JANUARY 19. 1303
PAGE 2
Nebraska. Independent
JANUARY 215, 1905
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end of enthusiasm for this $5.89 Job of
yours, .a a woru, if you are not happy
the cure is to be happy."
But then, it would be a waste" of
words. How could a miner, who has
never been to a university to study"
logic and political economyhow could
f fir America, n Czar
Tcddj F-a8 apointed himself receiv
er cf tb L'epublic of San Domingo and
st thiftfhole Carribian fleet to sur
rc ;nd O island, with instructions to
tt" 3 crrge of all the cu3tom houses
aci cc'i:ct the revenue.- The lnter
itCLtloatf oonstable has gone vigorously
to t?o;!i to collecting debts and the
p Tie ( I this country must pay the
r ta. t. is said that the "moral ef
f V ,thQ appearance of so many
t. in the ports of the Island
t: 111 b: ich as to prevent any disturb
t u I commission is to be apointed
t "s df $ on all foreign claims and
l:i tj Sddy will collect the money
I . in H a poor, half naked negroes
l .1 j; It over. All this is .simply the
' illtl zaxy to the annexation of some
. :ra j :egroes "to the United States
i .tiCi even informing congress or
Vis pie anything about it. Teddy
1 a ias is a czar.
' following
oi the
" Ti ' PrIal ia Wil-
wtfor January'
Tira
f dignified NatiorTiCLir bank has
kind; 1 given us a peep into American
buatf )s methods. This bank is the
- StiarV thw high muefc-a-muck of the
T 'rusT?' ft' noble, high-minded Ameri
quite unrP ktfness world,
leant, fcN ittie bark where the Rockefellers
goes to s j money- and , where, under
-iias spread,,; . .'1 ;:...Ti
seen in .i,4'ui" uuwuuu, w viuw
- States keep a good deal of its money.
This Is -the bank that bought a valu
able piece of property from the gov
ernment, and left a little of the money
unpaid so that the property should
escape taxation under the pretext of
being government property. It is also
the bank that, when it bought the
" property from the. government, de
posited the cash with itself.
This bank consequently bought gov
ernment property, dodged the payment
-et -taxes kept in ata. vaults the money
that should have gone to the govern
ment, collected rent from the govern
ment for the building which it had
bought from the government, and then
got interest on the purchase money
by lending it out rather a complete
jofit you will admit.
But that is not the "peep into high
finance" that we talked about. Thera
is something much better, much more
inspiring than that.
There wa3 a firm of brokers in Wall
street that failed. It is now to be
lifted out of bankruptcy, put on it3
feet again, because the eminently re-
A . 1.
Bpectame gentlemen in tnis xauonai
City bank are afraid to have the truth
come out.
The truth is pretty far out, however
here it isi
This firm was engaged In doing busi
ness as curb brokers and "washing" a
certain stock.
Do you, know exactly what "wash
ing" stock is? It is simply a fake
auction on a big scale. ; It is the kind
of thing that ruts a little man in jail
if he is caught doing it. It is the
kind of thing that makes respectable
fortunes for some of the big men.
. This firm was engaged in "washing"
a certain copper stock. An officer of
.the dignified National City bank was
interested In this stock. He had agreed
to take ascertain amount of it at a
very low price, and he wanted to un
load it on the public at a very much
higher price,
h rcspons&kr for most of
Ibo elbcxes and dlmcnts of
thd hucn system. It so
Houdy effects every organ
end function, c&txscs cctcrrh,
dyscpsh, rheumatism,
iTccz, tired, kigc:d fccHnns
c:d vcrs3 troubles. Tco
IHlood'sSarsaparilla
vldx pxiUcs od enriches
tl:3 tlocd o cothin cbo cca
For ttsaorisU of remorkaile ceres
Ci tsr Cock on tbe Eood, No. 3.
C L itood Co., Lowca, Mas.
The brokers proceeded to "wash" the
stock accordingly.
