Omaha Daily Bee Newspaper, August 4, 1902, Page 3

‘THE OMAHA DaAny Bee PUBLISHED EVERY MORNING. TERMS OF SUBSCRIPTION. DELIVERED BY CARRIER ] day), . i (pithes gamten: £ 2t L (Including ), per weel unday Bee, per copy. s Bed (without LAME DEFPENSE FOR MATTHEWRON. According to the organ of the “re- #pectable citizens” who are banded to- gether to fleece the Indians op the Win- nebago reservation, Agent Matthewson has been maligned ‘and persecuted be- cause he refused support to the editor of The Bee In the senatorial campalign two years ago. This is a decldedly lame defense. The editor of The Bee was not aware either during the sena- o | torial campaign or since its close what candidate Agent Matthewson favored or 'y |opposed. Every republican candidate in ety O w-Ath B %“‘. etifn o .:ll 3 p"o‘flflfllh Btreet. CORRESPONDENCE. pom Communications relating to news an Jo tter uld be : O ' Wattoriel’ Dupartmente o BUSINESS LETTERS. ness letters and remittances lo’:g—d: The pany, ha. 14 Publishing . the district In which Agent Matthewson was in position to exéft any influence défeated In 1000, consequently he could neither harm nof help any repub- lican candidate for the wenate im the senatorial contest before the legisiature. The respectable land speculators In and about the Winnebago agency have doubtless forgotten that Agant Matthew- son had an unenviable reputation before he was given charge of the Omahs and Winnebagoes. At the time his appoint- meut was pending in the senate news- 2| papers that could not possibly haye en- tertained personal hostility to Mr. Matthewson criticized “his selection se- verely. With almost prophetic prevision one of them, the Chigago Journal, di- The Bes | rected the following editorial appeal to Ring and Sunday’ Bee iring and Su the month of lulm was as follows: 1. 29,680 RpEREEESES B 8 i TR i g 2= E £ i i ! i j | ki H i fil '§ i President McKinley: Mr. McKinley—De#r 8Sir! Your reported flar appointments bave been made With per- 20,560 | foot impunity in the consular service within THE OMAHA _BEE: MONDAY, AUGUST 4, 1902, advantage of both the islands and the United States to have a coramon mone- tary system. It was a matter of very general surprise, In view of the state- ments that were submitted by the mer- chants of Manila, that the senate re- fused to accept the curremcy provision of the house bill and left the situation unchanged. This mistake can be cor rected at the next session and it may be A very serious matter if it should not be. The importarice of the question to the development of the Philippines is plain, A silver curieiicy must of course con- tinve to be used In the islands, but it le practicable to establish the gold stand- ard, as desired by most of the mer chants there, and this congress should do. A monetary policy we observe here, of the soundness of which there is no longer any question, may safely be ex- tended to our distant possessions. SEE—— EXPENDITURES EXCEED RECSIPTS. The recelpts of the national treasury are now below the ecxpenditures. For July there was a deficlt of $7,500,000 in round numbers and It is estimated that for this month the defielt will be quite $4,000,000. The customs collec- tions last month were more than $3,000,- 000 in excews of July last year, but the internal revenue collections, on account of reductions in taxation, were about $7,000,000 less. It is the normal course of things for the expenditures to be excessive In the early part of the fiscal year and the receipts to be excessive in the latter part. & Becretary Bhaw does not regard the deficit as in any way discouraging, but on the other hand is entirely satisfied with the outlook. It 18 pointed out that "|the apparently large deficit for last ministration have ~ péréeptibly sbated. © * '* It may be that you have been deceived about this particular case, and that ‘when the matter is Iald before you the nom- ination will be recalled. It fs sincerely to Do hoped that this is so. | - l i 1 i ipf it §I £ : i i £ : 4] g i i } i i [N sl | i . ; g § | ! ! s B £ 2 i H f : i ] | i Hi] i it sith i : i E character i i. § lg 3 £ < b il $H k £ 3 i i £ ] i { i month would have bheen decldedly smaller had there not been extraordl- instance the treasury paid to states $8,250,000 in claims arising out of the fitting out of troops for the civil war, There will be no more expenditures of this kind until after adjournment of the pext sesslon of Treasury officials say that if the receipts for the ‘was to lnvite extravagamce in public expenditures. A moderate (reasury ine fa nadonhtedly destrable. hut it is ery insfarice When & school bouse 1 as planned the architect was fully paid i £ ¥ i il 4 11 iiégi HY K § g : i 38 i i i £g Eg T finthi g ! i £ : time our Dave eagages a epecial cham- plon to debate his candidacy he should endeavor to find a mind reader. He ought to bave known that Gurley could not tell whether he intends to turn his back on Omaba if he is turned down for re-election. Seeee———— Deficit financiering is hazardous for