The Grenada sentinel., 1907-01-05
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.

the great cities and by redeemlne
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 $14.'
| 100000 more There is already $146,'
079,14 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 Z to 80 per
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
S20,000,000 or $30,000,000, without
paying cent of interest.
President Roosevelt has, through
the medium of complimentary letter
to Secretary Shaw, indorsed and COM
mended this paternal system of help
ing the banks to carry on their fren-
zied financial stock-jobbing opera
tons 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 a system of financial opera
tions for the benefit of Wall street
might be used in a great emergency
to ward off a panic, but to make it
apply at all times, which is the re-
commendation of Secretary Shaw,
and approved by President Roosevelt,
under the Wall street influence that
surrounds him, will only help to
bring disaster when the real panicky
time comes, for then there will be
nothing left to be done, as the banks
will have already received all the aid
that the United States treasury can
give. That all legitimate business can
obtain what banking accommodations
they need is shown by the financial
notes in the New York Journal of |
Commerce, December II, which said: |
I'm the midst of all the hubbub re- |
garding the stringency of money, |
merchants are maintaining a calm |
demeanor, knowing that if the city |
banks will not take their paper they |
can at least get accommodations from
the institutions with which they carry |
accounts. Brokers who deal in COM
mercial paper report no disposition
to sell at fancy rates, this being at
tributed to two factors-good collec-
tions and the willingness of western
banks, particularly those beyond the {
Rockies, to purchase eastern notes ON
a six to six and one-half per cent.
basis. This may possibly explain
somewhat why money is staying in
he interior longer than is usual"
Another note in the same column
said: Il have been in the business 81
years." remarked a money broker
yesterday, land have never found it
10 difficult to obtain funds as at the
present time-not excepting Decem-
Der, 1905 I flatter myself that
lnow the banking community as we'll
Is the next one, and yet they all tell
he same story-no funds. Where it
will all end l would not venture to
,rophesy, but unless Shaw comes to
he rescue the only things which can
estore equilibrium is liquidation of
ecurities-and that most drastic"
That wall from the stock broker
ives an insight into the real condi-
|
Tread of having to sell the stocks
hey are holding for a RISE 1t is
cry evident that the government
unds, deposited with the banks, are
wallowed up in stock speculation,
nd the cry is still more money to
move the crops. The principal crop /,
o be moved is, however, the crop Of
vatered stocks, with which the wall
treet banks and their trust mag
ates are so heavily loaded, which .
be dear public refuse to buy at the ,
rice demanded.
The fact that Dun and Bradstreet (,
eport business good and collections (,
asy shows there is plenty of money .
Or legitimate business, and the ex- ,
use of Secretary Shaw that bankers ,
nd business men all over the coun- !,
ry are demanding that he aid the ,
anks in moving the crops is. If true, !
reated by the only ones really In :
frenzied financiers Of !
Vail street.
The question for the people 20 set
e is, shall the United States treas
,.,,v, {x, Al n ;x& VIyoI1