The Caucasian. (Clinton, N.C.) 188?-1913, 1907-11-28


Thsre has been much said Ia the
preas recently about the Dorsy
.tringency and the probable cause.
Some Of the papers have tried to
lay the blame on the President, say
ing that his prosecution OF the trusts
has frightened the large busIness In
which has caused Them 10
draw In their money, while some Of
the calamity howlers have laid II ut
the door of the tariff.
Mr.. Roosevelt IL In no way to
blame for the present money strin-
gency neither has the tariff any.
thing to do with 1t, but IL was
brought about by the big Wall street
gamblers. In our opinion Congress
man Hepburn, Of Iowa, has prop
erly diagnosed the case. The At
lanta Journal, commenting on Mr..
Hepburn's remarks On the situation,
says:
"The selfshness of Wall street,
and the heartless iniquity OF the
stock gamblers who congregate there,
bias never come home to the people
Of the country at large quite 80 in
timately as 1t has during the present
financial stringency.
1t is an accepted fact that our
financial difficulties would have been
at an end long since IL the New
York banks had disseminated some
of the millions deposited there in
stead Of lending 1t out to stock gam
blers and promoters. The ease with
which Mr.. Hartman was able to &C.
cure three millions of dollars in the
very crisis Of the money famine,
while the South and West were un-
able to move their staple crops, was
only Indicative of a general condi.
tion in the metropolis. While re-
fusing to let Southern and Western
banks have any Of the money they
had placed there on deposit, they
were willing to let 1t out to loca
spectators at exorbitant rates of In
terest.
The course which New York ha.
been pursuing has done much Il
lcrystalize the popular protest agains
stock gambling. Considerable promi
hence has been given to the sugges
tion of Representative Hepburn, o
Iowa, Chairman of the House Com
mittee on Interstate Commerce, tina
a tax should be imposed on thi
stock gambling. He says:
al also regard it as most desirabl
that the taxing power of the gov
eminent should be used. to proven
gambling in railroad stocks by tax
ing all sales where delivery is no
made within such reasonable tim
as to indicate that the transaction
was bona fide and not for specnla
ton.
$50 long as there is buying AM
selling on margins and without tn
actual delivery of the stock, specu
latiOn will absorb the resources O
the banks and take money from lie
ultimate enterprises which need II
Stock spectators pay high rates 70
money, and their efforts are 80 at
tractive to the city banks that til
banks are induced to make loan
outside the channels of legitimat
business. This not only tends to in
volve the banks In speculation bu
it withdraws the money from legit
mate enterprises"
The New York World, comment
ing on the Hepburn proposition
says:
eff Wall street gambling is such
prosperous business that even i
a period of great depression it ca
: outbid legitimate commerce and in
= dustry for the use Of money, it
prosperous enough to pay a tax I
. the Federal government. It can {
y least help pay the interest on bono
Issued by the treasury to provid
more money.
eff Representative Hepburn wi
put his suggestion into the form {
bill and introduce it when Congre
!. convenes, he will find it one of til
- most popular measures no ever ad
vOcated The World believes it wi
y thave the united support of the coul
. try, except for that section of Ne
y York city lying between Chambe
y street and the Battery"