Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1907-11-11
WASHINGTONLETTER
HIGH TARIFF NO ASSURANCE OF
PROSPERITY.
Republican Policies Unable TO Stand
Financial Crisis. furnishing
Government Money to New York
Banks Unfair to West and South,
Some Financial Statistics.

WASHINGTON. ID. c., Nov. 6.-In spite
Of the declaration Of the last Republican
National Convention that a republican
tariff has always been followed BY busi-
ness prosperity. and similar fallacious
boasts Of President Roosevelt in his letter
of acceptance and speeches, an unfortu.
nate panic is playing havoc in our finan.
cial affairs. Nothing else is being talked
about in political circles. Secret ry
Cortelyou declares the worst of the storm
10 over. but the news from the West
would indicate the worst may yet be to
come. The closing of the chief spring
wheat market Of the country at Duluth,
and the paralysis Of the market in Chi.
cago and elsewhere, in consequence Of
the lack OF money, and the determine.
tion OF the banks to husband their re.
sources is anything but cheerful pros
pect. The farmers will, Of course, suffer,
and wheat. cotton and other agricultural
products have already fallen 10 price.
Those farmers who are able to hold their
crops until the panic subsidies should by
all means do 60. for the demand from
foreign countries will lead to higher
prices for wheat and cotton next spring,
If not before.
This evidence, now produced, that the
republican policies OF a high trust.pro.
tecting tariff. and of giving every advan.
tage 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 repu blican policies
produce panic instead Of being panic
proof as brazenly boasted. With fifty
per cent. more money per capita in cir
culation. and the supply constantly in.
creasing, the banks are unable to pay
their detA when called upon. The re.
publican policy OF aiding the Wall Street
banks with all the spare money in the
treasury. except few millions to pay
the current demands upon the govern.
ment, is not only unlawful, but grossly
unfair to the more conservative bankers
of the South and West who have to bear
the burden of providieg the funds to
move the staple crops. The only excuse
for President Roosevelt in carrying out
this policy is that he has taken the ad-
vice of those mixed up in the Wall Street
game, or has allowed his New York birth
and training to lead him to the rescue of
the frenzied fnanciers rather than order.
ing "square deal" between all sections.
This favoritism to the Wall Street in
terests is shown by his effusive 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 fnanciers 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 extended to so per
cent. He can hardly be called a public
benefactor who charges his less fortunate
fellow citizens usuty, under the most
trying circumstances. The pretense that
the Rockefeller millions were loaned at
6 per cent. can be easily shown to be a
fable, as far as any large amount ie con.
cerned. If the effects of the panic could
be confined to Wall Street there would
be but few tears shed, but unfortu.
nately all lines of business mnst now
suffer in consequence of the unsettlement
OF financial affairs in New York and at
all the large money centers. 1t 10 much
to be feared that the banks at western
money centers are not so plentifully sup
piled with cash as the optimistic in
formation given out would indicate. for
the secretary of the treasury has received
calls from nearly all the principal cities
of the country that it may be necessary
to give them assistance. To that end he
has called upon the disbursing agents of
the government for $l5,0OO,OO0 of the
$72 100000 now to their credit that that
amount may be added to the working
balance in the United States Treasury.
The official statement of the available |
cash balance in the treasury at the close
of business on October Goth, is given as