The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1907-11-14
BOND ISSUE REQUIRED !
Treasury in Condition When
Cleveland Issued Bonds.

Washington. ID. c., Nov. BIN
spite of the declaration OF the last
republican national convention that
republican tariff has always been
followed by business prosperity, and
similar fallacious boasts OF Preside
Roosevelt 10 his letter OF acceptance
and speeches, an unfortunate panic
IL PLAYING havoc I'm our financial al
fairs. Nothing else Is being talked
about in political circles. Secretary
Cortelyou declares the worst OF the
storm is over, but the news from the
west would indicate the worst may
vet be to come. The closing OF the
chief spring wheat market OF the
country at Duluth. and the paralysis
OF the market in Chicago and else
where, In consequence OF the lack OF
money, and the determination OF the
banks to husband their resources Is
ANYTHING but cheerful prospect.
The farmers will, OF course, sufler,
and wheat, cotton and other agri-
cultural products have already fallen
In price. Those farmers who are
able To hold their crops until the
panic subsidies should by all means
do so, for the demand from foreign
countries will lead to higher prices
for wheat and cotton next spring, II
not before. This evidence, now pro.
duced, that the republican policies OF
a high trust. protecting tariff, and OF
giving every advantage to the banks,
have built up bogus prosperity that
at the first adverse wind Is no more
stable than the child'S house OF
cards, is proof that republican pol
icieS produce panic instead OF being
panic proof as brazenly boosted.
| With SO per cent more money per
capita in circulation, and the supply
constantly increasing, the banks are
unable to pay their debts when called
upon. The republican policy OF aid
ing the Wall street banks with all
the spare money in the treasury, ex-
cept a few millions to pay the cur
rent demand upon the government,
is not only unlawful, but grossly I'M
| fair to the more conservative bankers
of the south and west who have to
bear the burden of providing the
funds to move the staple crops. The
only excuse for President Roosevelt
in carrying out this policy is that he
has taken the advice of those mixed
up in the Wall srteet game, or has al.
lowed his New York birth and train.
ing to lead him to the rescue of the
frenzied financiers rather than order
ing "square deal" between all sec
tions. This favoritism to the Wall
street interests Is shown by his effu.
sive thanks to Secretary Cortelyou,
and the not hidden, though unnamed
approval of Morgan and Rockefeller
for putting in their millions to try
and stem the panic. How little those
tinancierS deserve the thanks of the
chief magistrate of the country is at
once seen from the fact that they de-
manded usurious rates for their
money, which is said to have extend.
ed to 80 per cent. He. Can hardly be
called public benefactor who charges
his less fortunate fellow citizens
usury, under the most trying circum.
stances. The pretense that the
Rockefeller millions were loaned at {
per cent can be easily shown to he q
fable, us far as any large amount II
concerned. If the effects of the pan
ic could be confined to Wall street
there would be but few tears shed
but unfortunately all lines of bust
ness must now suffer In consequence,
of the unsettlement of financial at
fairs in New York and at all tn,
large money centers. 1t is much t,
be feared that the banks at western
money centers are not SC plentiful,
supplied with cash as the optimisti,
information given out would indi
cate, for the secretary of the treas
ury has received calls from nearly al
the principal cities of the countr,
that it may be necessary to give then
assistance. TO that end he has callee
upon the disbursing agents of tn,
government for $l5,OOO,0OO of tn,
$S12, 0O0, 900 now to their credit tina,
that amount may be added to tn,
working balance In the United State.
treasury. The Official statement O
the available cash balance In tn.
treasury at the close of business or
October %, Is given as 1924 ,SSI $40
But these figures are very deceiving
for of that amount $2l5, 529, 53S ha.
already been loaned to the banks ant
far from being an available casl
balance 1t might as we'll be at tn,
bottom OF the sea as far as any i'm
mediate availability to the United
States treasury is concerned. To de
mand its return would cause pearl,
every bank that holds such deposit,
to close its doors. Another item i.
s5,o64,51i on deposit In the Philip
pines, that is certainly not available
then there is given 81, a3a ,659 of sill
yer bullion, that cannot be used a,
money until aoipa1. tha,, .h >.