The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-05-29
Refuses to Be Stampeded "
Stock Gamblers.
THE COUNTRY is SAFE
And Prosperity Is on flrh
Foundation.
The Interior Is IndependenC VI
New York.

- ,,,,+t,sr MANIC on Wall street
the United states treasury aosoiUtei'
,af,,Sas =, be stampeded into the belleI
that these speculative waves nav
snv+hing to do with the prosperity %
the country. either good, bad or liluAA-
ferent
Treasury officials watched the eA-
traordfnarv course of prices on wan
street today and saw that in many
cases stocks reached lower figures
than in the panic" Of March a.
which. it was insisted at that tIlie'
was brought about because the presl-
dent refused to make statement CIV
ing a clean bill of health to the ran
road companies -
s.panics'' has arrived and the treasury
department does not see its way @ @cIeai
TO become alarmed in the least degree,
because reports from the great lnterloi 1
OF the country, in a section lnOepeH-
dnt of Wall street and its malgh III
fuence. are all OF a different tenor.
The public is out of Wall street ana
the treasury knows it. Ihe coulIlLS
undeuiab bly, is prosperous. generdI
failure of crops is absolutely Impos-
sible because the agricultural inter-
ests of the country have become 50 IL
versified that they can not all go 10
rfeeeS at once There is plenty OF
poses and the treasury has ADOPTED
the policy of depositing all receipts IN
national banks so that there IS no re-
duction in the circulating medium
According to treasury officials an
other government people. it can not pc
impressed too often upon the pubic
at large that these Wall street pan
les are purely speculative in their or
igin and result. They do not affect
the real value of railroads nor indus
trial plants. and they do not concern
in any way the legitimate business in
terests of the country They are not
brought about by legislation or lack
of ii. but are the result simply ana
solely of the manipulations of stock
gamblers who have only remote con-
neetion with real commerce;
Within a com paratfvely short time
the direct influence of the treasury on
Wall street Will cease because practi-
cally all the money will be deposited d
in banks subject to call When that
result is accomplished there will be no
more surplus funds in public vaults
for Wall street people to clamor for.
Old Conditions Have Changed.
The time was whenever Wall street
managed to pull off one of its specially
conducted panics that the secretary of
the treasury sat up nights and he and
his subordinate officials kept the tele-
phone wires hot so as to keep in close
touch with the street in case immedia te
relief should be needed That time has
passed by.
The secretary of the treasury is in
Canton for the Mckinley funeral and
the president and other members of the
cabinet are on the way without the
slightest anxiety with regard to the dis
turbed conditions of the stock market
They have learned by experience that
modern ''paniCS'' on the street are abSO-
luteIv the result of manipulation and
are seldom or never brought about by
any distressing business conditions
which require the assistance of the fed
eral government
One of the most encoura ging condi-
tions. as shown in the reports of nation
al banks through the controller of tho
currency and in unofficial reports from
trust companies. lies in the fact that
the west is supplying money to the east
The big banks and trust companies in
Chicago and St. Louis are daily sending
money in large amounts to New York
because interest rates there are higher
This surplus in the west, which used tc
be the home of people of moderate for
tunes and reversal of the old tide OF
the financial river are said to be the
best Indications of the abstract pros
Peritv OF the country This demon
strates the VESTS independence of Wal
street
Gold Raids Impossible Now.
Thirteen years ago, when Grovel
Cleveland was having such a hard timt
protecting the treasury because of the
continued raids of the gold gamblers
the excitement in Wall street was re
fected throughout the country. West
ern banks then were dependent upoI
New York for their money supplies, aaC
whenever the market ran short o
money western institutions were com
PEELED TO put up clearing house certih
Gates or other makeshift substitute 70
real money. High interest rates oil
Wall street almost instantly were re
dscted in Chicago and St Louis, to sa,
nothing of the New Orleans and Atlanta
Today all this is changed. and tn
treasury knows it. There is none
enough in the west to run the west
and Pittsburg is as independent of NeN
York as Chicago is. The fact of tn
matter is that. while New York ha
been concentrating its energies upon tn
stock market. other cities of the coun
plants. making fortunes paying off oil
r-ortgag ges. and accumulating a sur
plus.
Chicago a Money Center.
New York commercial paper toda
may be found in any quantity in Chi
cagO banks. The worse conditions &c
in Wall street the better it is for tn
Interior. There is money enough lyin
around idle outside of New York nc
only to run the country but to hel
New York out. and that money to6a
is going into Wall street by million
upon millions.
1t Is the knowledge of these condition
which has rendered the treasury off
cials so Indifferent to these constant
recurring speculative '.panics'' Tt
street itself is becoming blase becaus
throughout the furry in the stock mai
ket money conditions remain practica
ly unchanged
There probably soon will be large e1
ports of gold. particularly to Paris, an
there may be number of small failure