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About The Conservative (Nebraska City, Neb.) 1898-1902 | View Entire Issue (March 13, 1902)
The Conservative * men , equivalent to a bankers' mon eyed trust. Having as it would have the power to expand or contract the I- issue and circulation of money , make times prosperous or hard as they should see fit. Expand the circula tion , make money plenty , and stimu late speculation , until prices should go kiting , then sell out their hold ings ; contract the circulation , make money scarce , and where prices fell low enough buy in what they wanted in any line , then expand again , and , as prices should go up , sell out again. This they can do by making loans or refusing them. This power would be absolute in their hands to control business , courts , legislatures , con gress and government , and make of ' the agencies of government hot-beds of , corruption. With a protective tariff and class laws protecting and favoring the rich , while having power to combine billions in capitalized stocks , with control of all the actual money in the laud , and with congress | in the hands of the speaker and a committee appointed by him the people ple as a mass , and all business of the common people would bo at the mercy of moneyed autocracy , from which nothing could release them but rebellion - ' " lion and sanguinary war. All this being possible , it behooves * the voters of the nation , regardless v of party affiliations or preferences , to look the facts square in the face , meet the crisis , and by changing the administrators of government , pre vent the enactment of such laws as will make opposition to the centralization - ' ization impossible , which the present 1 ' administrators will enact , unless re moved and less avaracious and un scrupulous men are put in their places. Power arrogates to itself more pow er. It thrives on the credulity and ignorance , and indifference of the people. When strong enough it will defy the people , and the people must submit or revolt. Then , with the financial institutions of the country , all the lines of transportation on land and sea , and the great industries and combines in the" control of the mon eyed autocrats , what can the people do but fight with their naked hands , without resources to arm themselves , or means of movement ? There are no Jacksons now to stain up and face the moneyed power and combinations in defence of the people until the people can be heard. In the great crisis now facing them , the pee pie have only one weapon for clef once only one chance for successfully meet ing it , and that is the ballot. They 'can go to the polls and by their votes elect a congress pledged to repeal the vicious laws now in force , and euac others in defence of their rights and in restraint of such combinations a now threaten the overthrow of the governmental organism , and the erec- iion in its stead of a moneyed autoc racy. The prosperity of the country is on a wholly speculative basis the great industrial combinations made ) ossiblo by the Dingley tariff. A ittlo thing might bring a "black Friday , " and a panic. Suppose the courts should rule against the great Hill-Harriman and other like com- linations , and a panic in stocks make a great and unexpected demand for moneyand the banks refuse discount ; or an inclement season cause a failure of crops ; or , any one of a hundred things that would disturb confidence , and make a demand for money very great. The banks would begin to hedge. Stocks as security for loans would begin to bo questioned ; credit ors would bo clamorous for payment and debtors would have trouble to get money If an over-stocked market should induce the industrial com bines to shut down for a time , each backward pulsation would add to the pressure behind until a break of con fidence in front would lot down the flood and universal panic would close all avenues to mouey. Depositors would begin a ruil on the banks , and where would the hundreds of mil lions required to pay them be found available ? The Corn Exchange and the Mer chants'- National Bank of Chicago have combined while this is being written. The Corn Exchange itself is made up of the consolidation of six banks. The Chronicle gives their joint assets and liabilities as follows " ' ' " ' ' " Capital stock . . . . . ! ? 13,000,000 Surplus and profits 2,700,000 Specie and other cash , items 2 ,118,86 : . Individual deposits 2t,285 ! , 7 Bankdopnsits 21,785,888 Total deposits 61.041,708 Loaus and discount a 30,721,25. ' The First National Bank is reported to have about $72,000,000 of deposits , and the Illinois Trust and Savings Bank about $68,000,000 making the throe largest banks in Chicago. No add to this all the other deposits ii the country I have no figures to show how much they are but the aggregate gate sum is staggering. When called for , as they would bo in a panic , they must bo paid. Now where will the Corn Exchange and the Merchants National find the money to moot a de mand for $57,000,000 , in case of a do maud ? The $31,785,883 of deposit by other banks would bo called for to meet the demand on themselves. Tha could bo met by their $24,118,802 of specie and other cash items , leaving $2,382,997 to go on individual deposits of over $29,000.000. For which they have loans and discounts $30,721,255 Would this bo available ? In case of a panic and a run on all the banks who could buy the paper , or woul ( risk buying 'Lit ? And in the demand on all sides for money to the amount of billions , where could it bo ob- aincd ? In the midst of a panic banks could not help each other , and as in 873 , ninety-day certificates could not ) e made to take the place of money. While I am putting a strong case , it islet lot at all an impossible one. Men talk of millions and . billions of money as if money , like gravel or sand , could be shoveled up by the ton in the streets , in case of a panic and a gen eral demand on banks , and individ uals for payment , while the aggregate demands would far exceed all the money in circulation , and in the iia- iion. The government itself could not meet , its obligations without bor rowing abroad or issuing more prom ises to pay in the future , made legal tender , to immediately fall below par and continue to fall. The inevitable end would bo universal bankruptcy. When one man in congress , under a report of half a dozen men as a com mittee on rules , is able to cut off all tights of a deliberative body , stifle all parliamentary law , and put the entire business of the congress into the hands and control of a dozen men , and we see that one man do it , it is time to become pessimistic , and to distrust the honesty and moral perceptions of the men in control , and distrust the wisdom of the people who permit it having the power in their hands to prevent it. C. H. REEVE. Plymouth , Ind. , Feb. 19 , 1902. FOREST STUDY. The people down east are evidently working seriously at tree-study. Wo have a circular from Dr. C. A. Schenck , forester to the Vanderbilt estate at Biltmore , N. . C. , about a European tour he is about to under take. He will head a party of stud ents who will spend three months in the old country examining public and private forests in the Rhino Valley and various parts of Germany , the Tyrol , Hungary and Romania. They will journey largely on foot and the expense to each man will be about $500. This would bo an instructive and valuable oxporiouco for anybody who appreciated the future value of tree-culture to this country. ORDER OF HEARING ON ORIGINAL PRO BATE OF WILL. State of Nebraska , Otoo County , BS. At a County Court , held at the County Court Room , in and for. said County , Thursday Feb ruary 27th A. D. 1002. Present , William Hayward , County Judge. In the matter of the estate of Donald Maccuaig deceased. On reading and filing the petition of D. A. Maccuaig , praying that the instrument , filed on the 27th day of February 1002. and purport ing to be the last Will and Testament of the said deceased , may bo proved , approved , pro bated , allowed , and recorded as the last Will and Testament of the said Donald Maccuaig , deceased , and that the execution of said instru ment may be committed and the administra tion of said estate may be granted to Elizabeth Maccuaig as executrix. Ordered , that March 27th A. D. 1002 , at 2 o'clock p. m. , is assigned for hearing said petition , when all persona inter ested in said matter may appear at a County Court to be held in and for said county , and show cause why the prayer of petitioner should not bo granted ; and that notice of the pendency of said petition and the hearing thereof , be given to all persons interested in said matter by publishing a copy of this order in The Conservative , a weekly newspaper printed in said county , for three successive weeks , prior to said day of hearing. WM. Hay ward.County Judge.
