Daily capital journal. (Salem, Oregon) 1903-1919, 1913-12-15
People in No Mood to Stand for Panic
in Case Legislation Does Not
Suit Money Kings.
RUDOLPH sPREcKELs SAYS
IT WOULD WORK OTHER WAY
Says Financiers Do Not Realize How
Deep Rooted Is Resentment
Against Present Order.
BY JACK JUNGMEYER.
UNITED PREsa LEASED wIRE.1

| lUNITED PhEbA LHAbED WHEEL
San Francisco, Dec. 15.-That Wall
streets money overlords may soon be
given an opportunity to plunge this
country into the greatest panic Of Am
erican history, and thus be encouraged
to make a final stand in behalf of or
ganized greed, is the astounding predic-
tion made here today by Rudolph
Spreckels, well known banker and man
of public affairs.
He claims to base his startling asser-
tion on "inside" information gained
during his recent trip to Washington
and New York, and on "the disastrous
effect upon credit of the pending cur
rency bill if it should be come law in
its present form"
"Some of the more powerful finan-
ciers are blind enough to hope for just
such contingency, in the hope that a
disastrous panic brought about by i'll
advised legislation would result in a
general revolt against all reform legis-
lation and leave the special privilege
interests free again to dominate our
government" says Spreckels.
"The influence of environment, he
explains, "has made nearly all rich men
blind to the fact that vast majority
Of our people are beginning to feel the
sting of poverty and that they resent
the widespread oppression due to unfair
concentration of wealth in the hands Of
few.
"They do not realize how deep-rooted
is the resentment against the present
order, and that the people are ready at
moment IS notice to rise in revolution
against organized greed"
Seated in his sumptuous office in the
heart Of San Francisco's financial dis
trict, surrounded by every token Of af-
fluence and ease, the word "revolu-
tion" fell with strange impressiveness
from this rich man S lips
Millionaire, president of the First Ma
tional Bank here, and financier of big
projects, Rudolph Spreckels has a thor
knowledge of the financial situation.
And as a backer of the local graft pros
ecutions and bucker of the big sugar
trust he has felt the sinister power Of
organized pelf.
"There are men with large financial
power" he continued, "who believe
that q violent panic that could be eharg-
ed to the legislative policy of the pres
ent administration would result in vic
tory for the reactionary forces at fu-
ture election, They are blind to the
reaction of such panic. That is why
/ feel it imperative to sound this warn
ing.
"The administration would also do
well to avoid making political expedi-
ency the basis Of currency legislation.
The advantage of arbitrary power
sought by the administration over mon
ey and credit would prove as great a
menace to the people and independent
effort as is the present method of con
troll.
''By the election of its own president,
organized capital could ultimately dom.
mate this country completely, if the
present financial bill becomes law.
"Specifically," asserts Spreckels,
"the proposed regional banks would be
dominated by the majority vote of the
banks in each district. They would
name six of the nine directors, And If
Big Business ever secured control Of the
federal reserve board, the control Of
money and credit would be absolutely
under the domination Of special privl-
lege,
"Nothing short of revolution then
would restore freedom to the people,
"Cousider the control now exercised
over our industrial aud financial unde''
taIings. Two hundred big corporations
now have assets of over $22 100000 ,0Oo,
with gross income three times greater
than that of tho national government,
"a group Of five Wall street banking
houses are directly affiliated with aud
hold directorships in corporations hav'
ing assets of about $l7,OOO,oOO,OOO.
"That is real menace to independ-
ent capital and the peace Of the nation
every one possessing property, es
pecially, is vitally interested in seeing
this tremendous power Of the few lin
tied, otherwise the pendulum will short
ly swing to the other extreme aud all
property will be confiscated by an out.
mged people"
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STUDY IN SERIOUSNESS.