The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1907-11-28

trusts obey the law. He is To be con-
demned for intimating that all
trusts and corporations were disooey-
ing the law. In place Of speclhcahy
charging what trusts were coming
under the ban OF the law, ne indoe
his charges universal. Just as the
newspapers Of the country couid
create panic by pre.concerteo
howl OF calamity, even under Tue
most favorable and prosperous times
so can the president 81 this country
do so by billing the Washington cor
respondents with hot air relative 10
what the administration was going
to do In the way OF prosecuting the
corporations.
Ia future campaigns the people VIII
sneer at the campaign spell5inder
who has the teuerity TO refer To the
selling OF bonds In time OF peace, as
Vas done at Cleveland for so doing.
The press dispatches state That the
administration has again gone TO lhe
relief Of Wall street, and indirectly
| the people, by an issue OF 30 millions
OF Panama canal bonds and 100 MIL
/ lions of treasury certificates, which
means a total bond Issue Of 200 mill
lions, and this in a period OF peace.
The canal bonds OF course will bear
interest at per cent, but the treas
ury certificates will bear an interest
of 3 per cent This Is done in face
Of the fact that the government mas
over 200 millions of dollars on deposit
with the New York banks. The
money from the sale Of these boEds
will be deposited with the banks
without interest, and the treasury
certificates will be taken up by these
banks and loaned out at from to II
per cent. SO 1t Is safe 10 assume
that this recent bond issue OF 200
million will mean to the New York
banks In profit or graft, at the ex-
pense OF the people, a million dollars
month. Does 1t not look as II
President Roosevelt is trying To rein
state himself In favor with the banks
and corporations at the expense OF
the peopley
OF course Secretary Cortelyou was
present at the meeting OF the cabinet
when 1t was determined to make
this 200 million dollar loan, and no
doubt he was felicitated at ttat time
by the president for his financial
acumen, supposing the idea of the
bond issue originated with the secre-
tary. The president attempts to read
the people "A lecture, over the Shout
ders OF Secretary Cortelyou. lie
points out chow absurd 1t Is for the
peope to permit themselves to get in
: to pauic'' and assures them that
"there Is no particle of risk involved
J In letting business take its natura
: course. " This would have Il tendency
to frost your wbiskers, when it Il
considered that the people are not il
panic, but the only panicy feeling
Is with the New York gamblers anC
: President Roosevelt.
He says, "There Is no particle o
risk" and then proceeds to relieve
: the New York gamblers at an ex
y pense OF one million per month t.
the people. He tells the people tina
there Is no more currency in TIN
country today than there was
y month ago, when the supply wa
ample. lie winds up this preposter
' Gus letter to the secretary by saying
, 1.-THE government will see that tn
" people do not suffer II only the peo
Pile themselves will act in the norma
way
/, This will strike many as an insult
y The people all over the country hav
assisted the country bank in ever
= possible way, In order not to fore
:. the country banks to demand thei
= holdings, which are ON deposit |
:. Wall street. The people have accept
" ed promise To pay on the part {
" their local banks; they have permit
: ted their local banks to refuse, Will
out a murmur, TO say what part {
. the deposits OF the people shall /
" drawn from the banks weekly. |
every way the common people ha,
lent their influence to stay the pan
- which appeared inevitable, as r,
suit .of the gambling propeusities
Wall street bankers, and a conditio
= from which the presidents Skin,
- are not entirely clear.
= In this letter to Secretary Corte
!, you the president intimates that Il
~ people themselves had pIecipitatt
=. the panic. The rural banks OF Il
a, East are said to(hs paying out mon,
30 to their depositors upon demand al
y when hese favored banks in Ne
: York will pay our bankers what
:, their due, the West will he doing Il
NV same. The people of the West ha
- accepted the situation senSibly, al
-, done everything in their power
relieve the situation
PLEASE EXPLAIN
HtN.AA 80.