Evening journal., 1908-01-20

lstill. Your graft is all right and your
deck is a cinch."
Mr.. Crozier's expose of the meth
DDS Of extracting the money Of the
country for Wall street purposes is
probably the most powerful argument
in the novel. Bidding up interest rates
creates the magnet which draws
streams Of money from a thousand
sources, which all merge into the great
river that floods into Wall street In
quest Of usury. When the money
reaches New York the rate has drop
ped and the correspondent banks pay
the country banks per cent on the
balances, while they reap and s. A
large majority of the countrys banks
are a part OF the speculative machine
to be worked automatically by secret
methods which defy detection. And
some of these country banks do not
know they are caught in the whirl. BY
secretly making currency scarce the
spectators pinch the whole country
into bowling to Congress for currency
laws that will suit the gamesters' pur-
poses.
The novel considers the central
government bank plan. which the au-
! thor calls a conspiracy by the evil
powers of Wall street. He takes up the
fprivate plots in Congress TO force an
elastic currency scheme, the creation
and effects of panics the cause of runs
on banks by depositors. railroads, cor
porations and the tariff.
The author puts into the mouth Of
a principal character a description Of
Wall street which will no doubt be
looked upon as authoritative and by
many is already accepted. The char
acter is ]. Morley Sterling, one of
the financial giants, and he says;
"The Wall street machine is the
embodiment of that inscrutable and
mysterious power which executes the
! financial ---'" of its invisible master.
undetected, with predetermination and
with infallible accuracy. The essence
of this power is associated mental af-
hnities bound together by the common
desire to get rich quickly-at the ex-
pense of others If they can, but Of
each other If they must
THE desire to get rich quickly per-
vades the whole country Everybody
wants to do so easily. But only a few
who are really on the inside under
stand just what is to happen Many
who consider themselves a part of the
machine discover too late that they are
only within it and enmeshed by its
rapacious organs of digestion. In fact,
the greed of its organized appetite is
such that II often feeds upon itself;
and most Of its other organs and mem
bers are ultimately swallowed up in
its all-devouring nav.
/ But, strange as II may seem, no
sooner is one swallowed than two i'm
mediately spring in his place, until its
innumerable and itching tentacles
stretch out and into banks, trust and
insurance institutions, public Offices
and private homes. throughout the
country, enticing thousands from the
path OF sound business, honor and hap
piness into the quicksands Of specu-
lation, ending almost invariably in
utter ruin-and frequently in despair
and death"
The heroine is Helen Morton, daugh-
ter Of an Episcopal rector. Between j.
Morley Sterling, the Master Of Wall
Street" and John Hays, a sturdy man
of the people, a rivalry grew in poll
tics, in finance and in love. and, while
the battle was long and exacting, il
was Sterling who was worsted In the
fray.
! 49, ~AtNANA - pan AbA appraisal OF
railroads to prevent watering Of capi-
tai stock is perhaps one of the most
interesting subjects treated. His prin-
cipal object IN writing the book is
stated by the author himself He
hopes "The Magnet will arouse pub
lie sentiment to such a degree that
the lawless designs of Incorporated
walth TO carry out its selfish pur-
poses in the Presidential campaign
this year will be defeated.
The Magnet" is a powerful plea for
official action TO crush the interests
that the author claims are destroying
industry and personal liberty. II Is
a plea for the people TO take the reins
of government. There should follow
a wide public discussion after "The
Magnet" has had the large sale which
it deserves and no doubt its argu-
ments will be heard throughout the
approaching national political cam
paign.