The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-11-23
lsnecial Correspondence }

! . " L II. j
Washington. d. c., Nov. 23.-In
spite of the declaration of the last
Republican National Convention that
a Republican tariff has always been
followed by business prosperity. and
similar fallacious boasts of President
Roosevelt in his letter of acceptance
and speeches, an unfortunate panic is
playing havoc in our financial af-
fairs. Nothing else Is being talked
about i'm political circles, Secfe-
tary Cortlyou declares the worst of
the storm is 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, an dthe par
alysis of the market in Chicago and
elsewhere, in consequence of the lack
of money, and the determination of
the banks 10 husband their resources
Is anything but a cheerful prospect.
The farmers will, of course, suffer,
and wheat, cotton and other agri-
cultural products have already fall
en 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
produced, that the Republican policies
of a high trust-protecting tariff. and
|of giving every advantage to the
banks, have built up bogus pros
perity that at the first adverse wind
is no more stable than the child's
house of cards, is proof that Repub-
llcan policies produce panic instead
,of being panic proof as brazenly
boasted NTH fifty 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 Re-
publican policy of aiding the Wall
stree, banks with all the spare money
in the Treasury, except few mil
lions to pay the current demand
upon the government, is not only un-
lawful, but grossly unfair to the
South and West who have to bear the
burden of providing funds to move
1.-THE staple crops. The only excuse
of providing the funds to move the
staple crops. The only excuse for
President Roosevelt in carrying out
lthis policy is that he has taken the
advice of those mixed up in the Wall
Street game. or has allowed his
New York birth and training to load
him to the rescue of the frenzied
financiers rather than ordering a
square deal" between all sections.
This favoritism to the Wall Street
interests 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
demanded usurious rates for their
money, which Is said to have ex-
tended to so per cent. He can hard
lly. be called public benefactor who
ycharges <hls less fortunate fellow
citizens usury. under the most trying
circumstances. The pretense that the
Rockefeller millions were loaned at
g per cent. can be easily shown to be
a fable, as far as any large amount
lis concerned II the effects OF the
panic could be confined to Wall
Street, there would be but few tears
shed, but unfortunately all lines OF
business must now suffer in cOnse-
quence Of the unsettlement OF finan-
lcial affairs in New York and at all
the large money centers. 1t is much
to be feared that the banks at
Western money centers are not so
plentifully supplied with cash as the
optimistic information given out
would Indicate, for the Secretary OF
the Treasury has received calls from
nearly the principal cities of the
country that 1t may be necessary to
lglve them assistance. To that end
me has called upon the dlsbursing ag-
lents OF the government for $15 900 600
of the. $4,000, 900 now 70 their cred
,dt that that amount may be added
to the working balance in the Unit
led States Treasury The official
statement of the available cash bal
ance in the Tresury at the close OF
business on October goth, is given
as $224,SSl,340. But these figures are
livery deceiving. for of that amount
$215 529,53S has already been loaned
TO the banks and far from beng an
i''available cash balance" It might as