the taxpayers, whether practiced by county, city or sehool board authorities, The city, fortunately, f8 so hedged about by the charter that over drafts on the municipal treasury are practically unknown. Both- county and school boards, however, are regularly running thelr accounts in red letters: One of the early reforms our people will have to insist on will be the strict enforcement of legal provisions that will prevent the county and school dis- trict, as well as the city, from contract- ing any obligation until the revenues are available to meet it. e ____ ] At the recent state comventions Colonel Bryan volunteered to hold him- self at the command of the fusion man- agers from that moment up to the day of election. Some of the eastern demo- crats evidently wish the Nebraska cam- paign committee had set him to work at home and kept him so busy In his own state that he would not have time to sally forth into the enemy’s coutifry. Sepme——mapp— From the way the railrosd tax bureau is prosecuting Its labors it is prepar- ing for a decision from the supreme court {n thie railroad tax case that will require & reassessment of raflroad prop- erty Nebraska,; Chances are good that these expectations miay not be dis- appolinted. E———— The Oalifornia earthquake, as ding- noged by emirent scientists, is nothing more than a case of terrestrial gastritls. 0Old mother earth bas cvidently partaken of too many green watermelons lately. SpE=mmrm— ‘Wateh "Em Drive it In. ‘Washingten Post. The fows republicans seem to have sup- plied the entering wedge for something prastical ia the trust-busting Mne. ——— e which he states that he will it demotrats of Colorado to returm-him the senate. ——— An Agveeabie Change, Parhaps. ‘Washington Ster. by Tt would/ be & matter for popular re- joleing perbaps if Burope could be made the regular market and America the dump- ing grounds for the surplus goods which, some trade reaséning, must i i is try the law on the plain attempt to attain the the time being by his veto “merger BIN' i the last session of Watering Railroad Stocks New York Journal of Commetoe. It is new propesed to apply to railroads the stock-watering methode which bhave for some time been consplouous in the in- duatrial combinations. Of late years stock watering has been less consplevous In rail- Toads tham In industrialse. In rallroads there has been rather more of the reverse process of “‘squeezing out the ‘water,” a fact that ought to make its Impression upon the public when it 1s proposed to apply industriai methods of finance to mallroads. Many years ago there was a ®0od deal of stock watering in rallroads. In a few instances this bordered on or erossed the line of criminality; in most instances it was a form of speculation which found A certain amount of excuse in the specu- lative character of rallroad enterprises; some were profitable and many were fall- dres; capital had to see chances of ex- ceptional profits to undertake many of these enterprises. Such excuse as this 000, does not exist for watering the stock of a railroad long established in & section largely bullt up, Industrial methods of finance have not been appiled to raliroads much in Iate years because there is a good deal less mystefy about rallroad profits. The gen- eral public knows nothing of what can be made by a group of steel or copper or salt companies. In the case of raliroad compa- nles it knows their mileage, whether they haul corn or cotton or coal or wheat, and what they have beem making. But gentle- men who have succeeded brilliantly in In- dustrisl financiering belleve the public fe in 80 receptive a state of mind mow that they can apply their methods to rallroads. President Leeds of the Rock Island sys- fem thinks the obfections to the proposed reorganisation of the company are due to insuficient Information and polnts to profits last yoar equal to 6 per cent of the proposed common stock and predicts that the. profits this year will be 8 per cent. But if predictions were facts and present’ profits a safe guide to capitalization these profits would not justify the proposed cap- italization. ;l"hl public has no ofcial information of pany in the convenient stal sey which shall issue $75,000,000 of 4 per cent bonds, $56,250,000 of preferred and $75,- 000,000 of common stock, end in the ex- change for this aggregate of $206,250,000 of shares and bonds it would acquire $75,000,- 000 of the capital stock of the Roek Island Rallroad company.’ All t) come jt would Rhave to pay interest and dividends on $206,- 260,000 of shares and bonds would be the dividends 1t would recelve from $76,000,000 of eapital stock in the railroad. In the past three years of exceptional prosperity the company has only pald § per cent div- idends, and in the bad years, 1806 and 1895, 1t only pald’? per cent. These percentages were not pald on $75,000,000; the capital has been materially incroased within a year. The dividends in 1900 and 1901 were less than $2,000,000, and in 1002 they wors $3,247,900. What is going to incresse them? The present is a peried of exceptional pros- perity. If the bonds are refunded at a lower rate of interest the met profits would be increased, but the entire Interest pald in the last two years {s loss than $3,000,000 each year; how much can this be cut down by refunding? The earnings may also be in- oreased by bringing into the system ad- ditional lines, but this will involve ad- ditional capitalization. It is proposed to put out $206,250,000 of shares and bonds, the only means of pay interest and div- idends on which will be the earnings of §75,- 3 of Rock Island stock. The proposed bohd fssue alone would call for $3,000,000, while the total dividends paid Tast “year ‘were §2,470,800, and after this interest was paid there would remain $131,950,000 of pre- ferred and commeon stook. Let us asume fof a moment that the persons in control of the road have twe- thirds of the present stock. Them if the public will buy the shares and bonds of the New Jersoy company which will be of- fored for sale these controlling interests would get two-thirds of the 4 per ceat bonds and two-thirds of the stock of the Rolding company. o they would be in control of property which had cost them nothing and they would be entitied to §3,- 000,000 of Interest before any dividends could be paid by the holding company, and $2,000,000 1s more than the dividends paid in 1900 or 1901 and nearly as much as the dividends paid. in 1908, ‘These considerations ooncern chiefly the investing | public. - There are two other classes deeply interested. One is the pop- ulation from whose business the compasy will extract its profits. The company will seek to justity high charges by pointing to the fact that it is paying only 4 per cent on its bonds and very moderate dividends on its capital. The other is the general busi- ness community. If the Rock Tsland read can be made to earn returns on the pro- posed capitalization it will only be in & period of exceptionsl prosperity. One of these days the business will cease to be abnormally good and the dividends will stop. Then business will become bad and dividends will be passed. Then will come rallway securities, d confidence widely dnd inyiting. disastrous influences upon the general business of the country. T S S S THE STATE TICKET, Shelton Clipper: If J. H. Mickey s bet~ ter than his party. ag ex-Semator Allen #ays he is, he is a good enough man for any man to vote for for governor. Ord Quis: Mickey s better than his party, say the fusionists, but they do mot make that cigim for Thompson. How, then, ©AD tmey auyise anyome to vote for the “ittle giant spress: This is a republican year, and it is the general bellef that both democrats and pops will be glven such a dressing down. that they won't recover from it 1n time for the next cam- Oakland Republican: When nothing else be agaloet Mickey or MoCarthy, are sald to be Irish or Booteh or something else ‘equally horrible, and ef Wb’"l‘lfll‘lfl‘ can- t kind of & man i¢ Mickey What as & business patriotism and 1 take all these governor's chair J. H. Mickey has never been a fallure at dnything. This is sum- clent réason why he must expect to receive the opposition of those who contend that all honest men are blooming failures in a nds | business way. Hayes Center Times: We have always thought to be blind was one of the worst calamities that flesh was helr to; bit the fusion editors seem to enjoy it; when they extol the B. & M. attorney, W. H. Thomp- som, as the anti-rallroad candidate. Columbus Times: John H. Mickey, the republican candidate for goveramor, is well &nd favorably known to all the older resi- dents of this city. He is known as houn= est, rellable and competent. He will run shead of his ticket, even lu “0ld Platte.” i £5 2EESE, EHE! giga i H i 3 g . i ! : i £ i ! it Hi it i ; i i : i d ? i i 1 i frets i s E # Hebron Champton: J. H. Mickey, repub- lican candidate for governor, was here yes- can't reduce it.a vote. Kimball Observer: J. H. Mickey, the re- sent ' the facts, therefore publish Mr. Thompson's denial. Will fuston papers who have mierepresented the position of Mr. Mickey, the republican nominee, with re- gards to the raflroads; mistakably or pur- posely, do likewise? Minden News: The pop papers are stili running full of the old gag about Mickey being a “bapker” and a "rallroad” candi- daty He i a banker and ta aue & banker usually about as good as a lawyer. The only dffference fs that Mickey made, first & then a 's #uc- cess as A lawyar {s not very widely cir- Crote Vidette-Herald: The Democrat re- fers to Mickey as & prohibitionist. Since Mr. Mickey never voted anything but a re- publican ticket, and never afiliated with the third pa why eall him a ) bitionist? ls true he is a t 3 and a Methodist. W, J. Bryan is a temper- ate man and & Presbyterian, but we never heard the Democrat #s & prohi- bitionist. If one, why not the other? Albjon News: An effort is already being made in certain quarters to turn votes against Mr. Mickey bocause hé is a temper- ance