Newspaper Page Text
; SEPTEMBER 17, 1903.
THE NEBRASKA INDEPENDENT 9 LEARNS SOUITHIMG AT ULVT Three years ago The Independent be gan to give warning to the people con cerning the promoting and speculative craze that they seemed to be seized vith. The little plutocratic chatterers who write the editorials in the re publican daily and weekly papers thought that they were having lots of fun calling The Independent one of the 'old howling pops." It has taken the distinguished banker leaders three years to learn what The Independent knew and was telling its readers that long ago. Some of the more sane among the bankers are now talking in such a strain that one is inclined to charge thera with having taken their speeches verbatim from the columns of The Independent. Read the following and see if it don't sound as if it had bfen taken from the columns of this paper: "Since 1897 this country has in dulged in an orgy of speculation so insanely wild that it hardly has a parallel in history. Every man af flicted with the speculative mania knew that the day of reckoning must come. It has come, and the only wonder is that its coming was ,so long delayed. Beginning with last September outraged confi dence began squeezing the water out of stock market quotations, and it has been squeezing ever since, and is not through squeez ing. Do not be deceived by tem porary rallies. - Stock market quo- . tations must reach the level of actual values before confidence will . enter Wall street again. Many stocks now q' oted will no longer be listed when confidence again walks abroad in Wall street "Legislation will not suffice. There must be reorganization. Value given to nothing cannot be maintained, yet this is what our twentieth century financiers have attempted. They have capitalized bonuses,paid for individual plants, f Or individual enterprises. They have capitalized the promoters' rake off. They nave capitalized the great expectations of minds more visionary than Colonel Mulberry Sellers'. "The officials of the government, through misconception of the sit uation on several occasions, came , " 'to the relief el r speculators; and this unwise use of the government power can be excused only upon the ground that the officials hon- . estly thought' disaster in Wall street meant general disaster." Those are the words of S. P. Flynn, piesident of the National Live Stock b.nk of Chicago. The readers of this paper will remember what has been said in its columns during the past tvio or three years about "capitalizing prosperity" and drawing interest on it for the ages tc come. Three years ago Mr. Flynn was silent and so were ail the rest of the bankers. If they had been subscribers to The Indepen dent they would have known then what they have just found out now. THE OHIO CAMPAIGN Will populists ever wake up to the fact that they must have a press to present their principles and defend them in every populist household? There is where the work must be done if it is effective. Give to the voters in the populist party the facts and the arguments to sustain them and the party will grow like a" green bay tree. Thus armed populist voters will scon be looked upon as knowing, some thing and become men of influence in their several communities. Those who read the plutocratic dailies and 'the weeklies that are made up from them, ere kept in the most profound ignor ance of all governmental affairs. Such papers are all alike. The Cincinnati Enquirer of September 10 lies on the editorial desk. Its editorial writing is less than a column and is made up of short squibs, t,be longest of which con sists of ten and one-half lines. The remainder of the page is made up of very mediocre poetry, short stories, find light trash of various sorts. That, tco, during a state campaign in which the right of the people to own their : lighting plants, street cars and other ' municipal utilities is a burning ques tion. Fifteen Injunctions have been Issued by the republican courts against the city of Cleveland, preventing it from owning a lighting plant or estab lishing any competition with Mark Hanna's street car lines. The ordinary voters of Ohio, most of whom rely on papers like the weekly Cincinnati En qvirer for all their information can, of course, know nothing about the merits of tha contest going on. If 100,000 Nebraska Independents could be dis tributed weekly in that state for a few weeks, they would jknow something about such questions. The only item in the Enquirer that indicates that it krows there is such a man as Tom Johnson or that there is a campaign in T)r02reca n ito.Rtat 1 ih fnllow ing: '' , "Can General Miles' automobile recommendation for war purposes be regarded as an indorsement of Tom Johnson's spectacular