The. Commoner.
MAY 20, 1904.
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CONSIDERABLE attontion has been attracted
to an article printed in the Saturday Even
ing Post, "written by Grover Cleveland, in which
article Mr. Cleveland discusses the bond issues
under his- administration. Among other things,
Mr. Cleveland says: "Without shame and with
out repentance I confess my share of the guilt,
and I refusa to shield my accomplices in this
crime, who, with me, held high places in that ad
ministration. . And though Mr. Morgan and Mr.
Belmont and scores 4f other bankers and finan
ciers who were accessories in those transactions
may be steeped in destructive propensities, and
may be constantly busy in sinful schemes, I shall
always recall with satisfaction and self-congratulation
my collusion with them at a time when
our country sorely needed their aid."
IT IS explained by Mr. Cleveland that he and
his secretary of the treasury were required
to face several critical emergencies, inasmuch as
congress had "ignored" his plea for remedial leg
islation. He says that on February 7, 1895, he
held an interviqw wjlth J. Pierpont Morgan in the
White house and referring to Mr. Morgan he
sass: "After a discussion of the situation, he sud
denly asked me why we did not buy $100,000,000
in gold at a fixed price and pay for it in bonds
under section 3700 of the revised statutes. This
vas a proposition entirely new to me. I turned
to the statutes and read the section he had men
tioned. Secretary Carlisle confirmed me in the
opinion that this law abundantly authorized such
a transaction and agreed that it might be ex
pedient, if favorable terms cbuld be made."
MR. CLEVELAND further saj-s that Mr. Mor
gan advised that all of the $100,000,000 be
purchased. But Mr. Cleveland deemed it better
to buy only enough to bring up the reserve fund
to that figure. "Not many months afterward I be
came convinced that on this point Mr. Morgan
made a wise suggestion' says Mr. Cleveland,
"and I have always rdgretted that it was not
adopted."
REFERRING to the finaj financial chapter
in his administration, in which the general
public subscribed several times over, for the last
bond Issue of $100,000,000, Mr. Cleveland says:
"Whatever may be the comparative merits of the
two plans for maintaining our gold reserve, both
of them when utilized were abundantly and clear
ly justified. Whether from fatigu6 or malign con
ditions, or other 'causes evr, since the last large
sale of bonds was made the gold reserve has been
free from eruptive movement, and Its condition
ihas caused no alarm. Two hundred and sixty-two
millions of dollars in bonds were Issued on Its
account during the critical time covered by this
narrative, but the credit and fair fame of our
nation was saved."
IN PANAMA the lot of the weather man ap
pears to be a happy one. A- writer In the
Chicago Chronicle says: "In Panama the weather
man can always tell to a certainty at what hour
to expect a downpour of rain. At 3 o'clock every
afternoon it Is due and it seldom fails to be on
time. This is the rule all through the rainy sea
son. 'The morning is clear and the evening, after
6 o'clock, is delightful, and except from 3 till 6
o'clock nobody ever thinks of carrying an um
brella. Not so in Colon, only forty-seven miles
away.: There it rains all the time during the rainy
season, and it never rains but it pours. - Water
comes down by the bucketful. At Panama the
annual rainfall is in the neighborhood of nine feet,
and it all comes in five months an average' of
four feet a month. It is humorously said in
Colon that there it takes the people all the rest
of the year after the rainy season to get dry. In
the dry season the heat Ib intense, the mercuiy
ranging .from -80 to 90 degrees day and night
There is little difference in the temperature after
dark, but it is possible to adapt oneself to the
conditiqns of the place and there is a certain fas
cination about it that, in the case of some people,
iseems to make up for the heat."
MARK GRAY LYON recently died at Keokuk,
. la., and his death recalls an1 attempt upon
the'lifo-of, Edwin "Booth, the great actor. A writer
in the Chicago Evening Post says that-it was Lyon
who made the assault upon Mr. Booth and this
writer explains: "April 23, 1879, Shakespeare's
birthday anniversary, Lyon caused excitement by
firing two shots at Edwin Booth in McVicker's
theatre during the play 'Richard III.' Lyon was a
St. Louis dry goods clerk, stage-struck, and, there
fore, deranged. His home was in Keokuk, and
he came to Chicago in 1879 with the expressed do
termination of killing Mr. Booth, because the tra
gedian dfd not enact the role of 'Richard III.' as
he thought it ought to be done. He bought a sqat
in the first balcony, first row, at McVicker's, and
sat quietly through the first part of the play,
comparing the lines as Mr. Booth read them with
a copy he . had purchased during the afternoon.
Every seat in the theatre was filled. Suddenly,
during the scene of the dungeon of Pomfrot cas
tle, when the lights were low and the king the
only character on the stage, Lyon jumped to his
feet, leveled a revolver at the actor and fired. For
an instant, .the audience was stunned and Mr.
Booth paused as ho began the line: 'For no
thought is contented' Lyon then, without in
terference, took careful aim and shot again. Both
bullets whizzed by Mr. Booth's head and went
through the scene back of him."
NATURALLY at this moment the audience was
in an uproar and a stormy scene is de
scribed by the Post writer in this way: "Men in
the balcony surrounded Lyon, who was still
standing, and hurled" him down on his seat In
the gallery, they wero yelling, 'Hang him! Got
a rope I ' and other inflammatory suggestions,
when Mr. Booth walked to the footlights, undis
turbed and calm, and spoke to the audience, lie
said he was unhurt and that as soon as he could
assure his wife, who was in his dressing-room, ho
would proceed with the play. The people in the
theatre stood and gave three cheers for the act6r.
