The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1911-09-09

w Ildl 10 wall AollSSt wa hino
the candidate it preferred won the
Presidency in every recent cleo
ton? And why is it that the man
Of its choice will be elected in
1912? Wall Street represents the
investments of most Of the provi-
dent and thrifty people in this
country, and that is why these
things have happened and will hap
pen.
The great life insurance COM
panies of the United States have
I.eS,o87,327 policies outstanding. 1t
is estimated by the president OF
life insurance company that these
represent 100000 policyhold-
ers. Thirty-eight per cent OF these
peoples savings is based on rail-
road securities listed in Wall
Street, which the companies hold
as investments. Including indus
trial bonds and stocks, their saw
lings are based on Wall Street Sc
curities to the extent Of more than
one-half. Shrinkage of the values
Of these securities threatens their
savings.
In 1909 there were o,I42,7oo de-
positors in savings banks i'll the
United States. Their savings are
similarly secured. There are l.
| 100000 stockholders in these large
corporations. Bondholders in these
organizations are numerous and
include many persons of small
means, while nearly all the stock
holders are poor people, The
banks and their employees are al
so int ested. The solvency OF
many banks depends on the vai'lcs
of corporate collateral. Labor
gets from the big corporations
the steadiest and best employment
and would compete disastrously
with other labor if it should lose
this work.
Banks are like dams which col
lect the waters o: small streams,
and make them useful. They COM
bine small savings into effective
capital, to the benefit of deposit
tors and the country. Banks are
a mark for the ire of "progres-
sives." and so are railroads, espec-
tally in the west. Without tht
railroads there would be no west
They bring prosperity to the doors
of their assailants and force it or
, them.
. In a speech at Kansas City, OF
May 5th, Governor Woodrow VIII
son said of the progressive
movement: "Tle movement i:
one of reform, marked by pro
, cess of restoration. " 1t is il
, truth a process of restoration of ;
+ system the world outgrew gen
+ Grafton ago and which is opposed
, to the only system of production
| that is profitable, production en-
r large scale.
"Progress' as understood b,
these 'progressives" is the fran
, ing of laws by persons who know
f least about business for the regu
I ation OF those who know mos
, about it; and it involves the de
. rangement of the business o: thos'
r whose money is invested by thos'
> who have nothing at stake. M
! wonder these meddlers with mat
/ ters they do not understand OBJ
, ect to the word reasonable" a
, applied to the Sherman law b,
, the Supreme Court and are offend
ed by the courts recourse to tn,
rule of reason"
The government injunction sui
against the railroads in May. 1910
} started everything on the dow,
grade. 1t was blow at business
/ and savers, in the interest of thu
4 middlemen. whose already exces
| slve profits are the chief cause o
I. the high cost of living, Its resul
5 was defeat at the polls, followed
by rise in the prices of stocks.
The prosperity killing ha
: been made continuous by appoint
ing "progressives" exclusively il
1 filling three vacancies in the Inter
$ state Commerce Commission
1 They are injuring the appointing
= power and the community at tn,
same time. Their interference ha
paralyzed business and has mad
the railroads, whose welfare is a
the foundation of prosperity, tn,
only concerns whose customers
virtually fix their own rates. Blu
for these attacks on the railroad
! they would be employing 100000
more men