style of campaigning?" BANKS "MONKEYING" WITH SHAW Secretary Shav must realize by this tinie that the bankers have been "monkeying" with him. They made such strenuous representations . to him concerning the absolute necessity of ' more money" tq, prevent a panic that he got frightened and' to supply it took the dangerous step of defying the laws to furnlsa more gas for the Wall street balloon.. Notice to what lengths, the secretary of the treasury went. ! In the first place, the law declares that natiojaal banks shall deposit for security for deposits , "United States bonds AND otherwise." The secretary handed over to them government mon ey without requiring thenr'to deposit national bonds as security. That was the first defiance of the law. The second ste was like unto the first The law provides that national banking associations shall at all times keep on hand lawful money equal to at least a specified per centum of the "aggregate amount of its deposits." The secretary ruled that depository banks need not take into account the public deposits in computing their re serves. " :; ; .-' - 1 :' - -; Still the banks, pressed him for "more money" and his next step was to violate the constitution of the United States which provides that "no money shall be drawn from the treas ury but in consequence of appropria tions made by law." The law pro vides that public moneys, except cus toms receipts, may be deposited in designated bank depositories. But in view of the constitutional provision no secretary of the treasury has ever ventured to divert money from the treasury to the banks. The secretary has taken $40,000,000 out of the treas ury, namely, the receipts for internal revenue, to deposit in the banks. After the secretary had done all this ac the request of the banks because they declared they must have "more money" to prevent a panto, then tbe banks, as soon as they had got every dollar of government money that they could lay their hands on, began to re turn national bank notes for cancella tion and are making every effort in their power to contract the currency. They have simply been making a monkey out of Shaw and no wonder that he is somewhat "riled." THE NEW JJANK CONSPIRACY The bankers all over the west were perplexed, mystified, nonplussed, by the condition of affairs in New York and Washington last Saturday, and not one of them could give the reason or invent a theory that would clear up the matter. Government 2s suddenly rose to 110. At the same time there was a tremendous rush to retire cir culation, application being made to the comptroller to retire nearly $1, 000,000 of national bank notes. All of them in attempting to solve the pioblem started from the proposition that the Wall street crowd never un dertook anything' unless they believed that there was money In it for them. Patriotism, the public welfare, or any- BROS Hardware, Stoves and House Furnishings We are making prices on all summer goods that will be to your advantage to investigate. We do not wish to carry over these goods and if you care to buy a gasoline stove, refrigerator, lawn-mower, poultry netting, hose or anything of tha kind, you can secure them at much lower price than at any other time of the year The reason for Heating Stoves, Cooking Stoves and ranges is already upon us and we can show you a nice line to select from. Also have about three car loads of beating stoves which will be here in a few days. You will save money by looking over liayden Bros, stoves before buying your heater. China Department The fruit canning season is not entirely gone. Our fruit canning necessities are not entirely gone. Quart Mason Fruit Jars. ..........1.03 Tin top jelly glasses... 01 Also making some nice prices on table dishes, etc. , - Fine china decorated Chocolate pots.... .49 ivsnft shins. n',o',tn praouar mr , . ............. .49 f tM in ut t Decorated cups and saucers, each................. .03 Decorated Flemish cuspedors... .10 A good Mantle for...... 10 Grocery Department This department is always kept well filled with nice, clean, fresh goods, and you can secure anything in any quantity of the good things to eat. Our grocery force is kept busy because when you once give us a trial order, you will continue to trade here. We make a specialty of prompt delivery of groceries. Here are few prices quoted: Large sacks white or yellow corn meal. $.12 10 lb sacks Graham flour .19 Hand picked Navy beans .031 Tall cans fancy Alaska salmons, per can.. .09 3 lb can Fancy apricots, peaches, pears and plums in heavy syrup for table .12 Tea sif tings, per lb. 12 t New crop Ceylon. . .., .29 Imperial tea , .30 - 1 Good coffee. .09 Old Ceylon Java & Mocha coffee, per lb.... 20 H. B. & C. Java & Mocha coffee, per lb 17 Our out of town patrons will bear in mind that we cn furnish you with gro--ceries as well as goods in any other line which we carry. If you have not received our special catalogues, we will be glad to mail you same upon receipt of name and address. When in Omaha, make this your headquarters. HAYDEN BROTHERS Dealers in Everything. 