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THE NEBRASKA INDEPENDENT
May 22, 1902
Zbe Nebraska Independent
Lincoln, tlebraska.
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PRESSE BLDG., CORNER I3th AND N STS,
PUBLISHED EVERY THURSDAY.
FOURTEENTH YEAR.
$1.00 PE Ft YEAR IN ADVANCE
. When" making remittances do net leave
money with news agencies, postmasters, etc.,
to be forwarded by them. They frequently
forget or remit a different amount than was
left with them, and the subscriber fails to gel
proper credit.
Address all communications, and make all
drafts, money orders, etc., payable to
Zhe Hebraska Independent,
Lincoln, Neb
Anonymous communications w:ll not be
noticed. Rejected manuscript! win not De
returned.
The argument of the republicans in
tha first place concerning the Philip
pines was, "There i3 money there. '
Whether that was true in the begin
ning or not, it ought to be true now.
Uncle Sam has been pouring a flood of
it into the islands for the last three
years, and little or none ever comes
back. s-vvn
The' Independent acknowledges re
ceipt of a copy of "Facts and Fig
ures' of the Chicago live stock trade,
covering a period of twenty years, is
sued . by Wood Brothers, live stock
commission merchants, Chicago. It is
a neat booklet of 64 pages, and gives
a great deal of valuable statistical in
formation. It will be sent free to any
one. Mention The Independent.
Mr. H. B. Steagall of Montgomery,
Ala., a nephew of our correspondent,
Hajor A. H. Steagall, De Land, Fla.,
Is being mentioned as a candidate for
legislative honors in his district. The
Montgomery Advertiser says: "He is
an active and prominent member of
the democratic party. He led the fight
against the new constitution in Dale
county and succeeded in getting a ma
jority his way of about 1,000."
It is now authoritatively announced
that Carnegie proposed to McKinley
that It he would make arrangements
with the Filipinos to grant them inde
pendence, that he, Carnegie, would
repay to the United States the $20,
C00.000 that was paid to Spain. He
also requested that he might be sent
as a special commissioner or one of
a commission to the Philippines to
make the agreement with them. Mc
Kinley is reported to have said that
Mr. Carnegie did not understand . e
matter, and let the whole subject drop.
This administration makes a howl
ing wilderness of Samar, but where a
volcano makes a wilderness in Mar
tinique It serds shiploads of food and
clothing. It kills all over ten in Sa
mar, but sends hundreds of thousands
of dollars' worth of supplies to keep
the people from dying in Martinique.
That Is the sort of madness to which
imperialism has driven it. The
Butcher Smith let loose on the little
brown people in the islands of the
Asiatic sea3 was more terrible and
destructive than Mount Pelee.
The western bankers at Kansas City
sat down very hard on that economic
idiot from New York, Horace White,
who came all the way out there to in
struct them in their duty to the hand
ful of millionaires of Wall street who
have concocted a plan to make the
western bankers tellers and bookkeep
ers in the branch banks which they
Intend to establish on these plains.
If there is anything walking on two
legs more ignorant of every branch of
political economy than the said Horace
White it has never yet been discov
ered, and his egotism equals his ignor
ance. The captured correspondence of the
Big Six packing houses which has
been printed in the newspapers make
a clear case. The letters prove that
a series of definite trade agreements
exists among the "big six," some being
together in one section of the coun
try and some in other parts; that dif
ferent scales of prices rule in differ
ent districts; that the territory is par
celed out by explicit understanding.
With this state of facts before It, the
administration proposes to have the
United States courts issue an injunc
tion Instead of prosecuting these crim
inals under the criminal law.
A tariff so high that no goods can
be imported under it of course pro
duces no revenue. What increase is
"made In the cost of the goods to con
sumers goes to the manufacturers and
not a cent to the treasury. A tariff
of that, kind under which a trust is
farmed Is the most iniquitous legisla
tion that can be . enacted. There are
a good many of that kind in the United
States. - It is simply a tax on the peo
ple who 'buy the goods for the benefit
of the trust. There is nothing else in
it. In that case most certainly the
foreigner does not pay the tax, for the
foreigner has nothing whatever , to do
Jm
OUR fOUETEKKTH YEAR
Vol. XIV., No. I, greets the eye of
the careful reader of The Independent
this week. Last week rounded up the
full thirteen years of The ; Indepen
dent's existence, and this week It be
gins Its fourteenth year fuller of fight
and more optimistic even than when
its first copy was issued.
