The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1906-01-12
UNSTABLE FlNANCIERlNC.
Republican System Offers No Pro
lection Against Rapacity
of Banks.

therefore advice to them Is superAu-
Gus. But the farmers, storekecpers
and worhngmen have but small
chance of getting reliable information
of the great affairs of the world that
may lead to financial disaster in this
| country. From the trend Of events
| there Is danger Of world panic. al
though how the times are what are
called prosperous. The danger comes
from our frenzied Gnanciers and the
| revolution In Russia. Property Is be-
Ing destroyed IL Russia OF millions OF
value, and the crops have 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 10 pay the taxes necessary to
support the government and pay in
terest on the public debt The people
vii. require time to recuperate from
the devastation that they themselves
have caused In their fury against their
icentious rulers.
over two billions Of Russian bonds
are held outside of Russia. Of which
The greater proportion have been pur-
chased by the people OF France and
Germany. If the interest on these
bonds is not paid 1t will bring Gisas-
ter to many Of the holders, and prob
ably a panic on the Par.s and Berlin
stock exchanges, As far as borrow
Ing more money IS concerned Russia
is about at the end OF her string. ami
TO try to borrow TO pay interest would
only aggrdyate the unfortunate cDndI-
tons. There is also the danger of re-
pudiation of the debt If the reyolu-
tionary party succeeds Fortunately,
there are but few Russian bonds held
In America or England, but foreign
finances are so incytricabiy 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 frcrzied
iinanciers 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
guards with watered stocks and other
securities which they have loaned
upon at the present fictitious values
The failure in Chicago OF great bank
and its allied financial trust company
and savings bank is an example of
wha. may happen elsewhere These
financial institutions were considered
safe and reliable. but It vas discov-
cred when the crash came that the
peoples money had been used by the
chief official for speculative opera
lions. The other banks, 10 save them
selves and Wall street, have come TO
the rescue and offer to pay the depos.
itors, but that only makes the other
banks so much the weaker, and such
endorsement could not be extended to
other institutions in like predlCament.
Thinking over all that may happen,
Il will be wise to be careful and con-
sentative In expenditures. ana above
all keep out Of debt until these forniGl
clouds blow over and the frpnzied
financicrs Of Wall street and else
where has recovered their senses.
Tho Republican system OF finance
offers no protection to the people
from the rapacity Of the banks and
their frenzled efforts at money max
ing. The government bank examiners
but seldom discover that a bank Is
rotten until the crash has come. Near
ly every national bank In New York
has had less cash on hand than the
Jaw requires for weeks and have been
obliged to get their friends, the trust
companies. to take over many large
loans TO be In no worse condition. but
the United States treasury officials
complacently shut their eyes to 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
palgn funds to keep these partisan
friends in power, for all these bank
examiners are partisan Republicans,
appointed on the recommendation of
Republican leaders. This is therefore
n good time for the man of small
means to avoid extravaganza and save
money for the rainy day that may
come much quicker than is expected.
is II breach Of senatorial
courtesy" to mention In the chamber
the words Investigation and "indict- |
ment?'-St Louis Globe Democrat.
Secretary Shaw's elastic cur.
rency proposition would receive popu-
lar approval. II more OF II would find |
Its way into ordinary pocketbooks, |
which have been depleted by the enor.
nous elasticity of the MAS stock
ings.
1t has long been claimed by the |
democrats on undisputable evidence |
that the great railroad magnates were
hackers Of the Republican party, both |
state and national The evidence In
the life insurance investigation proves
even more than that. for Mr.. Harri. !
man, the head of the great combination
of railroads In the southwest. tacitly /
a d,,,ttc that In Nan, vnrl, no1it;o, a., L., /