Richmond Palladium (Daily), Volume 32, Number 291, 1 December 1907 — Page 1
big: MOKD PALLADIUM 10 PAGES TODAY TODAY AIMO SUN-TELEGRAM. SINGLE COPY, 3 CENTS. VOL. XXXII. NO.S91. RICHMOND, IXD., SUNDAY SIOKMNG, DECK3IKEK 1, 190T.
io pages nn
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LAWSON ADVOCATES REMOVAL BY ROOSEVELT OF THE HEADS OF GREAT BANK-
INSTITTO
Declares Wall Street Financiers Have Substituted Worthless Securities For the Peoples' Deposits.
BELIEVES PEOPLE JUSTIFIED HOARDING THEIR MONEY Says His Plan Will Restore Confidence and Will Obviate Necessity for New Currency Laws or Other Laws. MEN OF THE HARRIMAN KINQ ARE NOT NEEDED. Except for Schemes and Plots To Pillage People in Defiance of Existing LawsAre Double Dealers. Thomas W. Lawson's famous and Snuch-waited for communication regarding the present crisis in America s financial and Industrial affairs, is at hand. Under the title "The Crisis, Its Cause and Cure," Mr. Lnwson addresses a remarkable communication to
Preoident Roosevelt and calls upoiijgible for the preset "crisis," the Syshim to rid. the country once and for all j tern will awake to a realization that time of the ruthless' mouey robbers of I the recent panic was but the loose end
Wall Street. The communication is too long to be produced in full. In this communication to the president Lawson says: "Until the beginning of the present "crisis" the System had found no way to accomplish your discrediting. "I'pon the second day of the panic the System saw the light it ha4 been peeking. "After getting the panic in hand the System determined to prolong the attending "crisis" until you, becoming fearful of the threatened disaster to legitimate business, especially in ,ihe fcouth and West, would advocate new legislation, particularly ' new currency moves. "The System planned to force you, through your trusted associates unbound advice, into an untenable position, and as soon as you were on record as advocating unsound and impossible relief measures, its intent was to show the people that such measures tended to disaster, and if possible, that the moves you recommended were illegal. "The System decided to have labor thrown out of employment wholesaledly, to the end that the empty winter dinner-pail would make your re-elec tion impossible. The System, directly and indirectly controlling many of the great labor-employing industries cf the country, ordered that every person possible be discharged and when discharged, that they be informed that the reason for such action was "inability to finance business" because of "lack of confidence" which you had destroyed by your "reckless act ani talk."In, my capacity as financial expert I desire t3cord my belief that If. on November is, you had publicly aid to the System in that straight-from-the-shoulder language you used at Provincetown and at Nashville: "I have taken due notice of the present crisis. It has made plain my duty to all the people, and I say again ftnd with sterner emphasis than ever before, I will not recede a step from my road. I know the cause of this crisis is the looting of banks and trust companies by the use of stocks and bonds with bogus values. I know the cause is not ia the country's currency. "If you had aid this to the people, the crisis, by she time congress meets. would have been a thing of the past There would be no use for anv iipw I legislation. Prosperity would return with a rush. There would be no wholesale discharge of labor aud our country would have taken on a renewed life and prosperity and the only consequences would be: A score or two of suicides of ncoundrels who have brutally robb?i the people. A few score new-mado convicts from the same class. The closing up of a few score banks and trust companies controlled these scoundrels and the exposure losses amounting to two or three billons of dollars, but which have already beep, absolutely lost, and the assumption of these losses by a few innocent people andby many guilty men whose actions have brough such loss about. "Had you done this, the System ;puld kaTe- been .wiped out and in its
AND
place you would have inaugurated a new way of doing business, which, in history, woulu have made all your other worna combined appear as a stage curtain harvest compared with a consolidated cotton and western corn field at. trnrneriner time. ... i . , i uu uiu uvi, y-iyj lino, u u t iiioiv n . . . , ., t ' ... ; and trust companies, which you assur-: ed them were absolutely ."ate, although almost every paper which published your proclamation had alongside of itj accounts of new wholesale plunderings ! by bank and trust company officials, and your secretary of the treasury could have told you at the time you wrote it there were scores of others as yet unexposed, which were hanging each by an eyelash. At the siinie time you assured the country that new laws would bo enacted at the coining session of congress. "In regard to the promised new legislation I desire to record my prediction, made at the beginning of the panic: "If the moves are enacted, the mil- j lions ot empty dinner-pails will tins. winter and next summer be turned ill-' to ear-splitting megaphones, id the