Let ua say that the stock was worth
fifty cents a share. One broker bid
fifty-five cents for a thousand shares,
and they all pretended that it was a
legitimate transaction in reality it
was a fake bid and a fake transaction.
rTm4ux4itiUVS?n- n the
skin game would then bid si
iwkU., " ' '
for another thousand shares and so
it would go.
Not one person engaged in the
swindle was actually buying a single
share of stock. They simply bid back
and forth, pretending to buy it, and
putting the price up day by day.
The crowd of poor fools that believe
in the "honor" of these disreputable
Wall street gamblers looked on at thi3
mock auction, this fake selling and
buying of stocks, amazed and excited
by the constantly increasing values.
Occasionally some gullible creature
outside of the combination that was
doing the stock "washing" would come
in and in goodTTaith buy some shares,
actually paying his good money .for
the worthless stuff; r
This w?nt on until they had forced
the price M the stocK up to a high fig
ure, ten tiitoes what u was worth. Dur
ing this "jfching" operation, they had
wiftc-'t a .writing off a Rood deal
When,tlftstock on the public that be
lieved the -crooked sales were really
genuine. , -
That 13 the sort of thing that is
done constantly in Wall street. It is
one way that the high-lass guardians
of the nation's financial honor have
of building up their fortunes. an,d rob
bing the fools.
This particular piece of stock swind
ling Js interesting, however, not ber
tesafr &&$tfU wa3;8windled-rrthat if
too common a thing in Wall IstrfeWta
attract notice but because of the great
big bank that absolutely made itself
a party to a miserable swindle.
The vice president of the bank was
In the conspiracy to unload4his stock
by a swindling device on the public.
He owned stock, he had underwritten
it which means that he had agreed to
take a certain very large amount at
a very low price. - V
He not only WS3 interested in t&e
windifng" operations of the swindling
brokers that cheated the public with
their fake sales mock auction prac
ticesbut he actually lent the money
of the bank to these brokers to carry
on the swindling practices. Every
day,,he ,lent them sixty thousand dol
lars. .' ... . ": '' ; " v"'
And he lent this money, belonging
to the honest depositors of the bank
or belonging, perhaps, to the United
States government, which depositedl
money in that bank he loaned it
without a dollar" of security of any
kind.
'What do you think of this little
glimpse of high American finance and
American "business honor?"
The noble banking gentlemen decry
all attacks on our banking system.
They say it would be preposterous to
have the ignorant people have their
own postal savings banks or a govern-
ment bank system of their own
They feel that the serious business
interests of a great and splendid na
tion require the careful attention of
the high-class, noble, honorable pri
vate bankers, who alone could .give the
proper protection.
, Nice protection they give in this
case, isn't it?
Nice, honorable banking, that lends
without security the money of the pub
lic to heip a crowd of rascally brok
ers swindle the public.
But Whose money is going to pay
their debts? Will the bank official
who helped to rob the public by wash
ing stocks, and who fradulently lent
the public's money to swindling brok
ers without security, now- use the public-
money to pay those brokers' debts?
What will the honorable bankers of
the city do about this? What action
will they take?
Of, course, the great majority of
bankers are honorable, y Fortunately
for America the majority of its inhabi
tants, whether they work in financial
banks or sand banks or shops, are hon
est men. , -
What will the really honest "bank
ers do about this biggest bank that
lends ' its depositors money without
security to help the' operations of
swindlers?
And what does the public think
about thi3 bank which, as it happens,
aims to control the banking business
of the whole country, and represents
kn itself conspicuously the haughty
business theory that the citizens do
not know enough to attend tb their
own business? New York Evening
Journal. .
j Republican John Law Scheme
Wild Cat Money and Asset Banking.
