The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1907-11-29
AS SEEN FROM
THE CAPITOL DOME
Interesting Washington Letter from
Hon. N. R. Smith on the finan.
ciaI Situstioa.
WhsHING1ON d. C.
Nov. %, 1907.

many readers and some of my
friends. All the talk is about Il
nancial matters. the Republicans,
or most OF them, praising the
Secretary, Mr.. Cortelyou, aud the
President for the wonderful work
done in saving the country from
desperate panic, wide spread aud
disastrous. The Democrats are very
busy keeping still. outwardly, but
talking quite good deal behind
closed doors. What may occur
when Congress c0nvenes will likely
dlsappoint the wisest seer aud the
most far seeing politician.
The Republicans are still boast
ing aud at their old tricks, laying
the blame on others than the ad.
miuistration and political bosses.
The Republican press and the sui
sidlzed press of both parties are
tearing their thr0ats III declaring
that personal boarding has caused
the trouble-thut the common pcu-
pie aud the banks of the country
have got the money, and that the
big banks of New York and other
large cities have been the true
patriots and saved the country.
But it is well known that not a
man thought of boarding his money
or taking it from the bank, until
he found that the big banks we've
boarding it in anticipation of serl-
Gus trouble, to meet n possible run
on them in consequence of some
financial cataclysm about to fall
upon the country. Mind you, |
am not crticiZing the State country
banks, for they were forced to do
what they have done, with their
reserves on deposit in the city
banks, arbitrarily held without any
authority whatever. Yes. the
country banks were helpless, for
they were forcibly robbed by the
big city banks for the time being
The Comptroller of the Currency
has unlimited power. given by the
Republican party, to retain in the
vaults or the national banks such
reserves as he deems proper; but |
can discuss this, only to say that
this law was passed after the panic
of 1893 to protect the precious
national banks-the "Saviors of
the Country"
l heard a Treasury official say
yesterday that bonds had to be
sold to get money to pay current
expenses of the government; that
the surplus in reserve of S240, 600 .
900 has been turned over prin
cipally to the banks of New York,
that they had practically all the
money of the government. What
do you think of that, my good Re-
publicanf
But the worst of it all is that our
strenuous President has, after all
his film Tanning surrendered to
the cabal of New York Bankers,
OF course, everybody knew that
the Secretary of the Treasury would
do their bidding truculently, but it
was not expected that the President
would with such alacrity dance to
their music; but the terrible Teddy
has again come to his knees before
his masters.
Over 5000, 100000 of the peo-
pie 5 money not loaned, but simyly
turned over to the banks with which
to speculate and make big interest.
Out of this 5000, 900, 600, the prin.
elpal portion of which went to the
Standard Oil bunch of banks
(Which were 50 graphically depicted
by Tom Lawson some two years
ago., Morgan and Rockefeller
loaned $25, 900. 900 to other banks
for big interest That is, the
government gave these patriots
5000, 100000 with which to save
the country" and they. for mere
love OF country, let some of the
less fortunate banks have part of
it at staggering rate of interest.