It is true that in looking back over
the thirteen years, there are seemingly
many things to discourage the man
who started out to reform the world
in short order. The encroachments of
organized greed have been very rapid
and far-reaching. Consolidation and
combination of the railroads has prog
ressed so rapidly that now a very few
men control practically all the means
of transportation and transmission of
intelligence; and this, consolidation
and combination ha3 by far exceeded
in rapidity what even the wildest
eyed populist thirteen years ago ex
pected, but in principle it has worked
out exactly as predicted. The only
criticism that could possibly be made
is that the populists were conservative
in their estimates of the time which
would probably be required.
Looking back over the thirteen years
one cannot but be impressed with the
rapidity in which other combinations
and consolidations have been made.
Then the Standard Oil company was
almost alone in its glory. It was the
great object lesson, not of the value of
combination in developing industry,
in learning new and better ways to
transform the raw product into the
finished article, but in demonstrating
the value of secret railroad rebates to
crush out competition. The art of
stifling competition by secret com
pacts with those controlling the aven
ues of transportation, transmission of
intelligence, and the circulation of
money and bank credits, is now well
known. Every trust of the more than
two hundred now existing depends up
on this art for its existence. The cry
that greater economies may be effected
by such combinations is simply the
cry of "stop thief" to distract public
attention. Some economies there may
be; but without special privileges of
some sort either public favoritism m
the way of protective tariffs and pub
lic service franchises, or private favor
itism in the way of secret rebates from
railroads, telegraphs, telephones, ex
press companies, banks, etc. none of
the industrial trusts could menace the
public welfare. Mere mass of capital
may give some advantage, but not
enough to destroy competition; but
the small manufacturer is powerless
to compete when secret' freight rebates
are against him.
Apparently the people are more
helpless now than they were thirteen
years ago. There is ample, ground to
justify the claims of the most pessi
mistic. Yet The Independent cannot
be other than optimistic in spite of
conditions. The people know more
than they did thirteen years ago. They
are rapidly learning where the shoe
pinches. When enough of them be
come satisfied that they are not mis
taken, and overcome their partisan
prejudices, they will right the wrongs.
The life of one man is too short to
see the progress made, unless he Is
more than ordinarily a close observer.
It is but little over a hundred years
since Adam Smith and those of his
school were successful in their revolt
against the king-commissioned mo
nopolies. So thoroughly and so wide
ly are his ideas believed, that it is
bard for the superficial observer to be
lieve that conditions were ever ma
terially different in principle from the
present.
But new problems have been, pre
sented. The advent of steam power
and electricity has been followed by
new lines of industry of which Adam
Smith and his school never dreamed.
His theory of non-interference by gov
ernment and to allow competition to
regulate trade .applied very well to
known conditions then. But the
problem cannot now be completely
solved by Adam Smith's formula. The
new factors require new treatment.
The people are slowly learning that in
some lines of business there is an ir
resistible tendency to consolidation
and combination an irresistible ten
dency to crush out competition. As
competition was their watchword, they
at first tried to combat this tendency
by governmental Interference in the
way of creating artificial competition.
When one electric light company be
gan to charge exorbitant rates, an
other was given a franchise. For a
time there was a show of competition,
generally, however, with as little real
ism as a stage fight. Behind the scenes
the lifeless combatants arose, walked
off arm In arm, the "best of friends.
Then the people discovered that their
artificial competition compelled them
to support two plants instead cf one.
Now the march of municipal owner
ship is well nigh irresistible. None of
the old-time bugaboos can stop its
progress. The people have learned
that political corruption is seldom met
with In public-owned utilities; but
that wherever there is a private
waterworks, electric light plant, or
street railroad, the corporations own
ing and operating, these utilities L will
be in evidence at every election. JNot
even the member of a school board can
be, elected wthom-,Jhjrjnterference: n'urtvc
The city of Lincoln has an army of
postoffice employes and railway mail
clerks, a similar army of railroad em
ployes and express men, the public
employes of the city-owned water
works, and the employes of the pri
vate-owned gas plant. On election day
there is nothing to indicate that there
is such a thing as a postoffice or wa
terworks these public employes vote
and go about their business without
interfering with the rights of anyone
But everybody knows there is a B. &
M. railroad and a gas company every
time there is an election.. Not even
dog-pelter is too small for them to
control.
