Aberdeen herald. [volume] (Aberdeen, Chehalis County, W.T.) 1886-1917, 1907-12-26
help FOR new York
FEDERAL TREASURY AT SERVICE
OF STOCK GAMBLERS.
New York Banks Have COrralled the
Money of the Country, and Use the
National Treasury as IL u Be.
lOnged to Them. Have MOnopoIy
of Ready Money.

The banks of New York hold al
most exclusively $24O,OOO,OOO of the
governments money on which they
do not pay cent of interest. They
hold millions upon millions of the
peoples money which came to them
through deposit either from individ-
uals or banks in the interior of the
country. High rates of interest
drained the rest Of the country quite
dry of its money resources. One day
we were in the midst of prosperity,
the greatest the country has ever
known in its whole history. We had
bumper crops everywhere and the
money to move them, If the money
were in our own possession, and the
prices were as big as any producer
could reasonably hope for. In a
moment a feeling of uncertainty
spread itself throughout the whole
country. The crop movement ceased
as though stricken and people began
to wonder what had struck them.
What was It? The monopoly gam
blers and bankers of New York hav-
ing concentrated the funds of the
public simply damned the vital fluid
as it sought to flow back through the
arteries of trade. Nobody could get
any money from them. Banks in the
rest of the country, which carried
large balances, were simply laughed
at when they sought to withdraw
them. A run began on one of the
big trust companies. In fine finan-
cial condition, and we'll able to stand
any ordinary storm, it was deliberate
ly allowed to go by the board and
with it several small local banks.
simultaneously orders came from the
same group of men suspending work
on great constructive enterprises in
all parts of the country. The first
blow was aimed at the interior bank
ers so that they might take heroic
measures for self-protection. Most
of them promptly did. The second
blow was aimed at the depositors to
scare them into the beliefe that
things were going to the dogs. And
in the midst of smiling plenty, conf
dence between days took to itself
wings and most men were wildly
scrambling to get their own hard
cash so as to hide it away.
1t was an extraordinary state Of
affairs, such as no generation Of
Americans has ever looked upon be-
fore and it was an ample demonstra-
tion that with all our boasted cour-
age most of us are exceedingly cow
ardly in the face of a financial crisis.
It has been the judgment of the Tel
egram from the very first that this
so-called panic was deliberately
planned and just as deliberately car
ried out. It was so maintained and
and there is coming confirmation.
For instance, Benjamin Ide Wheeler,
president of the University of Cali
fornia, said yesterday, after coming
out of the White House at Washing
ton: "The panic came like blow
from the outside. 1t is evidently
purely currency panic, touched off
in New York and is the result of too
much 23-story banking in that CITY,"
In his judgment it will be all over
in a month and the country all the
better because little soberer.
But the conspiring high f1nanciers
do not propose to rest here-they
want an even closer grip on the gov
ernment. Notwithstanding that they
have $24O,OO0.000 now on deposit
in their vaults which is not bringing
the government a cent of returns, but
is marvelously productive to them in
times like these, they are like Oliver
Twist, still crying for more. Here
we are in times of peace and what,
until a few days ago. were times of
unprecedented prosperity, adding
practically $150,000.000 to our ma
tional debt. All of this money 1t is
expected will be drawn from the
funds now boarded by the thrifty
men and women of the country. What
will be done -ith the money? An as
sociated press dispatch from New
York naively informs us: "Mr. Cor
telyou is counted upon to deposit the
proceeds of both classes of securities
at once in the national banks, where
they will be available for the pur-
poses Of general circulation"
Here is a case where the govern