Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1907-01-03
TREASURY IS OPEN
DEMANDS OF WALL STREET
NEVER REFUSED.
Once More Have Funds Belonging to
the People of the United States
Been Used to Assist Stock
Gamblers.

Gamblers.
The United States treasury has
continued again and again to aid the
Wall street bankers by depositing
S1O,O 900, 900 with the reserve banks of
the great cities and by redeeming
bonds due in 1907. This action fol-
lowed on the heels of anticipating in
terest on bonds which was not due
until next year, which thus virtually
released for banking purposes $l4'-
600, 900 more. There is already $l46,-
079,1 of the government FUNDS de-
posted in the favored banks upon
which no interest is paid, which Is
being loaned to the public at inter-
est rates ranging from 7 to 30 per
cent, the higher rate being for money
ION CALI in Wall street. Secretary
Shaw also loaned the banks in the
fall the necessary millions to use for
the importing of gold, while the gold
was in transit, the National City bank
of New York controlled by the Stand
ard Oil trust, being the recipient OF
$40, 600, 900 or 30,000,0 900, without
paying a cent of interest.
President Roosevelt has, through
the medium of a complimentary letter
to Secretary Shaw, Endorsed and COM
mended this paternal system of help
ing the banks to carry on their fren-
zied financial stock-jobbing opera
lions in Wall street. For although the
money loaned to the banks is di-
vided between a selected list of banks
in the principal cities, yet practically
all returns to the Wall street vortex,
where alone money rates are soar
ing far beyond the legal rates. That
these government millions are drawn
to Wall street is as certain as water
running down hill, for two reasons,
First, because it prevents the banks
of other cities than New York calling
for the MONEY they have on deposit in
New York banks, and secondly the
high rate for money in New York for
the past 80 days, which will continue
until, at least, the middle of January,
very naturally attracts all the funds
that can be spared by the banks
everywhere to send their surplus
funds to participate in the exor
bitant interest rates that are pre-
vailing for stock-jobbing purposes.
Such q system of financial opera
tons for the benefit of Wall street
might be used in a great emergency
to ward off a panic, but to make il
apply at all times, which is the re
commentator of Secretary Shaw
and approved by President Roosevelt
under the Wall street influence thai
surrounds him, will only help tc
bring disaster when the real panickJ
time comes, for then there will bt
nothing left to be done, as the banks
will have already received all the ale
that the United States treasury cal
give. That all legitimate business cal
obtain what banking accommodation
they need is shown by the financia
notes in the New York Journal O
Commerce, December IL, which said
"In the midst of all the hubbub re
gGrding the stringency of money
merchants are maintaining a cain
demeanor, knowing that If the cit!
banks will not take their paper the.
can at least get accommodations from
the institutions with which they carr.
accounts. Brokers who deal in CON
mercial paper report no disposition
to sell at fancy rates, this being at
tributed to two factors-good collec
lions and the willingness of western
banks, particularly those beyond tn
a six to six and one-half per cent
basis. This may possibly explain
somewhat why money is staying il
the interior longer than is usual"
Another note in the same column
said: Il have been in the business 2
years." remarked a money broke
yesterday, land have never found
so difficult to obtain funds as at tn
present time-not excepting Decen
Der, 1905. l flatter myself that
know the banking community as we
as the next one, and yet they all tie
the same story-no funds. Where
will all end | would not venture t
prophesy, but unless Shaw ome t
the rescue the only things which ca
restore equilibrium is liquidation {
securities-and that most drastic"
That wall from the stock broke
gives an insight into the real cond
tions of the frenzied financiers-th
dread of having to sell the stock
they are holding for a rise. 1t
very evident that the governmer
funds, deposited with the banks, al
swallowed up in stock speculation
and the cry is still more money t
move the crops. The principal Gro
to be moved is, however, the crop
watered stocks, with which tha Wa
street banks and their trust maj
mates are so heavily loaded, Whio
the dear public refuse to buy az tt
price demanded.
The fact that Dun and Bradstre'
report business good and collection
easy shows there is plenty OF none
for legitimate business, and the e
cuse of Secretary Shaw that banke
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