Thirteen years hence will doubtless
see rapid strides in municipal owner
ship. The city that does not own and
operate its waterworks, electric light
and gas plant, street railroads, and
kindred utilities, will be truly a back
number. By that time, top, it is pos
sible that the public ownership of the
railroads may be accomplished. The
state by that time may be conducting
insurance business. It may own and
operate the stock yards. In all prob
ability it will own and operate all the
telephone lines.
Thirteen years is a long look ahead
even in these rapid days. What The
Independent may accomplish in that
time in its mission of educating the
people on economic subjects, time
alone can tell. But if its circulation
grows proportionately, there can be
little doubt that its influence then
will be infinitely greater than now.
TWO SENATORIAL YAHOOS
The silliest performance any two
political galoots ever entered into was
when Senators Dietrich and Beveridge,
after a soldier had testified that the
canned beef served to the troops in the
Philippines was bad, invited him to
dine with them at the senate restaur
ant and after the $5,000 chef had pre
pared a dish from the canned meats
used at the capital had it served to
themselves and the soldier. Then they
went out and told the newspaper men
how they had tricked the soldier into
eating canned meat and that he had
declared that it was good. The Asso
ciated press took up the tale, and the
great mullet head editors wrote ar
ticles about-it. No doubt Dietrich and
Beveridge think that that was a very
statesmanlike and dignified thing to
do and that it places them on a level
with Clay, Webster and Calhoun. But
the truth about the matter is that it
shows Dietrich and Beveridge to be
of a lower moral standing than an
Arab of the desert. To offer hospital
ity to a man for the purpose of trick
ing and taking advantage of him Is
about the lowest and meanest thing
that a man can do. It stands, in the
estimation of all honorable men, on a
lvel with using a flag of truce to de
ceive and slay an enemy. That Diet
rich would engage In such a thing will
surprise no one who knows him, but
that Beveridge should so disgrace him
self is somewhat remarkable. Some
of the lowest down specimens of hu
manity that can be found on the face
of the earth get into the United States
senate. No doubt Dietrich and Bev
eridge think that their performance
is "conclusive" proof that all the
canned meat served to the soldiers in
the Philippines is absolutely first
class. Beveridge declared on the floor
of the senate the other day that evi
dence secured by torture was con
clusive." BEGINNING TO LEARN
The mullet heads of Kansas are at
last becoming capable of entertaining
an idea or two. The bankers' associa
tion that recently met at Kansas City
m.clared that "the members of this as
sociation have carefully listened to
the recent discussion of the subject
of branch banking as advocated by the
able gentlemen from the east, and
combated by some of the ablest and
best known members of thi3 state as
sociation and of our neighboring state
of Nebraska, and we hereby affirm
our unswerving allegiance to that view
of the proposition which condemns it
in all its forms as being unpatriotic,
un-American, unbusiness-like and as
tending to establish a monopoly of
the great and honored business of
banking in the hands of a few mil
lionaires." If the millionaires can't work this
scheme they will try something else
and the bankers of the west will find
out after a while that the tremendous
concentration of wealth that has been
fostered by the republican party
threatens their business and fortunes
just as much as it does that of any
body else. It seems that these men
are making a slow beginning toward
learning something about political
economy. Perhaps after a while they
will drop their mad partisanship and
pursue a course that will bring pros
perity to all the people instead of a
few millionaires only.
At the bankers' association which
met , at Kansas City the other day,
President Jones urged the passage of
laws giving the banking business
"more extensive privileges." The his
tory of the horse leach Is that It was
always demanding "more." Mr. Jones
will get the privileges if the republican
PRESIDENT ROOSEVELT
Five years ago when the tendency to
form trusts under the protecting wing
the republican party became appar
ent to all thinking men, The Indepen
dent called attention to the fact, I
the policy continued, that the free
and independent citizens of this coun
try would by it be made a nation of
hirelings and we should see a concen
tration of wealth in few hands such as
the world never saw before. It ut
tered its warning then. It said the
time to crush the trusts was before
they became so powerful that they
would control every branch of the gov
ernment, ; , '
The Independent looks upon Presi
dent Roosevelt as a man with humane
and honorable intentions, but he Is
evidently surrounded by influences at
Washington too powerful for him to
resist. . It would take a mighty man
a man equal to any of the heroes of tha
past to do that, and the difficulty be
comes greater when any connection
with tfie party In power is kept up. It
begins to appear more plainly all the
time that Roosevelt is not made of the
stuff to do it.
