Newspaper Page Text
APRIL -14, 1904.
THE NEBRASKA INDEPENDENT STEEL TKUST FIXATES The steel trust has made its quar terly report which has been looked for with some anxiety. It pays tht per cent guaranteed dividend, of the preferred stock, but dividends on cne common stock seemed to be perma nently eliminated. That is to say, Morgan and his coterie of promoters have stolen from the people who In vested in steel common $508,300,000. How much mieery that theft has caused in American homes no man can estimate. The men who stole it arc called "captains of industry." They are welcomed in the churches and pointed to as shining lights of the gospel. But the payment of the divi dend of 7 per cent on the preferred stock is another fraud. The money has not been earned. The present outstanding capitalization of the cor poration is thus approximately divid ed: First mortgage 5 per cent bonds, $300,000,000; second mortgage bonds, $152,900,000; preferred cumulative 7 per cent stock, $360,000,000; common stock, $508,300,000. After paying' the 'interest on the first and second mortgage bonds, the earnings lacked over $2,000,000 of enough to pay the 7 per cent on the preferred stock without taking into account depreciation of plant an J other charges. Every one. knows what has become of all corporations that paid dividends out of capital or sur plus. Nothing could have induced the directors to take such a dangerous course but the desire to Jiold up thia&s until after the next presidential elec tion. On to Springfield! EXTRAORDINARY COST ; A benighted individual down in the provinces by the sea wrote to too Providence Journal and wanted to know how it was that 'while local bankers were willing to pay from 2 to 4 per cent interest on deposits, that the national bankers had $170,000,000 United States deposits without paying a cent of interest, and the intelligent editor undertook to explain matters. He first asserted that this was done wholly for the convenience of the peo ple and then added: "To ask the pav ment of interest on deposits which the banks carry at such extraordinary cct to themselves would obviously be un reasonable." The "extraordinary cost" to the bankers consists of getting interest on the securities they put up to secure deposits and then loan out the depos its they put up to secure deposits and then loan out the deposits and' get in terest on them also. The banks get interest on the bonds they deposit to get circulation and also on their circu lation. Getting interest twice on their money is the great graft that national banks have enjoyed ever since the war. On that sort of "extraordinary cost", they seem to have accumulated a "great many millions. The contor tions that a plutocratic editor ir dulges in when trying to defend a na tional bank graft is enough to make the angels weep. . UNPRECEDENTED INFLATION Every one knows that the last pres idential campaign, as well as the one that preceded it, was fought on tue one side by those who wanted an in crease in the currency and on the other by those who denounced an in crease in the volume of money and derided all those who did as "inflation ists." Through the insanity of par tisanship the people voted to stop the increase of the volume of money by stopping the coinage of silver. Bat what has happened? One of the most careful and accur ate financial writers in the Unilcd States has with much labor and paua collected the facts. He finds that there have been three periods of great in flation of the volume of money. "Ine first was from 1813 to 1637 when lUi placer mines of California pou.cd forth their millions. Money in cltcu latlonv during that period was in creased $22 1.5 10,257. The s.ond pvrlod of inflation has during the civil war. rom 1800 io 1SGS the Increase la circulation Ntas f2ll.6iHJ.409. The next period of Inflation cove i a a period of cl;:ht year ending ApiH 1 I'joi. On that date there was i:i circulation $2.516.C!.r.3, Mn an In crease In t ho. elRht years of $2JJ, (5II0, The increase In the toUtl circulation In thta cnitw m'inU to ftuiut 5 per cent, compare! with JC per ftnt In the civil war period. Thh Inflation U mot thugerou thin that of 1S.17 when Ih otnoitit uf pjwlo outntandlng exircded t.'w amount of redeemable pikt. The la crea since W) H nreur jw-r t i .a thin In cither of the other period if Inttatlun. Th per capita Invrca f.m lS4!i to 1157 w.n $"U7. from m A wm $151. Vnm ISM to l'vl It wa f'i.72. That foont the population of Iho hole I'nttvd State, i Uuilng the war, the increase was in the north ern states alone which accounts for the enormous rise, in prices at that time. - ; - V " . .' .