The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-11-23
WEEKLY LETTER FROM
WI ~ THE NATION'S CAPITAL
The Recent Panic HiS Played Havoc with Financial
Affairs Nothing Else 10 Heard in Washington
Political Circles and It is Feared Worst is aS'
Yet to Come.

well be at the bottom of the sea as
far as any immediate availability to
the United States Treasury Is con-
cerned. To demand It's return would
cause nearly every bank that holds
such deposits to close their doors.
Another item is $5,064571 on deposit
dn the Philippines. that is certainly
' not available; then there is given
50, 1926 of silver bullion, that can.
not be used as money until coined:
then there is $6.954.330 of subsidiary
silver, and $1,551,67S of minor coin,
neither Of which items can be classed
al tender. All these amounts added
together makes $685., ,332,776. so that
the United States Treasury instead of
having an available balance, there is
a deficiency of $7,451 1876. That is the
Secretary of the Treasury, with the
approval of President Roosevelt. must
have taken $7.45f 1876 from the trust
funds in the Treasury, or from the
gold reserve" to deposit in the Wall
Street banks IN their great necessi-
ties. No wonder Secretary Cortel-
you is at his wits ends and is call
ing upon the government disbursing
Officers to return part of the money
to their credit. But returning 20
the Treasury about $4,000. 900 of
such balance is robbing Peter to pay
Paul. for It will take it out of the
National Banks. which are govern
ment reserve repositories i'm the diff
ferent large cities of the country
either to pour it into the Wall Street
maelstrom or to deposit 1t with other
Favored banks who are in tight
place. The fact is, the Treasury is
bankrupt to all intents and pur-
lposes; and existing conditions are
similar to those under which Pres
ndent Cleveland was obliged to issue
ponds In 1894. The Republican party
has had no question to contend with
OF the double standard. The high
,tarif taxation has resulted in a large
surplus in the Treasury. instead of
deficiency, which President Cleve-
land had to contend with under the
Mckinley tariff law. and in conse-
quence OF the Supreme Court declar-
ing the income tax section OF the
Wilson tariff law demonstrations,
The Republican leaders have deliber-
ately turned over to the favored
banks not only the surplus, but over
seven millions more from some
source. This panic has discouraged
even the most optimistic Republicans
as they feel that no Republican
named as likely to be nominated can
be elected for all are committed to
the same financial and tariff policy
that has created the panic. In
speaking OF this prominent Repub-
ican said to me today, your party
VIII gain two great advantages by
the present distressing conditions.
The party in power will be blamed
for the breakdown of prosperity. and
as II Will force financial legislation
no the front as an issue, II will elm
mate Mr.. Bryan as your candidate.
because the business world has no
confidence In him on financial af-
fairs"
president Roosevelt found upon his
return here from his bear hunt that
revolt against his policies needed
his attention. A desperate internec-
Inc fight is impending in the ranks
or the Republican leaders for con-
troll OF the party organization. The
presidency and Congress is at stake.
Legislation in the coming Congress
depends upon the preliminary skirm-
ism. The removal of the headquart-
ers OF the Republican Congressional
Committee from New York to Wash
ington is the first open. step taken
TO notify President Roosevelt that
his anticipated effort to dominate
Congress at the coming session as he
did at the last session will not be
} tolerated by the leaders. An evil
IDENTIFY inspired article In the Wash
ington Post outlines the plans of the
reactionary Republican leaders, and
J states their ultimatum to the Presi-
} den and their threats to those Repub-
lican Congressman who are inclined
to take tips from the White House
instead of from the Speaker. Brief
ly stated the main points set fortl,
are:
The campaign for the election of
Republican members of Congress is
to be entirely distinct from the cam
ralgn for president, especially In
collecting and disbursing campaign
, funds.
The status of those members of
Congress who side with President
Roosevelt for more radical legisla-
J ltion will be taken account of by