The feeble attack on the beef trust Is
a. politician's move and not the work
of a great statesman and ruler. The
line of attack in the courts was in a
criminal prosecution, and in the field
of legislation on the discriminations
in freight rates and tariff protection
An approach along those lines would
end in the overthrow of not only the
beef trust, but most of the other trusts
Although the railroads plead guilty
before the interstate commerce com
mission, they were allowed to go scot
free. The same kind of an action was
begun against them as has been
brought against the beef trust and the
roads said they would welcome an in
junction. When the case came to trial
they offered no opposition. The beef
trust will likely pursue the same
course.
The Anthracite coal trust has done
business in defiance of law for years.
The magnates of that trust can meet
at any time and put 25 or 50 cents on
the price of coal and it is collected
from the people with the same cer
tainty that the duties on imports are
collected by the officers of the govern
ment. The coal trust has exactly the
same power to tax that the govern
ment at Washington- has. It will con
tinue a kingdom within a kingdom as
long as the republican party remains
in power. -
While the facts' are known to all
men, President Roosevelt allows his
supporters to continually announce In
the columns of the great dailies that
he has no Intention of making the
managers of all the trusts obey the
law. The Standard Oil trust, the coal
trust, the sugar trust, the steel trust
and all the others are not to be mo
lested by the administration. That is
not the course that a real reformer
would pursue. The Independent is be
ing slowly driven to the conclusion,
that Roosevelt, instead of being a
statesman, a patriot, and reformer, is
simply the tool of the money mag
nates like all the republican presi
dents who have preceded him.
It will be remembered by the old
readers of this paper that very many
times in the last few years it has been
declared in these columns that when
the next great distress came upon the
people, it would not be the workers of
the west who would suffer the most
as in the last panic, but the weight of
it would fall on the workers of the
east the very ones who have de
nounced us, called us socialists and
anarchists. The hands of the trusts
are very heavy even now on the poor
of the east. Many thousands are forced
to labor hard every day without meat,
and many other things that have been
considered necessaries. As the months
go on they will suffer more and more.
Every word that The Independent has
said about the conditions which will
be forced upon these hirelings of the
trusts will be found to come true. The
report of the wages paid to the em
ployes of the steel trust shows how
the army of men who toil for it have
been ground down to a bare existence
while magnates pile up their unearned
millions. That is a sample of what
is coming to all these men. There is
no escape. They have brought it all
upon themselves. They refused to
listen to reason and they must suffer
the penalty.
There is no hope for relief from any
thing that President Roosevelt is like
ly to do.
WHAT WILL HAPPEN THEN?
Some one connected with the Chi
cago packers is said to have made this
remark: "I have noticed that several
large . bodies of people have resolved
that they would eat no meat for a week
or a month. Suppose we should retal
iate and declare that we would sell no
meat for "a week or a month. What
would happen then?" No doubt that
the trust could do that very thing and
make money by it. They could check
up on the buying and put their meat in
cold storage. But the thing ,that sug
gests Itself is the tremendous power
that the trust has. They control the
fresh meat trade by the means of their
refrigerator cars and the dependence
of the retail dealers upon them for
er to bring great suffering upon the
people, but to inflict It when they
please. So it is with every other trust
There . is no good sense In talking
about a free and Independent people
while, the criminal trusts are allowed
to live. They are the rulers and the
people must submit. The remark of
the Chicago packer starts a long train
of thought. Suppose the coal trust
should refuse to sell coal for a week
or a month in the midst of winter.
What would happen then? Suppose
that the banking trust should refuse
to lend money and call in all loans.
What would happen then? We all
know what happened in 1S93. But
let this Eckles-Horace White scheme
of branch banks become- a law and a
few millionaires control the money
and credit of the United States. What
would happen then? The people and
the government itself would be at the
mercy of these men. It would be a
good thing if a good many people
would stop to consider what will hap
pen if the trusts are to be fostered in
the future as they have been in the
past. What will happen? Who can
tell?
FREAKS OF THE MIND
The editor of The Independent often
wonders whether his mind cuts such
capers with him as is apparent in the
writings of so many men. Now here
is the Springfield Republican, a fair
and honorable sort of a paper, and
it makes the. statement "that for the
last ten years capital has been gather
ing to itself a smaller per cent of profit
rather than a larger," and then it
prints the following table to prove its
assertions, saying that "the cause as
to labor can be roughly carried back
to 1850 with this result:"
Gross product Average
per wage ...
wage earner, per person
1900 .....$2,451 $438
1890 .., 2,204 445
1880 1,965 347
1870 2,060 377
1860 1,438 289
1850 1,065 247
The Republican uses the word
roughly" in regard to these statistics.
