The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1907-11-21

IL was deliberately allowed to go by
the hoard and with it several small To-
cal banks. simultaneously orders came
from the same group of men suspend
irp work on great constructive enter-
nrisee in all parts of the country. Inc
first blow was aimed at the interior
bankers so that they might take heroic
measures for self protection. Most OF
hem promptly did. The second ploW
was aimed at the depositors to scare
them into the belief that things were
going to the dogs. And in the midst OF
smiling plenty, confidence between
DAYS took to Itself wings and most men
were wildly scrambling to get their
own hard cash so as to hide 1t away.
It was an extraordinary state of af-
fairs, such as no generation OF Amer
leans has ever looked upon before and
If was an ample demonstration that
with all our boasted courage most OF
us are exceedingly cowardly in the
face of a financial crisis. 1t has been
the Judgment of The Telegram from
the very first that this so-called
panic was deliberately planned ard
lust as deliberately carried out. 1t was
so maintained and stated from the
very beginning. Here and there, is
coming confirmation. For instance Ben
jamin Ide Wheeler, president of the
University of California, said yesterday
after coming out of the White House
at Washington: 1.-The panic came like
a blow from the outside. 1t is evident
ly 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 all be over in
a month and the country all the better
because a little soberer.
But the conspiring high finarciers
do not propose to rest here-they
want an even closer grip on the gov
eminent. Notwithstanding that they
have $240, 100000 now on deposit in
their vaults which is not bringing the
a cent of returns, but is
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 unpre-
cedented prosperity adding practically
$3.50, 0OO. 900 to our national debt. All of
this money it is expected will be drawn
from the funds now boarded by the
thrifty men and women of the coun-
try. What will be done with the money?
An Associated Press dispatch from
New York naively informs US: Mr..
Cortelyou is counted upon to deposit
the proceeds of both classes of securi-
ties at once in the National banks.
where they will be available for the
purposes Of general circulation"
Here is a case where the government
will be paying two or three per cert
to the public for the use of money
which when it secures it will turn it
over to the "23-stOry bankers" of New
York without interest to use as they
see fit, to create a still greater monop-
oily of the ready money of the coun-
try-in a word it will be turned over
to the very meE who are responsible
for the present financial conditions for
which there was no more natural rea-
son than there would be for a man to
sell a hundred-dOllar Government
bond for a five-cent piece. Before con-
gress meets the people Of the country
will set better bearings on this whole
question than they can now command.
They will get the calamity bankers of
New York who have so beautifully
buncoed the country into better per-
spective and when they do it is not "a
all likely they will approve of any ILL
digested financial legislation which is
calculated only incidentally to relieve
a temporary existing condition but is
really designed for the banking syndi-
cate to rob the public of much money
that it has earned by hard labor thrift
and economy. They do not forget that
when ]. Pierpont Morgan came
sweeping down the steps of the Stock
Exchange and looked about and with
one puissant hand stretched forth
stilled the mighty financial storm.
thereafter to be idolized like modern
god, that he and his friends had not
been entirely inactive, but had unos-
tentatiously gobbled UP Tennessee
Fuel & Iron at a big discount, and thus
put out of business the only mention
able rival of the steel trust. making of
it the greatest manufacturing monop-
oily the world has ever seen. Neither
do they forget that in the days when
the steel trust was organized that Nor
gan was given the greatest financial
opportunity of any man of his genera =
ton and failed to embrace it when he
made of it a stockholders investment
instead of an Investors investment
thus failing to make of it an example
for inspiration and emulation and with
one stroke raising the standard of con-
fidence in the big commercial enter
prises of the country to pinnacle
which it is to be feared they will lot
reach again for northumberland
Telegram.
HONORS FOR STEVENSON