Editor Independent: The asset cur
rency nrODOSAd hv thia hill ont tha
y cemmmmmmmitiam&yLSn--- existence
credit of the government, loaned to the
banks at the rate of 1 1-4 per centum
yer annum, except tne last 40 per
centum of the possible Issue of asset
currency on which they are required to
pay 3 per centum
Like other combinations operating'
public franchises, the banks are to be
enabled to use the public credit for
private profit practically without con
sideration to the public The amount
to be paid, as stated above. . i3, cal fed a
tax, and on the surface might be re
garded as for the benefit of the gov
ernment, but it is not. The banks are
required to deposit with the treasury
an amount equal to 5 per centum of
the currency issued to them. This may
be in bonds or gold. If in bonds,
then the banks receive the interest on
tho bonds.
Section 10 authorizes the secretary
to loan all the money of the govern
ment in excess of fifty millions to the
banks at what Is called one per centum
interest per annum. This loan is called
a deposit On the face of it this looks
as if it were for the benefit of the
government but it is not. Every dol
lar of the so-called interest is for the
benefit of the banks. In section 11,
heretofore quoted, in part, it is pro
vided that the 5 per centum of the
amount of currency issued, the so
called taxes, the so-called Interest on
the . deposits Joaned to bank "when
paid Into ilia treasury; shall: be. set
aside and constitute a fund, which
shall be designated a guaranty and re
demption fund." a
This .fund is to be used to pay the
outstanding circulation of banks that
have failed Such notes, as before
stated, are in the hands of the treas
uy department a first lien on the as
sets of the bank that has failed, and
the secretary of the treasury must en-,
force this lien and recover the amount.
It is, of course, a preferred lien as
against (Spositors, and when collected
goes back into the guaranty fund. The
whole contrivance is for the benefit
of the banks. Every dollar of the paid
up capital may be covered, when the
bill is in full operation, by preferred
liens in the hand3 of the government.
In fact it is possible for such preferred
liens to exceed the paid up capital by
about 20 per centum. The govern
ment "under the provisions of the bill
will loan the banks all the nation's
money, except fifty million dollars (ex
cept what is in the issue and redemp
tion division), and the nation'3 credit
to the full amount at. least of the capi
tal stock of the national banks. All
this Is practically withqut compensa
tion. The power and prerogatives of
the nation are to be used for the bene
fit of the bank combinations. No ad
vantages will accrue to the nation's
treasury, and no benefit to the people
in reduction of taxes. On the contrary,
the people are being, and will continue
to be, taxed by unnecessary custom to
maintain in the treasury a surplus in
excess of public needs to loan to the
banks practically without interest.
What Is the use of efforts to destroy
trust monopolies in the face of such
a monopoly as now exists, and that it
is proposed to strengthen by this pro
posed legislation. Here i3 a money mo
nopoly, a trust and currency monopoly,
an exclusive privilege to manufacture
and to sell credits now existing, and
to be made more effective by this bill.
Thi3 money trust monopoly is, by this
contrivance, given the exclusive right
to create and deal in credits and will
have complete power, if it work3 out
as intended, over all industry, business
and commerce.
The aggregate of all bank credits
now amounts to not les3 than $10,000.-
000,000 and is increasing at the rate 1
of more than $1,000,000 for every busi
ness day. These credits are at present
money equivalents. How long they
will so remain is uncertain.
When the asset currency scheme (a
credit based on assets of banks) is In
operation, the whole vast volume of
bank credits (to say nothing of other
credits) will rest on ' bank currency.
Itself a credit resting on bank assets;
the larger part of which is made up
of deposits. All this vast sum of bank
credits and credit currency is so ar
ranged that, at the option of the banks
and creditors, it may be turned into a
demand for gold. It 4s a. vast pyramid
tipped with gold and standing on its
apex of debt paying money, and with
its base, of credit money and bank-
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credit-money-equivalents, in the air;
the apex growing smaller and the base
expanding.
acme of nnanciallslfoSWgH-tos
pared with such a scheme as this. The .
apex upon which this inverted pyramid
of credit rest3 is. intended to be gold
coin that may, by exportation be
slipped away from under the great
credit structure.