It had better said that it was pure
guess work and no statistics at all. It
confines production to "wage earners."
But a great part of production is not
connected with "wage earners" at all
The great proportion of production of
this country is on the farm, where the
farmer, his wife and children are pro
ducers and the "wage earner" enters
but slightly into it. Then a very large
proportion of the profits of capital is
not concerned with production at all
Look at the many millions of capital
employed" in speculation on the boards
of trade and in promoting trusts. Not
a thing is produced from this use of
capital, except in a very remote and
indirect way, yet the profits of capital
engaged in that are enormous. If only
that proportion of capital employed in
actual production is meant, still the
conclusion is all wrong. It would
seem that if any man, guided by rea
son, would take but a casual glance
at the enormous accumulation of
wealth which has occurred in the last
few years and then at the homes of
wage earners" would come to an en
tirely different conclusion from the
one the Republican arrived at.
! ... ,
Opportunity
ICnoc
ONC
THE LIGHT OF THE EARTH
A genuine populist farmer is not
only the light of the earth, but a joy
to the world. He does not trouble
himself about the little tricks of the
trade of politics. He never says: "If
we do this, we gain the German vote,
the Irish vote, the city vote, or the
armer vote, or if we do that we will
ose one or the other of them." He
never thinks along those lines. He
studies principles. He tries to arrive
at the truth and when he thinks he
has found it. he does not speculate on
the probability of gaining or losing
votes by advocating or refusing to ad
vocate it. He goes to talking to his
neighbors or friends and explaining
why he thinks that it is true. At the
time the oleomargarine bill came up,
farmers wrote to The Independent that
they wanted no special privileges, they
desired no advantage given to them
by law over any other man. Populist
dairymen said all we ask i3 that there
shall be no fraud. Let butter be sold
or butter, oleomargarine for what it
s and renovated and process butter be
treated In the same way. One man
got so mad at The Independent for
taking that position that he stopped
his paper. But he was not a farmer.
He was afraid that the course this
paper was pursuing would lose votes
of the farmers, wherein he was mis
taken, for mullet heads do not vote
the populist ticket anyhow.
Many farmers have spoken to the
editor of The Independent since he
has been up here in the north part of
the state about the course of the paper
in regard to the beef trust. They gen
erally say: "I like what you say about
the beef trust. That is right. Stick
to it. We pity the toilers in the cities.
We don't want to see any class of the
people suffer. There is enough for all
and some to spare."' How much more
noble is such a position than scheming
to catch this vote and that vote. In
the long run it is the better policy,
whatever the "peanut" politicians may
Your opportunity right now is to secure a first-class, up-to-day
Summer Suit several dollars cheaper than you can buy
equal quality at home. Josh Billings says "opportunities are
like eggs they must be set on while fresh." Lose no time in
sending us your address by postal or letter, and we will place
our Catalogue and Samples of Suits for Men and Bovs in
your hands free of all expense. You will .find it an intelli
gent guide to honest, well-made Clothing at real money
saving prices. Try us once and give us a chance to prove
our assertions.
MENTION THE
- INDEPENDENT.
Lincoln, Neb.
THE REPUBLICAN DEFENSE
The only defense that the republi
cans can make concerning the atroci
ties in the Philippines is the defense
that Lord Erskine made of Warren
Hastings' conduct in India, but they
have no orator of Erskine's ability to
speak for them. That such things
were sure to occur when we attacked
another race a race whose civiliza
tion and environment was entirely
different from ours every man of
thought well knew when the conflict
began. In defense of Warren Hast
ings, Lord Erskine said:
"He may, and must, have of
fended against the laws of God
and nature. If he was the faith
ful viceroy of an empire wrested
in blood from the people to whom
God and nature had given it, he
may and must have preserved that
unjust dominion over timorous
and abject nations by a terrify
ing superiority. If he was the
faithful administrator of a gov
ernment having no root in consent
or affection, no foundation in sim
ilarity of interests, nor support
from any one principle which ce
ments men in society together,
then that . government could only
be upheld by alternate stratagem
and force. To be governed at till,
they must be governed with a rod
of Iron; and our empire In the east
would long since have been lost
to Great Britain if civil skill and
military prowess had not united
their efforts to support an author
ity which heaven never gavi
by means which it never can sanction."
