The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1908-06-25
Wall STREH VICTORY !
Got All She Could Ask in the
New Currency Law.

Was tAhftltcQ INV kHhtO NA0 t<
eral commercial distress by Wan
street eight months ago. The pur-
pose OF Wall street was plain. The
thigh tinanciers'' had encouraged
debauch Of speculation. and put forth
such extensive fiotatinns that tie alb
sorbing capacity Of the country was
gorged, and capital was 30 actively
engaged In Industry ard commerce
that Wall street was left loaded with
securities for which there was no de-
mand.
1t was necessary for Wall streets
ends to remove the cash OF the conn-
try. the loanable capital. from the
channels OF commerce In order to set
II Sowing into the gambling center.
TO kill the local demands for money
by legitimate business 1t was neces-
sary 10 cripple trade. That Wall
street undertook TO do, and Wall
street succeeded.
Irdastry has been almost paraiyxed.
Money meade Idle has glutted the New
York banks with nearly $50, 900, 600
above their lawful reserve and stock.
gamblers can obtain all the money
they require at less than ? per cent.
the lowest rates known for nearly
twenty years.
Wall street won It's campaign. But
In doing 80 1t created danger 10
itself, It's tactics reused the people,
and taught them TO look into the
currency question more carefully
than ever they had done before.
A counter-campaign against that
Of Wall street began-a campaign OF
education and exposure. For past
neglect the business men OF America
paid dear. But the price has not
been wholly without reeompense.
They know q hundredfold more OF
the merits OF the money question and
OF the iniquity OF New York's mas.
ter-gamblers than thew knew year
aao.
That enlightenment resulted In n
remarkable popular protest against
the congressional schemes OF Wall
streets agents 10 iegalize new power
for the gamblers and new peril for
honest business. Bankers associa-
tions, boards OF trade, commercial
clubs. trades leagues, manufacturers
organizations united In denounc.
ing the vicious Airdrich bill and the
only little less offensive Vreeland
substitute.
That storm was such that there
was pretense OF bowling To IL. But
the tricksters were merely hiding
their time. In the face OF that un.
precedented expression OF the public
viii, Wall streets commissioners Ia
congress have gone ON and won the
latest and one Of the greatest OF ali
their victories.
They have made IL possible foi
Wall street to unload upon the gov,
eminent 10 exchange for legal cur
rency $500, 900, 900 OF unstable secur,
tiles, good. bad and Indifferent.
This was done primarily by the re,
publican majority In congress, under
the leadership OF Aldrich and Can
non. But In the last days OF the SEES
sion. President Roosevelt, ignorant
OF finance as always. well.meapins
always, but once more deceived By
advisers whom he trusts TO the huri
OF his fame, aided the false leader,
and committed the administration u
the Ubiquitous, mongrei measure.
In the history OF this county ther,
have been crises when the life or tn,
welfare OF the nation seemed al
stake and the exigencies OF the stu
alton, coupled with acute partisan
ship, caused the majority party II
congress 10 countenance high-hande.
procedure. But things have beeI
done on this occasion In cold deliber
alton, without precedent even II
times Of stress and intense excite
ment.
There was the initial double deal
Ing by Aldricb who accepted amend
ments TO plscate the country, Ia
tending all the while IN ignore hi
tscit pledge when II was too late f.
the protest 10 be renewed.
There vas the eager readiness q
Fairbanks TO repudiste rules and Gus
toms as old as the senate itself when
ever Wall street whistled tbrung
IAldrieh's lips for the vice presiden
TO cut such capers.
There we're all the varied phases {
duplicity and false pretense accom-
panying the casting Of the matter IL
TO conference witb Cannon's packc
committee.
There was the secret changing I
the time during which the bill Il |
remain n Law, from three TO six year
There was the deliberate afiront
Chairman Fowler, OF the baDkiu
and currency committee, and re
: representative OF the sentiment I
4 the house when honestly expressed.
There was the forcing OF the inca
. ure through the house. With 90 tin
: allowed to consider or understand 1
$ deliberately deceitful clauses.
There vas the brutal discoBrtei
) sboxn To the one senator broad az