Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-11-25
OPPOSE CERTIFICATES
Democrats Gather Material For
a Fight Against Financial
Measure
LOAN TO UNCOVER MONEY
LOAN TO UNCOVER MONEY
Morgan Visits cortelyou and Plan Of
9A 500 100000 Sale is Altered-Recent
h FURRY Purely New York Affair
Democratic Attack Merely Partisan
IL Movement.

Washington, Nov. 25.--1t has been
determined by the democrats that there
will be an attack in congress this Win
ter on the issue of $100,000,O00 of GER
president to relieve the money mar
n ket.
Already those democrats who are in
+ the city have begun to dig up speeches
Fl made by republicans during the second
I Cleveland administration against the
y cleveland policy of issuing bonds with
which to pay the running expenses OF
3 the government.
81 One of the democrats who is thus
H digging is Representative Burleson OF
IF Texas, who today informed Represent
tatiye Tawney of Minnesota that the
Republican speeches in question were
to be used by the democrats this win
ter for the purpose of putting the re-
publican party and President Roose-
+ welt in a hole.
Says Burleson: cleveland during
his second term was compelled to is
sue bonds, else the wheels of govern
ment would have been stopped, and
yet the republican party arraigned him
in the most bitter way. We shall now
take these speeches, and among them
are several delivered by Mr.. Tawney,
and apply them to Roosevelt and the
500, 100000 issue of certificates of in
debtedness. 1t is was not the intention
of congress that these certificates
should be issued for any other purpose
than to provide money for war. pur-
poses, and we shall want to know why
they have been issued in time Of peace
to help the banks"
ii This democratic attack, of course,
will not invalidate the issue. The GER
tificates will be as good as gol6. 1t will
be an attack for partisan advantage on
the eve of presidential campaign.
And it is further estimated that an
other $500,Oo0,O00 of purely New York
money or a billion in all, is locked up
! in New York to make good this shrink
age in speculative securities.
Morgan Wins for Banks.
This is said to be the reason for the
os~AA AASN ~
today and last night.
He came to point out a way to the
administration for the relief of the
situation. His panacea was this: In
stead of making the hundred million Of
certificates popular loan he asks that
they be sold to the national banks, in
New York and elsewhere, and that
none be sold to any private individual
y,ae 20 ,,,lr To
for them. To this it is said Secretary
iCortelyou has consented, on the ground
that if sold to private parties the GER
tificates would go into hiding in the
place Of the money that bought them,
I. whereas If sold to the national banks
the certificates would be deposited
with the government as security for
an issue Of bank notes.
The presidents announcement last
Sunday night of a popular loan Of
00,O0O,000 in 8 per cent certificates
of indebtedness has proved that the
people turnout the country are not
boarding money and are not in state
Of excitement.
They are not calling for the certifi1
Gates with the avidity to be expected
if they were in franctic haste to make
their cash secure beyond a doubt.
But the popular loan has also dem
onstrated another thing, and that is
that the New York banks have the
country by the throat. 1t is the esti-
mate that not less than $500,000,000 Of
the money belonging in the interior of
the country is being held there as Sc
curity for margins and loans on secur-
tiles, and it is the holding of this mon
ey which is giving business in the in
terror cause. When the banks in the
cities west Of New, York ask for their
New York deposits, New York declines
to furnish them.
The secretary, therefore, proposes to
sell them to the national banks and to
further increase the money supply by
depositing Is per cent of the purchase
price in the banks buying them. This
is to increase both the money in cir
culation and the reserve, and is ex-
pected to loosen up things at once
Purely a New York FURRY.
& What the New York bankers offered
as an alternative if this proposition
was not agreed to is not known, but it
is apparent that their arguments must
have been potent when they caused
Secretary Cortelyou to change his
mind over night.
The net result of it, however, beyond
everything else, is that whatever furry
there has been it has been purely
New York one and due to nothing but
New York speculation.
If the billion dollars tied up there by
the slump in stocks We're free to enter
the channels of business the country
would be more prosperous than ever.
But first the enormous interest rates
paid by the New York stock specula-
tors attracted the money of the inter-
ior to the metropolis, and then when
slump was precipitated it was tied
up where it could be recovered only
with such appalling loss as caused the
New York banks to simply hang on
and refuse to pay it back to the coun-
try banks.
LABOR OPPOSES TAFT BOOM.
A ,.Ar;o,n Eedarofion Goae IN Pacord