real owners of bilions of savings will 1(J wIth the inside workings of more savagely demand their savings j finanee" this is a seemingly gigantic: in money or securities other than thft.task but it is one which, particularly: System's home-made securities, orjju the pi.esent condition of the public'
class-maue cheeks : ana i want to add this to my prediction: If the 'System, which is still plotting, does not at once recognize that the day has gone when the American people can be fooled on System "finance" and cease it.s plottings and turn about and assist you In finding the only real relief .posof a fuse which grounded in the center of a dynamltery. "On he second day of the panic one of the strongest and most conservative j commercial banks in New York City, one which had with foresight and wisdom prepared for the storm, had in its
vaults $12,600,000 gold and $2,X,ouo by the courts on the evidence submitcurrency. This S15.OCO.000 of depos- tPf hv vmlr ,in..rd or fismiss(H, hv the
itors' money, without their consent, was rushed to one of the notorious trust companies of New York, whose deposits had been turned over to the System in exchange for wild-cat "securities" at grossly inflated prices. This entire Sin.OoO.lHH) was paid out :o
this trust company's depositors in a heads of tnese great bu3iness institusingle day. This notorious trust com- tionB 6hould be men with great tech. pany in ten days paid out to its depos- nlcal Knowiedge. The only time a itors over S4UXO,0OO of cash which It Union Pacific railroad requires a Harhad secured from other banks and riman for a head is.when It scheme3 trust companies, and even with this as- nnd nlnts ffl nUu thP normi in
distance this trust company would have failed, and thereby would have caused the toppling of the entire linancial structure, but for another branch of the System, the greatest monopoly in the world, and which is owned by American investors anu supported hy
the American people, which issued ! sant Fish catl (ake a president Hani-30.KMXH-of "securities" (bonds.. anaman-s ,)aee tomorrow without the inexchanged them for a particular lot of ; terrnption of any legitimate business
grossly inflated two-thirds worthless paper titles which this trnst company and other banks and trust companies had in their vaults, and which had been put there by the System when it withdrew the people's deposits. This $:H,000.000 of arbitrarily issued for the purpose of manipulating this section of the financial structure "securities" was then shoveled into other banks and trust companies in exchange for their deposits. "It would be an insult to your intelligence for me even to call your attention to the unsoundness, the vicious unsoundness of this entire transaction, which works out just as if the people of a community, having captured a bank burglar who had squandered the proceeds of one bank's lootings, furnished him with new tools with which to rob the remaining banks g& the community of sufficient money to make good what he had been arrested for stealing. "At the time this transaction was made, during the panic, it was stated by the System's representatives that they were justified in committinc this crime, because if it was not committed other New York banks and trust companies, which were iu even more rotten condition, would have their real standing exposed aud the entire structure would topple. "in summing up consideration, and I submit for your tion of congress and of the American . ., . . ; " ' ia" peopie and the investors of Eurono iw i, .,( , i that there is but one cure possible for tho ,.0rof ., . .. , V the present crisis. That cure can ... int,iv nnux t,. " L m- iicaiiun in roiiuueuir iiinomr 1111 among
of iresentine the real wealth of the An '
t s A y , iv pcupir nut 2impi commence in ht r, ti, r,., " tions of real wealth, stocks, bonds, etc. but particularly stocks and bonds. and I respectfully submit that this confidence can be created only in one way: 'By tie exposurej now of tic lossw
