The Farmville herald. [volume] (Farmville, Va.) 1890-1934, 1907-11-08
Interesting Washington Letter.
Washington, ID. c., NOV. !, 1900
Special Correspondence.

and similar fallac'Ous boasts OF ffesl-
dent Roosevelt in his letter Of accept
ance and speeches, an unfortunate
panic is playing havoc in our financial
affairs. 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 yet be to come. The clos
ing Of the chief spring wheat market
Of the country at Duluth, and The pa
ralysis Of the market In Chicago and
elsewhere, in consequence Of the lack
Of money, and the determination OF
the banks TO husband their resources
is anything bat cheerful prospect.
The farmers will, of course, suffer,
aud wheat, cotton and other agricul-
tural products have already fallen in
price. Those farmers who are able To-
hold their crops until the panic sub
sides should by all means do 50, for
the demand from foreign countries
will lead to highest prices for wheat
and cotton next spring, if not before.
This evidence, now produced, that the
Republican policies Of 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 childs house Of cards, is proof
that Republican policies produce panic
instead Of being panic proof a. brazen-
" boosted. With fifty per cent more
money per capitation circulation, ana
the supply constantly increasing, the
banks are unable TO pay their debts
when called upon. The Republican
policy Of aiding the Wall Street banks
with all the spare money in the Treas
ury, except a few millions to pay the
current demands upon the govern
ment, Is not only unlawful, but gross
ly unfair 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 Roose-
welt in carrying out this policy is that
he has taken the advice Of those mixed
up in the Wall street game, or ha
allowed his New York birth and train
ing to lead him to the rescue Of the
franzied fnanciers rather than order
ing square deal between all sec
tons. This favoritism to the Wal.
street interests is shown by his ellu-
sive thanks to Secretary Cortelyou, and
the not hidden, though unnamed APP
prOval Of Morgan and Rockefeller for
putting in their millions TO try and
stem the panic. How little those
financiers 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 mon
ey, which is said to have extended To-
80 per cent. lie can hardly he called
a public benefactor who charges his
less fortunate fellow citizen usury.
under the most trying circumstances.
The pretense that the Rockefeller
millions were loaned at per cent can
be easily shown to be a fable, as far
as any large amount is concerned. n
theenects Of the panic could be confn-
ell to Wall Street there would be bur
a few tears shed. but unfortunately all
lines Of business must now suffer in
consequence Of the un,ettlement o.
financial affairs in New York and al
all the large money centsrs. 10 j,
much to be feared that the banks al
Western money centers are not so
plentifully supplied with cash as the
optimistic information given OUT
would indicate, for the Secretary o.,
the Treasury has received calls from
nearly all the principal cities of the
country that it may be necessary o.
give them assistance. To that end be-
has called upon the disbur ing agents
Of the government for sl5,O00,OJO OF
the So, 100000 Row TO their credit that
that amount may be added To the
working balance in the United State
Treasury. The official statement Of
the available cash balance in the Trea .-
ury at the close Of business on Octo-
Der 18th, is given as S224 ,SSl, $40. But
these figures are very deceiving, for
OF that amount S2l5, 529, 53S ha. already
been loaned TO the banks and far from
being an available cash bala &c" 10
might as well be at the bottom Of the
sea as far as any immediate available
ty to the United States Treasury is
concerned. To demand its return
would cause nearly every bank that
holds such deposits to close their
doors. Another item is S5,06l ,57l on
deposits in the Philippines, that Is
certainly not available; then there is
given s., 232, $50 Of silver bullion, that
cannot be used as money until coined,
then there is S6,954, 1880 Of subsidiary
silver, and S55l ,67S Of minor coin,
neither Of which items can be classed
as available cash, for only so is legal
tender. All these amounts added
together make S232, 332,f76. So that
the United States Treasury instead O:
having an available balance, there f.
a deficiency Of s., AL ,4i6. That is the
Secretary Of the Treasury, with theap-
prevail of President Roosevelt, must
have taken S7,45l ,436 from the trust
funds in the Treasurv, or from the
"gold reserve TO deposit i'm the Wall