The Cairo bulletin., 1913-09-08
LOAN SHARKS HIT
BY SECRETARY OF
TREASURY N 'ADO)
EFF orts to Check Wall Street Opera
tons Bring Widespread
Praise.
MONEY INTERESTS THOUGHT
MOVE WOULD F0RTIFY THEM

Washington, Sept. Secretary
McAdocs efforts to check the opera
tions of Wall street and the money
sharks that infest large financial
centers is the leading topic OF con-
versation among bankers who have
been visiting Washington during
the last three or four weeks. From
the South and West and the Pacific
coast states have come expressions
OF approval Of the policies announced
by tho Treasury Department,
Chief among these was the notice
several weeks ago to the banking in
terests OF Uew York, Chicago, Kan
sas City and other centers that the
treasury was prepared to extend to
banking interests in the South, mid
l die West ana Pacific coast points a
loan of $50O00,000 to aid in NOV
ing the crops.
Wall street at first laughed up
its sleeve" as it was thought that
the move the Treasury Department
would make would result only in
centering in New York a greater vol
| ume OF money and money sharks
therefore were jubilant. Two per
ceHt interest on government de-
/ posits, upon which the money lender
stood to make at least 6 per cent
and sometimes as high as s, depend
ing upon the sections of the country
to which it was sent, looked pretty
good to them.
Their Dream is Dispelled
But Their little dream soon was
dispellod when Secretary McAdoo
sent into the vast agricultural sec
ton and asked that bankers make a
| personal visit to Washington to CON
fer with him and his assistant, John
/ SHELTON Williams. concerning the
proposed loan. Still the money pow
ers felt that the secrctary's en-
deayors wolud not greatly affect
their l'ttle tea party which they an
ticipated during the months of Sep
tember and October.
However, when the announcement
was made that this sum would be
| lent to the small bankers direct and
that guaranteed commercial paper
would be accepted as security fol
government deposits, New York and
Chicago awoke to the little joke that
Mr. McAdoo had sprung. Active
preparations are being made tC
carry out the secretary's ideas ant
within short time $50,0O0,000 viii
be scattered among banks in Tho
South, middle West and Pacih,
coast
Aud this is not all. Mr.. Meade,
has intimated that if $50,00O,00O /,
not enough there is S500.0O0.0O0 il
the treasury vaults that can be sen
out to relieve any conditions of
tight money market.
This is the first step that the vii
son administration has taken 10 pro
vent concerted action by Large bust
ness to bring about a panic whicl
will jeopardize the interests of th,
IDemocrtic party. Through the mon
ley power, or money trust, it ha
been charged, efforts have beer
made to discredit the Democrati
party.
Seeks to Reduce Burdens.
Secretary McAdoo's action is an
other of the administration effort
to reduce the burdens of the people
The tariff bill in Congress is de
| signed to lower the cost of living b
bringing into active competition
with American made goods, the ar
ticles of commerce manufacture
abroad by low priced labor. IAxur
les naturally bear the highest rat
of revenue with a corresponding de
crease of customs tax in necessitie.
The President also has decided I
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