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that have already been made at the depositories -of the people, banks and trust companies, and the assumption of these losses now, by those who are morally responsible for them, if such is possible; if not, by those legally responsible for them. There is but one practical way for this to be done and that way is form you, the one man in whose honesty, wisdom and courage the American people and the thinking people of Europe have unbounded eonj fidence, to appoint, in your capacity 'as President, if itcan legally be do I -if not officially, personally, for pub i lie opinion will overwhelmingly support you in such a move-a board or . - . - committee of five or six men of unques1 HiinAil nhli.ntfln ' 1 "W I infill I'TtlHCli l. 1 1 ft fy HUlld-l UUU IlitL i lift', ill.!., "V.u . men as Governor Hughes of New York and Governor Johnson of Minnesota. and have these men at once "'hold pub lic court" on two questions: 1. The actual condition of the great banks and trust companies of tlie I country; and J ! Li. Whether the controllers of the' great industrial institutions. Mich a . . laifroads, steel trusts, amalgamated ' copper trusts, beef trusts, etc., aud : vhich are owned not by the few, bat ( by the many, the hundreds of thoas- i ! a nds of investors, shaii turn over Michj control to new boards composed of rep- j jrcsentative public-spir:ted men. ; j "Such a plan is entirely practicable, lit can be inaugurated raider the prci-j I cut condition of public opinion, almost! instantly, for the investigation of both' auestions boils down to simply this-i BPiiarotlnn of the h:ri slni ii's nn.l hnnriv from the good ones. To one acquaint-! mind, is a very simple one. Simultaneously with your sledge-hammer-: straight-from-the-shoulder- announcement of what is to be done the first wave of returning confidence will spread throughout the world, for your announcement will mean to every one that all honest, sound and self-supporting institutions and the world knows that -they are in an-overwhelming1 majoritywill receive a non-counter-f(,it.,,,fi st:irnn to that, effect, and that. .,11 mttvn nne win hp not nniv mrt. ed rotten, but will be put out of exist(v,u.P ..If those controllers whom your hoard .m t,ertlfv should be dismissed refused to resisn thev will be denosed stockholders of the corporations, and tue Eubstitutes recommended by your ,narrf wni hft :lt om.P . f in rfmtrol t would Bay here, with knowledge of corporation affairs, that there is no Kreater fallacy circulating amongst the l)eonle ag fact than the one that the f ovicnn(, 1,.- ri.iooi. lng8 in passenger and freight rates and i by manipulation of securities. In the ! straight business conduct of the Union 1 Pacific roa(J a Governor Johnson of; Mlnnesota is the neer. if not the su-i nf H.rrim.n J4nf, !( Stnvv4. or policy. "Following your proclamation and the first wave of confidence will be a rush by money hoarders to buy securities or to return their money to banks and trust companies. (I wish to seize this opportunity to go on record that the people are justified at the present time, in the light of their recent experiences in banks, insurance, railroads and Standard Oils, in hoarding their savings.) The first wave of confidence will spread throughout the country and Europe, for it will dawn upon investors everywhere that the great prosperity of America, which has enabled her institutions to pay a larg - er rate of interest than those of any other country, has at the same time allowed the Controllers of American industries to steal even more than they have returned in dividends and interest to investors, and these, with money to invest, will know that the first sitting of your court, whether it be a "government" court or a ' public opinion" court, will mark the day when the enormous earnings of American industries coming from the wonderful resources of our country will either go to Investors or will be returned to all the people, in the form of reduction in passenger and freight rates ana in reaucea nving expenses ot the people, after investors have receiv - led good rates of Interest. And it will i v v. , : business, which your proclamation will i iV I inaugurate, that the present volume ' e i . of American money :s more than suf- ' c l ficieDt to demand .good . . . .. .... fuyic. auu lucit wiu ue uu necessity ifor.Eew currency laws or either fedierai banKs or credit currencies cure will be met with the crv ithat il 13 radically sentimental jly answer is that the present "crisis" Is radically sentimental, that the present "crisis" is the same sort as that which attacks an able-bodied family which Continued on Fa9 Five.)
MEN OF
