ably a panic Oh the PARIS and Berlin
stock exchanges. AS far as borrow
inc unora ruonav a roprornaa Pncefa
is about at the end Of her string, AMI
to try to borrow TO pay interest would
only aggravate the unfortunate condi-
tons. There Is also the danger Of re-
pudiation Of the debt II the revolu-
tionary party succeeds. Fortunately.
there are but few Russian bonds held
in America or England. but foreign
finances are 50 inextricably mixed IN
| this age in all the financial centers.
including our own. that what affects
foreign money markets Affects the
United States also.
But the avarice OF the frenzied
fnanoiers OF Wall street and other
MONETARY centers is OF much greater
danger to our people than the Russian
revolution. Many Of the great banks
and trust companies are loaded to the
guarco with watered stocks and other
securities" which they have loaned
upon at the present fictitious values.
/ The failure in Chicago OF a great bank
aud fits allied financial trust company
and savings bank is an example OF
wha. may happen elsewhere. These
financial institutions were considered
safe and reliable. but IL was discov-
cred when the crash came that the
peoples money had been used by the
chief Official for speculative opera
tons. The other banks. 10 save them
selves and Wall street. have come TO
the rescue and offer to pay the depcs-
itors, but that only makes the other
banks so much the weaker. and such
endorsement could not be extended 10
other Institutions in like predicament.
Thinking over all that may happen.
II will be wise TO be careful and con-
servative in expenditures. and above
all keep out Of debt until these foreign
clouds blow over and the frenzied
nnanciera OF Wall street and Else
where has recovered their senses.
The Republican system Of finance
offers no protection 10 the people
from tho rapacity Of the banks and
their frenzied efforts at money max
ing. The government bank examiners
but seldom discover that a bank Is
rotten until the crash has come. Near
" every national bank in New York
has had less cash on hand than the
law requires FOR weeks and have heen
Obliged to get their frierds the trust
companies. TO take over many larg
loans 10 be In no worse condition, but
the United States treasury officials
complacently shut their eyes 10 the
fact. and Secretary shaw condones the
offense. The execution of the law by
these Republican officials IS all In
favor Of the bankers. who supply cam
paign funds to keep these partisan
friends I'm power. for all these bank
examiners are partisan Republicans
appointed on the recommendation 81
Republican leaders. This is therefore
a good time for the man OF small
meass 10 avoid extravaganza and save
none for the rainy day that may
como n. -ch quicker than Is expected.
is n breach OF senatorial
courtesy" TO mention in the chamber
the words "ln, estigation" and indict