; 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