cum FAVORS NEW JAIL FOB OLD WAYNE Had It Been Possible, Money Would Have Undoubtedly Been Appropriated Saturday After Inspection. BODY MAY MAKE AN APPROPRIATION NEXT YEAR. Estimates Placed as to the Cost of Construction Range Between $100,000 $150,000. and After an inspection of the jail, Saturday, the members county of the county council, which was in special ! session, unanimously decided tnat Wayne county needed a new jail, and 'needed it soon. Had it been possible, I , . : i it is quite probable tnat tne council would have appropriated money for the erection of a new county jail at the special session Saturday. The councilmen were prevented from takj jng this action on account of the state law whirh nrovides that a count council can only appropriate money for purposes such as the erection of a county juil at the regular council meeting which is held in September each year. s Elias Hoover, one of the members of the county council, stated Saturday afternoon, after the council adiournment. that he was certain that not one person in a hundred living in 1 this county was familiar with the bad j conditions existing at the county jail, '"After I saw what condition that ' building was in," said Mr. Hoover, "it j did not take long to convince me that this county needed a new jail. All 1 he ' other councilman were of the same J opinion." Judging from the statement made i by Mr. Hoover, one of the first things the county council does when it holds its annual meeting next September will be to appropriate money for the erection of a new jail building. Mr. Hoover stated that some of the connoilmen thoueht the proposed new jail; ! could built at a cost of about $150, . uw. x.. i his opinion a modern and thoroughly
COUNCIL
acceptable jau duhuuis cuum u3 ouuMcent nnauciai tribit. was wutu jraic
at a cost not w eu-wu siuu.uuu. "What would be done with tne oia jail in the event a new one is built
on tne court nuuw muuuu!,. -Mi.ciaims. me urgaiuziuuu i i uuwus
iioover ws flomHe stated that this matter was dis - cussed at the council meeting and seemed to be the opinion of the coun- j cilmen. that the old jail should be ' renttea anu maae imo a worEnouse. ... " - 1 . X . The remodeling or this building could e one lor a ooerate cost, ine j councilmen agree with the sheriff, prosecutor and members of the Rich' mond police department that a workhouse is needed almost as badlv as a
AFFAIRS IN .RICHMOND
CHARLES H. FELTMAN. Proprietor Feltman's Shoe Store. SEASON OPENED Merchants of the City Report Big Business Saturday Night. ALL STOCKS ARE LARGE. MANY THINGS NOW BEING SHOWN ARE NEW TO THE LOCAL BUSINESS BUT ARE APPROPRIATE GIFTS. Saturday evening was the real open ing of the Christinas holiday season 'All the stores were ablaze with dectrlc and notwithstanding the large crowd on the streets. Mer chants on Main street, state that they did a good business. Despite the much tal' ' 'f financial stringency the holiday Made this year promises to bo first class, if the opening Saturday night can be taken as a criterion. Richmond merchants have laid In ex-1 cellent stocKs in anticipation of a big Christmas ho idav business ana it is though that they will have no d.fflculty in disposing of heir goods. Pubnc opinion in Richmond this year seems to be keep your money at Home, anu iau luiiii uicnuiiuia buuuiu profit as a result of this general feeling. At the local hook stores can be found the latest novels, always appro priate Christmas gifts, and various other things of a general character. .sever did the local jewelers offer a j better or more varied stock of goods, while the dry goods stores, queen-;- j ware stores, furniture store.-, haberdasberies and clothing stores have equally goo: sto rxs rroui wmcn one can make selections for Christmas pits j ents. ! PLAHNiKG 10 REOPEN KNICKERBOCKER TRUST Important Action Is Taken at New York. New York, Nov. SO. An important step looking toward the reorganization and reopening of the Knickerbocker ; Trust company which closed its doors , J C - j in deposits and precipitated the recay at. a meeting ui iue &u-viieu cat . terlee committee or depositors. nej jecting all plans for a slow payment of i I'umpau), cit., tuummicn xvji m julated a definite play for the rehabill itjtation of the Knickerbocker Trust company, and an early resumption of business. THE WEATHER PROPHET. INDIANA Sunday fair. OHIO Sunday generally fair, except light snow in northeast portion.
MS
SHOPPIIIb
FRED JOHNSON IS VERY SUCCESSFUL
AT INDIANA U IV
Is Head of Department of Journalism Which Although Young Gives Evidence of Eventful Career. TEST OF SECRECY GIVEN TO EIGHTEEN PUPILS. Of This Number Only One Young Hebrew Succeeds in Keeping Mum In Regard To Nature of Assignments.
T..... T..l.. I. .1 ,L.. 1 .. . ! men m tne state s in the city spend - inS tho Thanksgiving holidays with hla parentSj Mr. and Mrs.,B. a John. i Mr- Johnson states that the journ-j . , . . : depute the fact that jt has only been t hi existence a short while, has al - ready given evidence that it will be a complete success. Eighteen young men are living to become fuiure ..." , T, . Horace Gretieys mhI Henry alter-.-oiis. s much as possible, Air. John son puis them through a course of study which will give them the experience tht'V WOliiil nhrain noro thai.
