The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1908-01-01
WAS THERE A WALL STREE1
CONSPIRACY?

IA habit in certain quarters to charge
all kinds OF financial devilment te
Wall street, yet because that Charge
has usually been made by irresponsi-
BILE stump speakers it has very justly
not been given very serious atten-
tion, but when SO able and conserva-
tive a man as Culberson takes cog
nizance Of such charge and formal
| ~ presents 1t to the senate of the
United States it Is entitled to notice
On December Is Senator Culberson
offered the following resolution and
in doing SO made brief talk ex-
planning his purpose in SO doing and
as part Of his remarks caused to be
read by the secretary of the senate
an editorial from the Philadelphia
North American of December 8. The
senator said that whatever else
| might be said of it, when its source
| was considered, it ought at least to
receive the respectful attention OF
the other side Of the senate chamber.
| The resolution was as follows:
| Resolved, That the committee on
finance be, and is is hereby directed
| forthwith to inquire fully into the
causes OF the present financial strfn-
| gency, and, at as early date as
practicable, make report thereof TO
| the senate, with such recommends
lions as in the Judgment Of the COM
1 t,r;r cnnodv rp1faf from
existing conditions, prevent their re-
lcurrence, and properly conserve the
legitimate business and general In
| terests Of the country"
The length of the editorial forbids
Its being reproduced in this place in
Its entirety, but a few extracts will
| give some idea of its general pur-
| port. The editorial was very signifi-
cantly headed, "Prosperity's Peril, -
and these extracts sound as II they
might have been taken from popu-
| list newspaper instead of one OF the
strongest republican papers in the
United States, and one of the oldest
and most conservative Of all Ameri-
can journals. An fact from the
editorial says:
Fear has subsidized sufficiently to
make straight talk safe. For many
weeks the newspapers of the coun-
try uniformly maintained an opti-
mistic attitude and RETAINED from
printing facts or comment likely te
increase the prevailing commercial
lread and thereby hurt the public.
There is ample evidence that the
prces which plotted to destroy in {
rye measure the national prospect
have misinterpreted the meaning
this reticence. They regard it no
an act of restraint for the sake o
general welfare, but as an &C
Judgement of their mastery.
- / the North American
time has come whe& /
to It's readers some plair
BE under.
Vast be recog-
lhe0 business troubles
puru prosperity are ar
kdCl ANUt out IL
H causes. All come di-
manipulation of our bad
Ind currency laws, every
(which was framed and pass
e dictation and for the bene'
be money changers.
e' editorial further says that
the country had taken ali the
rites ii could absorb the money
hgers took stock Of their cash
paper and schemed to start mon
flowing back to New York, and
hdeavored to get 1t back where
Vail street could gamble with it
Hhat they wanted was to throttle
sperity and bring back the money
New York to gamble with. The
blowing extracts contain some very
trong and very sensible language
Al "They( the money changers) were
ready for any crash that through
consequent industrial depression
would send the country's cash flood
ing back to Wall street.
THE practically of their plan
comes back, of course, to the fact
: That the fixed, inflexible quantity OF
lie currency makes their absolute
bntrol of it possible.
Eight months ago John d. Rookie
Ier started the cry of calamity
ers of the chief money changers
bk up the chorus. And for eigh
Eonths the gamblers of New Yori
Yproph disaster, preached panic
and did their utmost to create cal
amity.
| r'It was not easy sailing for a time
The country was rich, busy, and con
tent. The panic breeders were facins
unprecedented conditions. Consump
ton was larger than production
There was no dread nor discomfort
no scarcity of anything but labor.
The country refused to be fright
ened. Brute force must be used Thu
money changers used Their mos
murderous weapon. BY their contro
of the currency they could lock III
the money of the country and maxi
| il so scarce that legitimate business