- , ' " These axe the facts. To some extent the editor of The Independent has verified them. They were published not in a populist or Bryan democrat paper, but in a gold standard paper the Springfield Republican. The result has been just what populists said they would be. There has been a rise in prices. . - It must be remembered that along with their demand for more money the populists made other demands and predicted if they also were not en acted into law, the increase in the volume of money would bring no re lief to producers and wage-workers. They pointed out that a few would gather to themselves ai) the increase in the wealth that results, if the trusts were not overthrown, tariff grafting slopped and the railroads and other natural monopolies were left to pri vate ownership. One part of thtir theories has been demonstrated. No intelligent man can or will longer deny it The other part will soon be dem onstrated if a change is not soon made and the wealth of the United States will pass into the' hands of the few just as the populists predicted. But the most astonishing thing is to see republican conventions declai ing that they have fulfilled every platform promise when the fact is that they have abandoned their plat form on the principal point of con tention and boldly adopted that of t-e populists. POPULIST EDITOR WANTED . Brb. James R. Cary of the Neligh (Neb.) "Yeoman writes to The Inde pendent saying that he wants to sell his paper to some populist editor. He says that he has made a full hand all winter, but as he Is 72 years old he fears that he can't do it during the coming hot weather and do the woik that should be done in the fierceness and turmoil of a presidential cam paign. The Neligh Yeoman is a good paying country paper, has long been in the fight and has a constituency that always stands by it. As the faithful old warrior takes off his ai mor, there should be some younger man inspired with the same love of liberty the same lofty ideals ready to take his place. Neligh is a beauti ful Nebraska town in a rich county. BRISBANE FOR PRESIDENT Newspaper men everywhere aie suggesting Brisbane for president. One of them says: "The justice of newspaper men everywhere recognizes Mr. Bris bane as the Journal and the Jour nal as Mr. Brisbane. This is as true of the multiplied forms and reissues of that paper in Boston, in Chicago, in San Francisco, in Los Angeles and elsewhere as il is in the borough of Manhattan. Mr. Brisbane is as simultaneous as the light, as pervasive as the air, as ubiquitous as a New Jersey mosquito, yet as impersonal as fate itself. His name nowhere appears in his productions. Many of them actually appear under or over the name of quite anotner person. There are those who be lieve that he has made that other man, as the Lord made the world, by the word of his power, in the space of six days, and all .very . good, or as good as could be ex pected. But Mr. Brisbane has nev er claimed this., He is as modest as he is anonymous, or as he is, so to say, multl-nominous. This is already well understood, but It is bound to become even better un derstood." The Nebraska Independent claims the honor of having first nomi nated Brisbane for president, and these other editors are only following In the wake of The Independent as they have o often done before. Quhe a while aeo The Independent said to the I learnt followers if they wanted an organizer, take Ihmsen, If they wanted an editor take Brisbane. Hut they wouldn't take Tho Independents advice. They didn't norm to want &n or&anLer or an editor. They wanted a mujtl-tnlllionilre. llllKATFir MOMorOLT KMOVTX ConcrfM has provided (or the great est hlp monopoly ever Kuown to the world. After July 1, U3, no ship can carry freight or passenger betwrm th I'nlted frUatr and the t'hlllppluta or tn'tweri tho porta of thoo Mula except thoo owned by Americana. Ther are not half enough hi owned by Americana now, tut otherwise cm ploy t d, to do that hiutr.cn. Thh t: net or!y n! freishts Mwpn the I'nlted Mite and the I'hlllpplne. but all along or own roast on amnjet of the scarcity of shlpa. That win alto Mve a tendency to rata rmluai mas tend ooooxkoooxoooooxooxoo . o I Talks X ' First Homeseekers' Excursion on Tuesday, April q a 19th, 1904. Now is the time to come and see the agricultural district of the Black Hills country, the X best place on earth for diversified farming. O "Wheat yields from 25 to 40 bushels per acre. X Oats yield from 50 to 80 bushels per acre. 0 Potatoes yielti from 125 to 200 bushels per acre. SCorn yields from 25 to 50 bushels per acre. ( Fruits of all kinds (except peaches) grow in abund X ance. Home market for everything.