Evening journal., 1908-06-06


the symptoms OF the dread business
disease that an intelligent cure may
be provided. II It should be found that
in Wall Street there exists machinery
with which panic melting conditions
are constantly being artihcially Great
ed, and that such machinery Is being
operated by men who are steadily
reaping huge profits from the opera
ton, It is fair to believe we are close
to the great tap-root OF this deadly
upas tree And we know that the
fruits of that malignant tree are fear.
destruction OF confidence and credit,
frequent and disastrous panics, that
cause financial disturbance and scare
ity of money. Industrial depression.
wreck OF personal fortunes, idlenass
of labor and lowering Of wages. wide
spread distress and poverty, wholesale
fraud and crime, plunglng the entire
country into the depths Of DESPAIR
and disaster.
Surely the American people must
find and cut off the tap-root OF that
poisonous and destructive tree. Is II
not the duty OF government TO protect
the people by wrecking that machine?
or at least to regulate It's use IN a
way to make it serve a useful and ie-
gitimate purpose without menacing tho
public welfare?
Concentration Of Power.
The power OF Wall Street for good
and for harm has been vastly aug
mented in recent years Railroads
have been forged into trunk lines and
these consolidated into vast systems
until most OF the 2S5,00O miles Of iron
highways that grid and serve the coun-
try are dominated by a mere handful
Of men in Wall Street, persons wSo
are not railroad men, but stock gam
blers The same men have merged the
big Industries of the land Into huge
trusts. Thoy have acquired a domi-
mating control over the large banks.
insurance and trust companies that
hold large part Of the deposit saw
ings OF s5.0O0.000 people of tho United
States. These Industrial aud financial
evolutions going on under our very
eyes are so stupendous and rapid that
they excite general woncerment and
much concern.
II those who thus are selling the
republic through control over its in
dustrial, commercial and financial ac-
tivities were ail-vise. as they are COM
ing TO be all powerful, and were en-
tirely patriotic and unselhsh. there
would be no car for alarm as 10 ire
final outcome g. cause the financial
interests of these institutions that they
own are involved I'm the legislation
la opted by the Federal Government
and the several States. and in the az
ministration Of the laws, 1t is perhaps
selhshly logical for these special in
terests to attempt 10 play a ruling
hand in the politics of the country
The Stock Exchange.
The Caesars, in the palmiest days
of ancient Rome, never exercised such
vast dominion and power as do these
kings of finance from their hidden
throne behind the scenes in Wal
Street.
Their most potent instrument is tho
stock exchange. IL hides their iden-
tity and transactions and enables item
from ambush TO strike their unsus-
pecting victims like the red savage
slew the early pioneer. In public they
are able successfully TO pose as con-
servative bankers and financiers. ptfi-
lies spirited citizens, philanthropists
and patriots, only because the stock
exchange coceals from the people thoir
true characters and their deeds OF
criminal daring. Occasionally the pub
lie gets a glimpse Of their true in
wardness during some official inves-
tigation when temporarily they have
fallen out among themselves.
It is not my purpose to excite preju
dice against any class. Wealth ia
honest hands is a general blessing
Rich and poor alike are entitled to The
same protection and respect when
they do right. But no man shall be
permitted TO commit with impurity
wrong and criminal acts that hahn
others and injure the public welfare.
And ii is especially desirable to eK-
pose and pillory to public view and
scorn those rich and powerful Grim
inal crooks whose lawless schemes
of plumber and crime are the more
successful because they deceive the
people by masquerading the knightly
garb of honor and respectability. The
supremacy of law over every inLab .
itant and corporation of the republic
must be complete to insure a stanle
government and the safety of life and
property
1t was as much that innocent men
might be relieved from unjust suspl-
cion, as that the guilty ones be ex-
posed, that induced me to propose aud
ask that the Legislature of New York
create a commission empowered to in
vestigate Wall Street, its margin gam
bling and the connection of the bis;
banks Herewith. Twice Govern or
Hughes in special messages has in
dorsed and urged this plan. only the
facts are desired, that effective legis-
lation to correct the evils without
harm TO legitimate business may be
inteligently framed. Wall Street, e.
identity having so much to hioe. objects
to being investigated. Congress should
also act, for President Roosevelt IN o
special message officially joined in the
great national movement for the abe IL
tion of the evils Of margin gambling,
the panics It creates and usurious in
terest rates.
Seek Control OF Currency.
The Aldrich- -Vreeland bills were pub
llicly denounced as vicious and wholly
/ bad by the delegation reprs-
senting the National Bankers As
sociation They said its passage
would cause another panic. The
measure was urged by the great mas
ters of high finance because, like the
privately owned government bank
scheme which they also favor, il
would give them a strangling grip on
the money supply of the people. II
would clOthe the banks they con-
troll with vast power for harm, and
add enormously 10 their profits at
the expense Of the people. 1t would
confer the power 10 create panics
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