On November 1, 1904, the total gold .
money (including bullion in treasury)
was reported at $1,363,047,081. On Jan
uary 1, this amount had decreased $17,
094,546. ' :
It isa part of the scLeme, as before
stated, to destroy the legal tender sil
ver currency, and provision 13 mads
In the bill for coining all silver bul-
lion in the treasury into fractional
currency. The secretary is given dis
cretion without limit to melt silver dol
lars and to Coin the metal into subsi
diary coin. In section 22 it is provided
that the department must redeem silver
dollars in gold. This aa before stated
converts the -entire issue of standard
silver dollars, nearly $600,000,000, into
a debt against the government.
To redeem this legal tender silver
currency, after the gold in the general
fund la exhausted, the . secretary is
authorized to use the reserve fund of
$150,000,000 for that purpose. Then fol
lows the provision which I quote:
"and the standard silver dollars Re
ceived in the reserve fund in exchange
for gold coin, under the provision of
this act, shall be held in said fund and
not paid out except In the manner pro
vided in regard to United States notes
in ialdsectiOtf -if "th act:xif rarch". ,
14, 1900, and all provisions of law for
the use and maintenance of said re
serve fund relating to United States
notes and hereby made applicable to
standard silver dollars in said reserve
fund." '
There you are! The United States "'r
notes-will hare gone through the mill
of destruction, and the standard of
payment silver dollars are to go into
Indigestion?
I
Offer All Stomach Sufferers a
Full Dollar's Worth of My '
-Remedy Free to Try
I can afford to offer a full dollar's worth free
because mine la no ordinary remedy. Ordinary
remedies treat f-jmptonis. Mr remedy treats
the causes that produce the symptoms. Symp
tom treatment must be kept up forever as Ionjf
as the cause is there. My treatment mnv be
stopped as soon as It has removed the cause, lor
that Is always the end ol trouble.
Stomach trouble Is not really a sickness, but a
symptom, it is a symptom that a rertain set of
nerves is ailing. Not the voluntary nerves that
enable you to walk and talk and ,act-but the
automatic stomach nerves over which your
mind has no control.
I have not room here to explain how these
tender, tiny nerves control and operate the
stomach. How worry breaks them down and
causes indigestion. How misusewears them out
and causes dyspepsia. How neglect mar bring'
on kidney, heart and other troubles throuuh
sympathy. I have not room to explain how
these nerves may be reached and strengthened
and vitalized and made" well by a remedy I spent
thirty years in perfecting now known by Drug
gists everywhere as Dr. Shoop's Restorativ. I
have not room to explain how this remedy, by
removing the cause, puts a certain end to indi
gestion, belching, heart burn, insomnifl, ner
vousness, dyspepsia. All of these things are
fully explained in the book I willsi-nd you when
you write. .
In more than a million homes my remedy is
known. It has cured stomach troubles not once
but repeatedly over and over again. Yet yon
may not have heard oi it or hearing, may have
delayed or doubted. So 1 make this orTer to you
a stranger, that every possible excuse lor doubt
may be removed. Send me no money make me
no promise take no risk. Simply writ? and
ask. It you have not tried my remedy I will
send you an order on your drngeiat for a full
dollar bottle not a sample, but the regular
standard bottle he keeps constantly on his
shelves. The druggist will require no condi
tions. He will accept my order as eheerfulfy as
though your dollar laid before him. He will
tend the bill to me.
Will you accept this opportunity to learn at
tny expense absolutely how to be rid forever ot
nil lorms oi stomach trouble to be rid not only
or tbe trouble, but oi the very cause which pro
duced it? Write today.
For a free order for Book 1 on Dyspepsia
full dollar bottle you Book 2 on the Heart
must address Dr. BookSbn the Kidneys
Snoop, Box 29 W, Ra- Book 4 for Women
cine, Wis. State which Book 5 lor Men
book you want Book 6 on Rheumatism
Mild cases are often cured by a single bottle.
For fcale at forty thousand drug stores.
feifiie
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