- s g Cost of Taking S Claim Estimated g O Transportation from Sturgis, S. D., to home- $ V stead country from forty to sixty miles. ... $ V our days board r-. . ... i ................ . O Government Fee (filing) O For locating and surveying claim and mak o o o o o o o o i 00 i 00 14 00 25 00 mg out papers , Total after reaching Sturgis, S. D.. . . 47 00 Add to this cost of your ticket to Sturgis, S. D., and return. 19 35 AND you have cost of a 160-acre farm $66 35 Take next excursion. Come to Lincoln, buv vour O ticket for Sturgis, S. D., come direct to our office and O V Jet us show you this matchless country. Write u for V o o o o o o o o o o o o full information. Your letters will have prompt at- y tention. Excursions the first and third Tuesday of V every month this year. Woods Investmonf Oo. Sole agents for Southeastern Nebraska. Train.leaves Lincoln 1:45 p. m. via C. & N. W. lly. Office Lincoln Hotel Lincoln, Neb. OOOOOOOOOOOOOOOOOOOOOOOO freights, especially trans-continental business. This act is a bigger rob bery than the orignal ship subsidy scheme. With the tariff grafters, the Philippines are not American terri tory. With the ship subsidy gralL ers, they are. Congress obediently ac commodates both seta of grafters. Vote 'er straight. Stand pat. Let weil enough alone, except when there is a show for a bigger graft, then don't ict well enough alone, but go for the bi ger graft. W O USE THAN I'OPTJLISTS The Independent has often asseited that the expansion of the currency under th po-ealled "gold standard republican party was greater thau it would have been under populist rule. It Is pomewhat satisfactory to see some of the great gold standard pa pers now acknowledging that state ment to be true. The Springfield Re publican of Airll 7 makes the follow ing statement: "It may be aflirmed thai the eouutry never before experienced so great a monetary expansion or inflation as has taken rie t1"0 tno dcrcat of lto silver part which aimed to brtns about the very reatilt that haa ensued, lho clinchlm; of the gold policy on tx-hMf of conservative finance ha been loi lowed by consequences more radii al In thHr nature than would, In all probability, have followed the sum of the fcllvir party and the remoucU tatlon of silver." (U1IH KJir IH "lOCirTf HUhard A. CanfteM. Hie srcal?H rambler thut tho wurll hai kuoun durlns il l.ut dtftd?, Is Mpturousily rwtlvfd by "ntKlPty" In New Votk nd l'rb'n-. fNnflHJ. tw ' hlWtlon of Whlitbr'a drawing and lttnttnii In the latter city the otUr day and the I'ruvUU nee Journal ayj; "Mi ud ootuvu prominent tu . the literary and social world, as well as in art circles, were pres ent in large numbers, and the beautiful ' costumes of the women were seen to the best advantage in the artistic setting of the gal leries." Meantime Jerome, the prosecuting attorney, is begging the New York legislature to pass a law that will en able him to convict Canfield and send him to the penitentiary by forcing witnesses who have gambled in Can field's dens to testify. Among the chief witnesses that Jerome wants is Reginald Vanderbilt. Twenty of the Fall River mills have announced that from this on they wiii run but four days in the week and iiko newg conies from Rhode Island." The effort "to hold 'er up' until after tho presidential election Is already becom ing a strain on the muscles. To destroy the honest manhood of the nation, to overthrow the funda mental principles upon whkh liberty and free government rests, that la treason a more vile form of trtu;oj than betraying to the enemy an army, and that I Just the kind of treason In which the "captain of industry have been engaged for many years. If Justice wtre metoil out to them, they would bo hung every on ot thrm would b hung, All wort of qufstlons are bans asked In the paper lately. One ruaa want to Know what becomes of cute tenth of the tax paid by nil Moraon to the ihurch. No public report ius over b rn mude concernlnjr, the ex penditure of that Imuwitio utu. Whrt mii .v,,t.. ovr the h?i rroj'erUoi hM iTi-tdnt bin It h ttifWd that bo owned when on the stand tefr tho cotij; re burnt committee, a nllniiA can bo Klued whre wna of it weac