If we are to hold the Philippines in
permanent subjection, they must be
held in just this way. There will be
ever-occurring massacres on both sides
and the thing will go on in that way
as the weary years pass by. More and
more of American youth will find their
graves there. After a while the coun
try may be brought to starvation and
the inhabitants reduced to the condi
tion of the East Indians, when they
will be at peace. It is no use to de
cry these inhumanities. The thing for
us to do is to decide whether the game
is worth the price. If we decide to
hold the Philippines in subjection, let
us stop the cry of inhumanity and
make a howling wilderness of the isl
ands as soon as possible. The ques
tion is: Do we want to do it?
DEIFY THE ARMY
The deifying of the'army, the idea
that the army must be worshipped and
that no matter what it does, the man
who ventures to criticise it is a traitor,
is one of the accompaniments of im
perialism everywhere and always.
That the republican press has adopted,
this as the card to play in the coming
campaign Is everywhere evident. The
army is always the chief reliance of
tyrants and usurpers. Without it they
could do nothing and so every effort
is always put forth to deify it, to de
clare that the army can do no wrong.
Let that sort of madness once take
possession of the people and this re
public is gone, gone the way of all
the nations of the past that have ex
alted the army above criticism.
The Independent is glad that the
republicans are pressing that point.
It hopes that they will keep It up. If
there is a spark of patriotism left
among the people it will flare into a
blaze under such, a campaign as that.
Let the press generally denounce as
traitors every man whose humane in
stincts leads him to protest against
the burning and laying waste of whole
regions of country and the slaying of
all the inhabitants above ten without
rebuke, and it will not be long until
the army will begin to demand .that
such men" shall be hung. In fact one
general has already made , such a de-
hanging and shooting by orders of the
army. The great and fundamental
idea of the founders of this govern
ment was to make the army subserv
ient to the civil power. They all had
sad experiences with a soldiery that
could not be criticised. They created
what they thought would be a govern
ment that would prevent such a
scourge ever afflicting their descend
ants. But the supreme court tore their
statesmanlike work to shreds and put
imperialism in its stead. Step by step
it has advanced, just as The Indepen
dent said it would, until the usurpers
demand that the army shall be above
criticism. What it all portends, no
man can tell.
FICTITIOUS HANK DEPOSITS
While it has been the fashion of the
republican papers for years to pre
tend that bank deposits represented
actual cash, not ' one of them would
ever admit to their columns a true
statement on that subject. The other
day in recording the proceedings of a
meeting of bankers, a reporter incor
porated in his article the speech of
John B. Forgan, president of the First
National bank of Chicago, and. no
doubt, through the inadvertance of
the night editor, the report was
printed in the Chicago Tribune. As
this statement is made by a national
banker and a staunch republican, some
of the readers of The Independent may
find use for it when talking to their
republican neighbors, all of whom
firmly believe that the total of bank
deposits represents nothing but cold
cash. Mr. Forgan said:
"I have prepared a statement
showing the greatest possible mul
tiplication of deposits under our
present system of allowing a por
tion of the legal reserves of one
bank to be held as deposits in an
other. For illustration, national
banks in Dead wood (not a reserve
city), Omaha (a reserve city),
Chicago (a central reserve city),
and New York, the financial center
of the country, are used.
"On a deposit in Deadwood of
$64,000, $3,840 must be retained
in vault as cash reserve, while
$60,160 may be deposited with an
Omaha correspondent.
"Of the deposit in Omaha of
$60,100, $7,520 will be held as re
serve, while $32,640 may be de
posited with a Chicago correspon
dent. "Of the deposit in Chicago of
$52,640. $13,180 must be retained
as a reserve, while $39,460 may be
deposited with a New York corre
spondent. "Of the deposit in New York of
$39,460, $9,865 is reserve, while
$29,595 may be loaned.
"This shows a total deposit of
$216,260, all based on an original
deposit of $64,000.
"This illustrates our method of
artificially increasing bank de
posits and their greatest possible
multiplication under our national
system."
It will be seen that to the original
$61,000 there was added $152,260 of
bank wind.
80MEWIIAT DOUHTFUL
An eastern editorial writer in dis
cussing the recent revelations in re
gard to the manner of carrying on the
war In the Philippines, gays:
"America still has a conscience,
after nearly four years of 'imper
ialism,' and its conscience is
shocked by the discovery that the
blue uniform of the American
army is desecrated by tho brutality
of some of its wearers, who have
sought within their limited spheres
to emulate the crimes of an Attila
or a Genghis Khan."
That statement is somewhat doubt
ful. Whether America has a con
science or not depends very much upon
whether there is money in it or not.
The dominant force in this country
has a conscience if it pays. ' If it does