n J""""". "eau oi uie journal- j ways and mean3 t() ba,k h,3 candjdacy lstic school at the University of In-jor at least catwe him to come beforediana, a former Richmond young man, j the convention with, a divided delegaand one of the cleverest newspaper ! ton- Working along this line Judg
, J this district without anv great trouble loannns the secret of the craft by and inVersIy. be Is afl to feel tlxat If actual experience in a newspaper of-Ian Instructed delegation is sent for ce. one candidate and that candidate be "I act as city editor," said Mr. John-jthe Rev- Campbell, his popularity not son. "When the men renort for dutv!only ln Wane but n the other coun-
each morning, I give each one of them an assignment. When they return they write up their 'stories' and hand the copy into me." Mr. Johnson held that he has experienced considerable difficulty in making the student-journalist keep se
cret from the outside world, and his j county candidates came from Hagersfellow amateur reporteds, the assign-'town and at Hagerstown is to bo
ment given him by his city editor. A ; fellow amateur repoprters. the assign mcnts to sixteen of his eighteen sru deats and swore each of them to se - ( crecy Tn th(S t remainine students - ; nf nsgiofi the task of discoverinc each fiKsirmirienf irSven tn (!io jl n- ( stdAnt3. Before roon that .-v j th?se two men had been made confi - : dants hv ther fellow journalists, of - j tne assignments given them by John--son. One young Jew was the exception. When the sixteen had as semoiea to prepare their copy, Johnson informed them that despite their oaths of secrecy in regard to their assignments, all of them had allowed their tongues to wag, except the Hebrew student, who gazed triumphantly at the crestfallen "fifteen." This lesson in secrecy had the desired efIfecu
JUDGE BARNARD
DOUSES FIESEIITT III WAYNE s Declared to Be the Outside Candidate Who Desires His Name on Wayne's Primary For Candidates. SAID TO BE A TRICK TO DISCOURAGE PRIMARY His Idea Is to Have Wayne County's Candidates Come Before Convention With a Divided Delegation. i. r: Judge W. O. Barnard's popularity in Wayne county is likely to bo on the wane if what politicians, amateur and professional, are saying about him is true. Judge llarnard is a native of J Henry county and is said to be the outside candidate who is so anxious to get him name on the primary ticket in this county if such a means is takeu'lji Wayne to choose which candi- , date shall have a solid delegation to the district convention. He is accus ed of throwing this boom simply as a means of getting Wayne county's candidates to drop the idea of holding any primary and coming before the district convention with an uninstructed delegation of which, so it is claimed. Judge Uarnard feels he can make mince meat with his political machine. , It is asserted Judge Barnard expressed the desire to submit his name for Wayne county's vote if a primary is held, while he was attending the Pythian temple dedication at HagerBtown recenMy. Hev. J. O. Campbell was there also and did a little reconnoitering. Friends. of the Kev. Campbell, and they srtt'in to be legion, are showing no little joy over the v'sit of the minister-candidate to llagerotown recently to attend the dedicatory exercises of the New Pythian temple there. While the Rev. Campbell's Vistt to Hagerstown was by no means in the nature of a political journey his friends state his reception there showed how great and growing is his popumarked thnt anion? the out-of-town visiting Knights at Hagerstown r.one seemed more taken with the minister-candidate than some of the Knights from Hsnry county, supposed to bo Judge Uamard's stronghold. This is deemed ignif!cent hy the Rev. Campbell's friends who state that Judge Barnard is facing a divided, delegation from his own county owing to the feeling of many good and true republicans that he is too closely allied with the Fairbanks ring. Furthermore, say the friends of the Iter. Campbell, the realization of tho great and crowing strength of tho ministercandidate not only In Wayne county but also in other counties of the district, has caused Judge Barnard and hfs friends to sit tin nlehta devlslns ! Barnard in in lie behind mnrai fo iW9Vne county ,n m a rf , heM f(Jr t-Qe , of Belectl ona q( onp cand,date8 and ving Wm solid deleeatlon. Judge Barnard's not so much to be f i t a. a.. x jm ; voted on bv ayne county voters as ' I u ,s in j a ( j. iw t. a, j - r uiiao3 yutr i tlon of a primary In this county and j make it appear undesirable to our candidates fo that no primary will be l1 and th at,on from W" will go before the convention, some for o ... r vn r,-,.. iuc i-auipurii, mjiuv lur n itireu - ; jeSsup and others for Dr. Yencer. j With a divided delegation from Wayne j county Judge Barnard is said to feel Ithat he can capture the nomination la u-s tit me uiBitun, iieurj included, will be more than sufficient to placethe eminent jurist from New Cajtln out of the running. Be that as It may it Is well to remember that the firat warning of th intention of any outside candidate to have his name placed on the ticket along with the Wayne found one of the chief cog-wheels in - the Barnard organization in Wayne - 1 county, say the friends of the Rev. Campbell. The Rev. Campbell seems to be well satisfied with the results of his candidacy so far. Hi is campaigning most of the time nr.vr and says he - 'hopes the early bird will catch the f early worm. James E. Wat son returns to Wash - hnaton todav to fln'ch his last term In congress. According to Speaker Cannon, Congressman Watson will fill bin old place as "whip" of the house, no change being made on account of hi retirement at the end of this term. Much speculation is rife over whaf Mr. Watson's course will be during jLContinued oa Page Four!
MEN