March 28, 1907
Image 1 Weekly Jeffersonian. (Atlanta, Ga.) 1906-1907, March 28, 1907, Image 1
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DRIWK BY GORDON BYB FOR THB WBBKLY JSFFBMONIAN.
Was the Government Established Tor This ?
During the term of Leslie M. Shaw as Sec
retary of the Treasury, our public funds were
treated as National Bank Reserves.
At any time that Wall Street needed a few
millions, and could not get them elsewhere,
all they had to do was to call up Leslie on the
He was good for emergency sums, ranging
from ten to thirty millions, whenever Wall
Departing from old-fogy rules and prece
dents, Leslie loaned public funds to National
Bankers on pretty nearly any old security
that was offered—city bonds, railroad bonds,
The main thing was to keep open the pipe
line from Washington to New York, so that
the stock gamblers and railroad thimble-rig
gers might get the stakes needed.
Great was Leslie! He loved Wall Street
so dearly that he has now “jined de ban’.”
He is a Wall Streeter himself.
And Judge Alton B. Parker, the late Demo
cratic nominee for President, who was vouch
ed for by Bryan as the Moses of Democracy,
is one of Leslie’s partners.
Lord ha’ mercy on us all!
Mr. Shaw’s successor as Secretary of the
Treasury" is Mr. Cortelyou. who ended his
postmaster-generalship so creditably by issu
ing the order which puts an end to one of the
A Debated to the Adbocacy of the Jeffersonian Theory of Gobernment.
Atlanta, Ga., Thursday, March 28, 1907.
several fraudulent practices of the Railroads
in weighing the mails.
Mr. Cortelyou falls heir to a Treasury pol
icy which he cannot be expected to reverse at
once; but candor compels me to say that if he
intends to reform his new department at all
he has made a mighty poor start.
Bonds which are not due until July, he has
agreed to pay now, saving no interest on the
bonds, but paying the same in full to the ma
turity of the obligations.
The $30,000,000 loaned to Wall Street by
Leslie Shaw fell due February 1, 1907: and
Mr. Cortelyou has indefinitely extended the
Furthermore, he has put the Aldrich law
into operation, and is now turning over to the
National Banks every dollar that is being col
lected by the Government at the Custom
For the Aldrich law, Mr. Cortelyou is not
responsible. It was his duty to put it into
effect. But it is not his duty to pay bonds
before they matured, nor is it his duty to ex
tend that thirty million dollar loan.
Think what a policv our Government is
pursuing! Consider how the machinery of
taxation is being used!
The U. S. Government, through its Internal
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Revenue laws, taxes money out of the pockets
of the people by laying duties upon tobacco
After the millions of consumers of the tax
ed goods have paid the tribute to the Govern
ment, the money is turned over to the Nation
al Banks by the Government; and thus what
we consumers pay as taxes becomes an ad
dition to the business capital of a few favored
The only other considerable source of na
tional revenue consists of Custom House Du
ties paid upon foreign goods brought into our
markets for sale to us. Os course, we Day the
duty when we buy the goods, for the reason
that the importer is necessarily compelled to
add the Custom House Duty to the price of
the goods before he can afford to sell them
Just as we are the ones who pay the In
ternal Revenue tax upon whiskey and tobacco
when we buy the stuff, so we also pay the im
port duties upon foreign goods when we pur
Up to the last session of Congress, the Na
tional Banks did not get the Custom House
collections. They only got the Internal Rev
Under the Aldrich bill, passed (hiring the
short session of the last Congress, the Nation
(Continued on Page 9.)