Meantime Lyon had been bound with a rope and
was being dragged to the Central station." Ke
told his captors that, in his opinion, Booth was
a bad Hamlet, and that ho could not play Rich
ard III. as well as he himself could. A letter was
on his person addressed to Miss Katie Davern of
Keokuk, in which he said that ho was 'going to
kill Booth or ho me.' He was 23 years old and
had a remarkable personal resemblance to Mr.
Booth. A few days later, after testifying before
the grand jury, Mr. Booth went into the county
jail to call on his assailant He told Lyon that
if he could tell him of any wrong that had been
done him by any 'member of the profession, he
would endeavor to rectify it. Lyon answered that
her was better fitted to play Hamlet than Mr.
Booth, and that he resented the tragedian's suc
cess in the character. Lyon, who was called by
the name of Gray, was indicted for shooting with
intent to kill, and suffered a period of confine
ment for his act."
ANEW YORKER recently submitted to the de
partment of agriculture the following ques
tions: 1. Why does popcorn pop? 2. Why doesn't
ordinary corn pop like popcorn? 3. What is the
composition of popcorn and why'does it differ
from ordinary corn? 4. Why does popcorn pop
better when thoroughly dry? The department
made an -investigation and replied as follows:
1. The popping of popcorn is due to volatilization
of the oil contained in 'the kernel. 2. Field corn
does not pop as readily as popcorn, pops because
the outer portion of the kernel Is more porous,
permitting the escape of the oil as it volatilizes,
while in the case of popcorn a great pressure is
developed in the kernel by the confined oil and
the kernel is suddenly exploded and turned
wrong side out 3. In composition popcorn differs
from "ordinary corn in having a larger proportion
of corneous element and a greater per cent of
oil. 4. Popcorn pops more readily when' dry be
cause when moistened the kernels are swollen,
more porous' and toughened and do not explode
so suddenly and completely as when dry and
hard.
THE "American Banker" directs attention to.,
.what it calls "a surprising fact" revealed
by the comptroller's summary of the statements
of national banks for March 28, 1904.' The comp
troller's statement shows that the loans of; the
' banks have risea from- $3,415,000,000 o.. June 8,
1903, to $8,544,000,000 om March 28, 1904, showing
an expansion of $129,000,000. Comparing tho po
sition of tho banks of Now York city for these
ilatos, tho "Banker" finds that tho loans have rlson
from $001,000,000 to $700,000,000, leaving about
$30,000,000 of tho expansion to the rdst of tho
system.
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THE "Bankor" thinks that a still more ro
markablo fact Is that the expansion at Now
xork city has been largely achieved sinco tho
statcmont of Soptembor 9, 1903, and points out:
"From that date to tho last ofllclal date tho loans
of tho national banks of Now York city Increased
by about $09,000,000. For the sarao period, tho
loans of tho wholo system Increased only by $02,
000,000, so that if we eliminate tho statement of
tho Now York city banks tho system will show a
slight falling off in loans and discounts."
THIS important financial publication scorns
to bo greatly perple'xod because of this sit
uation and discusses it in this way: "What docs
it mean? Does it Indicate that tho volume of the
country's business has lessoned? A striking con
trast is afforded from a comparison of this year's
situation with that of a year ago. During tho
period from September to April a year ago tho na
tional banks made a qulto different showing.
From September 15, 1902, to April 9, 1903, the
loans of tho Now York city banks roso from
$G07,000,000 to but $011,000,000 April 9. But the
loans of the whole system expanded from $3,280,
000,000 to $3,403,000,000 during tho same period.
Thus tho situation appears to have boon com
pletely reversed. Then tho lntorior banks ex
panded, and the New York city banks barely in
creased their advances, now it is tho interior
which Is practically stationary and New York
city makes an advanco of great magnitude."
THE "Bankor" is particularly mystified be
cause of this year's loan expansion at New
"ork city and pks: "Is it duo to financing oper
ations rather than mercantile transactions?" Tho
"Banker" undertakes to explain In this way: "It
will bo recalled that sinco tho beginning of this
year various railways arid other corporations have
borrowed on short-time notes to the extent of
perhaps $100,000,000. Tho inference that this is
the main reason for the loan expansion In New
York city can hardly bo disputed. Of course, tho
whole of these loans are not being carried by the
national banks exclusively. There are other im
portant institutions in the city that have shared
in them. Some of tho larger state banks have
helped to carry them, and especially do tho trust
companies figure largely in these operations. But
the point Is that these are not commercial loans.
They would have taken tho form of bond issues
had it seemed expedient to place them In that
form."
IT WILL bo remembered that J. Pierpont ,
Morgan admitted that the system of com
bination In which he was engaged was the "pre
cursor of socialism." Bradford Peck of Brook
line, Mass., tho well-known socialist, is reported
by tho St. Louis correspondent for the Chicago
Chronicle as saying that tho name of John D.
Rockefeller will bo written in letters of gold by
the coming generation; that Rockefeller has been
maligned and misunderstood, and that ho has
accomplished more for his country and his race
along practical lines than any living man. "Rock
efeller has taught us hqw to do business," said -Mr.
Peck. "Ho has advanced business 25 per cent.
Future generations will honor nim for his genius
and for his accomplishments. Co-oporatlon, the
secret of Mr. Rockefeller's amazing success, is
the solution of tho problem of promoting the hap
piness of tho human race. The trust is here to
stay just as electricity is here to stay. The co
operation of the people will overcome strife" and
strikes, but with each coworker sharing the re
sponslbillties and profits of the trust"
WILLIAM A. STON), former governor of
Pennsylvania, recently delivered an address
at Pittsburgj in which address Governor Stone
said: "I consider this newly established Carnegie
hero fund the most ridiculous, foolish and inane
organization of the present . day. If the same
spirit now prevails that was shown by Americans
during the civil war that insignificant fund o
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