The Spokane press. [volume] (Spokane, Wash.) 1902-1939, 1909-05-22
TWO JOKES.

Charles L. Swartz of st. Louis is the victim of prac
teal joke by which he is in debt to George M. Welsh of
Cincinnati in the sum of $134,217,728.
In December, 1879 he gave note for quarter he Dor
rowed and agreed to 100 per cent per 1t has
gone doubling and doubling until it now amounts to
as much the balance in gold required to be maintained
In the United States treasury At thousand dollars
year. it would take Swartz 600 to pay the %
cents and interest.
Probably Welsh will refrain from making his old friend
work for him $4,000 years. Probably when they meet
Welsh will say, cts you, Charley' and the debt will
be qudaed in other way than for the maker of this
% cent note of 80 years standing and his children chill
drn becoming the slaves Of the payee of it forever and
forever. For, matter of fact at 100 per cent per
annum the note now grows fast enough to make all the
people of thousand families slaves for millions of years
1t would enslave the world if it were valid against the
world.
joke but mighty interesting one ISM it, But of no
application to your affairs and mine of course
Well, let's see In 1887, or thereabouts Henry O. Have
meyer combined reneres capitalized at $6O0O0O in the
first sugar trust third of them dismantled and
shut down and used again. They worthless
The wholel OF good and bad, were worth at most
$4OOOOO0 Havemeyer, having keen appetite for joke
ISSUED 600 against these bat roOsts and owl cages
and having all the refineres in the country but one pro
ceeded to dividends You see there tariff of
about 80 per cent ad vaorum7S per cent in the Payne
bll-and Havemeyer lightly laughing at the joke, was
able to make every person in the United States pay part
OF these dividends with spoonful of sugar used
After while the law made him dissolve the trust and
he put to the trouble of going the river into
New Jersey to reorganze. 1t vexatious he issued
$25OOOOOO of stock to pay himself Still the people
paid the dividends and his original $4OOOOOo of junk
behaving like Weshs quarter After while he issued
$150O0O00 stock just to heighen the effect and
although his concern has lost in proportion of sugar
produced falling from 80 per cent when the first trust
formed to 81 per cent his original % cens-no,
$4,OO0,00O, We mean, of cOurse-has swollen to
$145000000 which the people of this day, and their
chldrens children likely to have to pay dividends
He started with four millions than Welsh did but he
still has eleven millions than is owing Welsh in
securities
And why is the Havemeyer paper any better than the
Swartz Welsh paper the realm of morals! Is there any
reason why! Just mention it if there is
OF course the Havemeyer paper better the stock
exchange Swarz can't pay his note if he is asked
The American people pay the Havemeyer paper and
will if they eat sugar. unless
Unless the people to be fooled by the cry of stocks
and bonds in the hands of widows and orphans Unless
they to think of the widows and orphans who
eat sugar than of those who clip coupons
As matter of course when the Havemeyer paper
to be scrnized by the people, the payment of dividends
not is quite within the peoples hands, They going
to leave children and chdrens children here to do the
5ob If it looks like fair deal to do it. Our guess that
the enlightened people of the future will choose to
take care of their widows and orphans in some less
expensive way.