Jasper County Democrat, Volume 5, Number 52, Rensselaer, Jasper County, 4 April 1903 — POLITICS OF THE DAY [ARTICLE+ILLUSTRATION]

POLITICS OF THE DAY

United States Treasury Surplus. It is well to go slow in believing what you read in Republican newspapers about political matters. The audacity and mendacity of tbe statements made by them are beyond belief and yet many good, honest souls are fooled by their utterances. One of the late announcements is that “tbe vaults of the United States Treasury are crammed with hundreds of millions of dollars.” This extravagant statement was made to deceive those who read It into believing that Uncle Sam has an overflowing treasury, and that enormous appropriations are therefore excusable. Now the fact.} are that the surplus in the United States Treasury on March 10 was only $221,903,301; of this there Is deposited In the national banks $150,373,219, which leaves an apparent available balance s os $71,530,151. Of this balance, however, It is considered necessary by the Secretary of the Treasury to keep on hand fifty millions to draw on for current expenditures, and to he prepared for emergencies. The balmce is further depleted by about tventy millions being composed of fractional silver and other money of small

denominations, that could not be used for the payment of drafts on the Treasury. It will thus be seen that all the surplus available consists of the fifty million which Is held to draw on for current expenditures. As the receipts of the government exceed the expenditures about three million dollars a month, the above named balance will be somewhat added to by June 30, tho last day of the fiscal year. After that date the Increased appropriations made by Congress may extinguish any' excess and the receipts aud expenditures will be about equal. The Secretary of the Treasury Is now planning how to provide the $50,000,000 to make the payment to the French company and to Colombia for the Panama Canal, and It Is probable that more bonds will have to be Issued to meet that payment. The one hundred and fifty million deposited with the banks Is not available, although the Treasury is receiving no interest thereon. It is true that this large sum Is at the call of the Treasury, but the financial extremity in which the Wall street banks have placed themselves, by loaning this deposit and their other funds on stocks nnd bonds, that, In many Instances cannot be Bold for enough to redeem the lonns. If this enormous amount of securities wero sold In the open market, It would preclpltato a disastrous panic on Wall street, and make It Impossible for Secretary Shaw to demaud the return of tho money or even a part of It. In fact. Wall street Is already urging that more money from the Treasury be poured Into Its lap nnd the financial organs of Wall street are calling upon Secretary Shaw to anticipate the payment of interest on government bonds and buy bonds enough In the open market to ease the Wall street distress. Secretary Shaw announces that he will do all and everything possible to help Wall street nnd he may go as far as he did last full and accept municipal bonds to replace the United States bonds held as security for the $150,000,000 he and his predecessor have so kindly loaned Wall street without charging any Interest. Being blest with a complacent administration and Secretary of the Treasury, Wall street ,Ims launched Into speculation In an amount so fabulous that all past experience and records are broken. The banks have participated In the profits of this "boom,” but most of the business being done on margin, the load they carry Is proving top heavy nnd the Treasury Is expected to lighten It by further advances. If the Treasury was so “crammed with hundreds of millions of dollars,” as the Republican,, newspapers are saying It Is, there Is no doubt that President Roosevelt and bis Secretary of the Treasury would quickly find a way to loan It to Wall street and relieve the panicky feeling.

The success of the Republican administration depends on the continuation of the Wall street “boom” for their whole political argument is “let well enough alone.” The reckless way in which the Republican administration has loaning and appropriating money is hound before long to bring disaster on the financial centers and it behooves those who are Interested in stock speculation to act accordingly. * Curbing the Trusts. Attorney-General Knox should soon be able -to make a good showing against the trusts as he has all the money and assistance he asked for. He has now two Assistant Attorney Generals and a corps of law clerks and $300,000 to spend to put the machinery In motion. Any ordinary lawyer with this money and the trained assistants that Knox now has would make the trust fur fly, hut as Knox did not take advantage of the criminal section of the Interstate commerce law before it was repeal.ed by Congress at its late session, he may not he very active in pushing the civil sections against the trusts. There Is one hope for the peo-

pie, through tlie ambition of President Roosevelt to succeed himself, nnd he can hardly expect to he nominated and elected President unless he spurs on Knox to do something, or change# him for a more thorough going trust buster. It is over a year before the people will be selecting their delegates to attend the national conventions, and they will expect at least some of the bad trusts to be brought up with a round turn by that time, or there will he opposition to the continuation of a do nothing »_3ministration. The trouble with the honest Republican voter is, he hardly knows who would he nny more active against tho trusts among all the leaders of his party. “Head Between the Lines."

An Extinct Species of ],iur. There yet remain a few men,- with consciences sufficiently tough qnd elastic, who continue to tell us of tho “economies of trust production,” the “cheapening cost of goods” aud the "blessings to mankind” coming from trusts and combinations; but their number Is rapidly growing smnllor, and soon this species of liar will be extinct Not that there will not always be an ample supply of smart lawyers nnd pseudo professors willing, for a fair consideration, to serve tho trusts, but simply that the facts are so directly and strikingly against their clulms that It will no longer pay the trusts to employ economic shysters to tell the people that white Is black. With prices higher than ever before, the handicap on the pro-trust liar Is too great to be overcome.

Beneath the Feet of the Captains of Industry Are the Galley Slaves of Labor. How Long Will They Propel to World Conquest the War Galley of the Trusts Unrecognized?—Denver News.