The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1906-01-27
PopULIsTIc WALL STREET.

Much has been said about the de-
mands Of Wall Street for a more
elastic currency. This is the same
Wall Street that was insistent a few
years ago for a stable currency, and
clamored for the single gold stand
ard. The best comment We have seen
appeared in recent issue Of the Lin
colin Trade Review. That paper
points ont that gold standard SchiH
out-pops the Populists in asking that
bank notes be made a basis for the
Issuance of currency. Can 1t be
possible that the money center has
been converted to the Populist idea,
or is Mr.. Schiff the only convertr
The fact is, says the Trade Re.
view, THAT the gamblers of Wall
Street who hold their high priced
speculations against loss are willing
10 pay exorbitant and unreasonable
rates of interest, are the only real
parties making a demand that is
really felt for an increase in the cur,
Iency. The outside country Is not
suffering today from a lack Of eur
rency and circulating medium. The
business over the entire country is
being satisfactorily taken care of by
the volume of currency now in exist
ence, and interest rates in all lines
Of legitimate business, outside of
gambling speculations of Wall Street,
never we're lower. The west is hand
ring today the greatest crop it has
grown, and not suffering from lack OF
currency. Western banks that carry
large deposits of surplus funds in the
east, have not drawn seriously upon
their reserve, and no real eastern
money, deposited by eastern people,
and owned by eastern people,
has been called into the west to aid
the present crop movement.
The question arises, why the
whole country should be threatened
with the advocacy Of asset currency,
just because the spectators in New
York City run short in money to keep
mp their margins.
1t will be rememb ered when there
was q real panic in this country. on
one or two occasions the big banks Of
New York City REPRESENTED in their
clearing house association, tided
over critical conditions by Issuing
clearing house certificates. That is,
certificates that all the banks ot the
city, With all their capital aud assets
stood behind. aud agreed to make
good. II New York creates in its
own limits, through speculation a
financial condition that is disgrace
to a civilized country, as Mr. Schi8
says, why should not New York take
care of its own condition without in
r70lving the rest of the country? 1t
would be much better for clearing
house CERTIFICATES, limited 70 use and
circulation in New York city. to be
legalized and used in taking care Of
themselves when the spectators run
interest rates up, rather than to have
the whole country in the issue of as
set currency; and better than to in
vOlVe Secretary Shaw's plan, of allow
ing notes paying high tax to be ten
porarily issued by national banks.
"As 30 per cent of the purely stock
speculation Of the country is limited
to Wall street and its immediate
surroundings, why not let New York
City banks take care Of its specu-
ilative business, and leave the rest of
the country alone? The conditions
that exist here would not even be re-
snedied, at least only temporarily,
If more elasticity as urged by many
we're given to the national curreucy
Wall Street has conditions all its
own, and those conditions ought to
be cared for by the financial interests
there, which at least assist in creating
them, rather than have the entire
country and the currency of the
county involved IN the unnatural and
conditions Of speculation
that exist in that place.