Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1906-01-25
sEFRlENDINo WALL STREET.
Secretary Shaw Breaking the Law
for the reneft of Frenzied
Fnanciers.

Wnat secretary SHAW terms as q ma:
tional epidemic to loan money" last
summer is the cause If the late money
squeeze In Wall street, where the rate
of interest mounted to 100 per cent. on
the last days Of the old year. Now from
all over the country" says Secretary
Shaw, these people are calling for theii
money" He seems to hold a grudge
against these people" because they are
now asking the Wall street bankers tc
repay the money which has been on de
post with them for months and or
which they only received one or two pei
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 as tariff anc
internal revenue taxes, with the nation.
al bankers without charging them one
cent of interest and is evidently sorry
the people have not been more taxed sc
that he could further relieve the neces,
sites of the stock gamblers. For he
further says: THE Kansas farmer
damns the New Yorker who buys stocks
and the Kansas banker curses at the
Wall street financier who does not re
turn his money the moment it is called
for"
1t seems that Representative Bourke
Cochran criticised the treasury depart.
ment for assisting a vicious system
In depositing money in Wall street.
which was quoted to Secretary Shaw,
who wrathfully replied:
"Bourke Cochran knows as much
about that as he does about $50 other
things on which he is continually talk.
ing. He knows as much about france
us he does about running a steamship
| suppose If the sum total of human
knowledge were blotted out tonight
Bourke Cochran could supply it to-mor.
row morning"
Most of us who have followed Score.
tary Shaw's career as secretary of the
treasury have noticed his close connec.
ton with Wall street and the frenzied
1nanciers who run most of the banks
in that region and his anxiety to aid
them. 1t has been also noticeable that
Secretary Shaw has not and does not
enforce the plain law of the land
against his banker friends, who are
continually breaking it. For in an in.
terview regarding the Walsh failure in
Chicago, Secretary Shaw is reported tc
have said: That part Of the banking
law prohibiting the loaning of more
than ten per cent. of the capitalization
TO one man may have been violated,
That is not a criminal violation, and
al, that can be done is to liquidate and
pay off the depositors. The violation
OF that law by one bank is no more
than has been done by almost every
hank in the country"
This utter disregard for a law which
congress, as Secretary Shaw should
know, especially enacted to prevent
frenzied %financiers of the Wall street
brand from borrowing more than they
could pay, if a pinch came, was for the
protection of the public.
Secretary Shaw evidently fears the
criticism of Mr.. w. Bourke Cochran
on that and other numerous sins of
omission, commission and ignorance he
has committed and thinks to belit1Ie
those who call attention to his mis-.
:akes and law breaking and who are
honestly trying to protect the public.
1t 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 n ex.
rels him in forcible and clear state.
ment. Bourke Cochran's little finger
knows more than all of Shaw's body.
President Roosevelt should demand
The resignation of this conceited igno.
ramus he has allowed so long to in.
eriminate and disgrace his administra.
Lion, or he will be blamed when the
crash comes for the sins of Shaw
WhlrL. the frenzied financiers have in
duced him to commit. AS it is now,
the bankers, with the c%onnivance of
Shaw, are nearly all violating the law.
Is that a square deal?