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.