16th and Dodge Sts., Omaha, Neb. thing of that kind never influenced them in the least. The question was: "How could there be . any money in such a movement?" To buy govern ment 2s at 110 was the same as lock ing up the money in a safety vault for five- years, yes, even worse than that, for If the premium should disappear it would be equal to the less of In tel est for ten years. Why was some great pool taking all the government 2 per . cent bonds at 110? What" did they want the bonds for? Western national bankers are hot over the attempt to retire circulation in large amounts and contract the cur rency after the continual demand for many months for "more money." They think that will go a long way to raise ai: outcry against the whole national banking system and give a boost to the revival of populism. Just at the time when large amounts of money are needed to move the crops, a con spiracy to contract the currency does not tend to inspire the west to shout for a continuance of the national bank system.. The forty mil.ion dollars that Sec retary Shaw has taken from the in ternal revenue receipts some bankers have thought might have had some thing to do with thfi demand for retire ment of national bank notes. If bank ers could retire their circulation and get back their bonds, they might take the same bonds and get a deposit for them. But with bonds even at 109 they would only receive 1.678 per cent in terest on their investment. So there is nothing in that sort of a deal. Several bankers have asked the edi tor of The Independent for an explan ation of thisnew conspiracy, for the bankers themselves have named it a "conspiracy." But the editor has to acknowledge that he can find no ex planation that is satisfactory. The situation is this: Governments per cent bonds are being bought by some pool or syndicate at 110. The Wall street gang of bankers are making des perate efforts to retire their circula tion and contract the currency just at tue beginning of the crop moving sea son when there is the greatest de mand for, money. Interest rates are going up. Even the great milling con cern of the. Pillsbury's has to pay 7 per cent, when heretofore they have got all the money needed at 5 per cent Rates havs been raised" on the Armours. What have the conspirators in view? , The only thing that the editor of The Independent .can suggest that has any plausibility in it is that this gang of Wall street pirates are riding for a fall.' They have disposed of all their industrial and other watered stocks and want to precipitate a panic. Then what shocks remain on the list will go still lower and they will buy them in and wait for another revival of busi ness. That it will result in bankruptcy and ruinlto tens of thousands, fill graves with suicides, asylums with, the insane, spread hunger and sutler ing over the land has no influence with tbem. ' SHAW . QUARRKLS liVlTH HAlsKKR The interest of all national banks are not the same. Among their man agers there are bull and bear cliques. Some of them are in such a position that they would profit by a great fall in prices even if it brought on a paxIc, while others are in such a condition that a panic would be bad for them. What may be called the bear clique is trying to reuuee their circulation and there are many applications on file, at the treasury department for that purpose. If it were not for the law that forbids the reduction of the cir culation more than $3,000,000 a month, some millions of national bank notes would be retired immediately in face of the demand for money "to move the crops." Wrhat would follow upon that everybody knows. Secretary Shaw, for political reasons, wants to stave off the panic as long as possible and he i3 furious at those bankers who are try ing to retire their circulation. All this goes to show what supreme folly it is to allow the banks to issue money at all or in any way to control the amount of. money in circulation. I. shows that there are a lot of na tional bankers who will precipitate a panic at any time and send thousands itto bankruptcy and want if by so doing they can fill their own coffers. These bankers- are heartless pirates. After being petted and given special privileges ' from which they have ac cumulated millions, they stand ready at any time to bring wreck and ruin upon the whole country. Always mention The Independent when writing to our advertisers. T