The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-06-21

stood. Here we have a striking contrast
in size resulting from the ebb and Cow.
Conspiracy of Millions.
Regarding the possibility Of a panic
being brought about By large financial
institutions and speculative multi-nlil-
Iionaires Mr.. Clews said:
"A conspiracy 10 lock up money IN
Wall Street, for the purpose Of creating
a panic in the stock market, might be
entered into BY financial institutions.
and speculative mUllI-milh0naires. and
the result be disastrous To thousands,
while IL would add vastly TO the wealth
OF those who engineered the disasters
We have sometimes. IN the past, seen
this done on a limited sale. by power
ful bear interests In stocks, with very
damaging results not merely 20 the
bulls in Wall Street but 10 stockholders
generally.
Now, however. the money power IS
so much more immense than X was, and
50 concentrated. that IL is possible. by
a combination Of great financial forces,
70 do it on a large scale, with possible
results as disastrous as those OF 1907.
Such robbery, under cover Of the law.
ought 10 be made impossible in the fu-
ture. The poor must be protected as
well as The rich.
Vast fortunes have been made by
trick and device III this and kindred
ways and our recent panic. trst in
vowed such widespread disaster &c the
country at large, quadrupled the wealth
OF some OF our capitol lists who sold
stocks and boEds heavily a. high prices
just before the panic and bought as
heavily II the bottom figures.
Panic Welcomed by Some.
Ihese men. who prohted so largely
/ by tie panic and the consequent rise in
stocks, naturally did nothing 10 pre-
Ven- or mitigate the panic. They Sc
cretly welcomed II as an engine Of de-
struction 10 market values. and they
were therefore public enemies. Some OF
| them have a voice in the control Of
large banking institutions. and large in
| dustrial corporations. and in their cor
Dorate capacity they might easily be
I as ready 10 test or abuse their power
! as IN their individual capacity if it
promised 20 double or treble or quad
/ ripple their wealth.
/ rs it too much TO suppose that some
] VI THESE ---eL- WDAlQ De Wiling Mleu Op-
/ pOrUunity favored, to combine in using
their wealth for purposes promising
! large gains for themselves but larger
losses for others? Would they allow
/ their humanity. their sense OF justice.
/ their public spirit and their patriotism
| 10 stand in the way Of their profits In
/ a scheme OF self-aggrandizemen involv-
| ing evil consequences TO the public?
/ fear not.
| IN any case large aggregations OF in
| dividuaI wealth and corporate capital,
! in few hands. might easily become a
menace 70 the financial and general
/ business interests OF the people, If not
properly regulated by law.
Capital in this country has rapidly
accumulated IN such immense masses
as 20 be a great power for evil as we'll
as good, and its pOssessors are not al
ways conscientious and patriotic.
Therefore they stand more in need Of
government control than the masses
Moreover. this money power Is grow
ing, and will continue to grow with the
growth Of the country: and IL is already
exerting. under the surface, great pO-
Iitical power. and Is boldly aiming. by
/ concentration OF its forces, at the con-
troll. of the Presidency itself. and the
policy Of the Federal Government