man, or, In other words, a * Ditionisi It is not denied that Mr. Miekey tpmporate man, and probably, as regards his personal habits, & prohi- bitionist. He was a member the legls- lature which enacted the ent Slocum and voted for that measure. - That is his record, and judgment must be rendered accordingly. Benedict News-Herald: John H. Mickey is ome of those men to whom the term ‘self-made” applie: all jts force. He bas tried his hand at a number of things and there is not & single thing to which he ever gave his tion but what he made & success. is one of the men that do things and he s the mominee of & party that accomplishes things, and when he is elected movernor of this state the people may confidently expect that matters pertaining to the governor's duty will be done with that expedition end success that have characterised every step of Mr. Mickey's lite. Falls City Journal: The republican party promised to straighten out the tangle, to manage the state fustitutions with all ecogomy consistent 'with & conservative and businessiike “mazagement, to restore confidence by putting men in office to party comes before the people, ready to stand squarely upon that record, with such a man as J. ¥. Mickey at the head of the i ticket, and the Tes} of the ticket made up man, | of men of recognized ability and unques- Norfolk News: It is not te be supposed that any large number of democrats will express unqualified admiration of Governor Mickey—not until - ufter election. Then they will lay polities aside Jfor a few months and ackiowledge the truth—that he 1s the right <dan for the place. Beatrice Express: The Liftle Giant pro- fesses to believe that he is going to tioned worth, we feel that we are justified in saying that the republican party in Ne- braska is stropger than it ever was before. | ifig Tecumseh Chieftian: Hon. J. H. Mickey of Osceola, republican candidate for governor of Nebraska, was in the city last Tuesday afternoon, making the acquaintance of our citizens. He attended the chautsuqua and in the evening delivered a ten-minute ad- dress, on invitation of Manager Dundas and Superintendent Whitmer. The gentleman’s remarks were not political, but were along the line of the wgnderful development of Nebrasks and the energles and {nfluences which have brought It sbout. It was an excellent address, stamped with the ring of sir Jerity and true manhood. Mr. Mackey made an excellent lmpreasion. One cannot comverse with him without appreciating “lthe fact that be is & representative of £ i £ H : ! o {5 . i ith £ : f lf‘ < i £ H i i i g ] ;? |4 i g ¥ i i i : i i f ; : l l £ : identified with the prohibition perty. & successful business man, being interested 1n ture and stogk ralsing Interests as ke is in the ECHOES OF OUR RARTHQUAKE, Phiindelphia Press. ‘There are some political partisans heart- fo mssert that the earthquake and elsewhere through the state was merely an attempt on the part of Nebraska to shake Willlam J. Bryan ~ Milwaukes Sentinel. The country has waited wvainly for the news that the Nebraska earthquake scarod Mr. Bryan inte & state of speechlessness. Detroit Free Press. Some Nebraskans belleved it really was No democrat has any hope of Winning in the congressional slections of 1902 or the prosidential canvase of 1904 unless his party makes great gains in the old doubtful states . It caunot win the presi- dency without the electoral votes of New and folly in the case of a man with the Maryland boss' proclivities. Maryland ls far from being democratic on the itsues of today and the demooratic leaders kuow this. It will be impossible for the democra to earry the ecountry ‘without for it to win except in a ecasé like of 1892, when the populist madness was . ey for any reunion of the Bryanite and Olevelandite elements of the democracy in 1903 or 1904. The gulf between the two sections, as shown by the apeeches of Cleveland and Bryan, is broader at thie moment than it was during the canvass of 1806. Bryan is using harder language against - the Oleveland ingredient of party now than he was P Cleveland is showing which confronts the democracy. party, in order to win,, will bave to get control of the old doubtful and border states, and there is/mo sane democrat who has any hope for any such galns for his side in /the canvass two years hemoce. LET'S LAUGH A LINE OR TWO. ‘Yonkers Statesm Patience—He says he feels down in the mouth. Patrice—Tell him to cease chewing his apology for a mustache, then. cago : She~Dear ittle Fido! B g, bl tau] ‘Archie—Why—er—what elss could he do with it, Miss Birdle? 7 Cincinnet! Gage! 't your husband sm baout “I' did, untll he told me he S object to house 1" -:rc used domestic tobacco, and then I eouldn't say anything." A AR X i g Engn\llh.' 2o BT S S el 'Enfi‘“‘b'l‘* Casey, didn't ye say vs Ja B oL .. Becond “Bertectly i “He never adver- used ! B het" " m‘ffi"ifi: .:(n. pretty well advertised now.” e snoritt 19’ dotng 14" woman who s spend- the sismet 1 Penneyivenss weites sign dis| in the winde of & e Alifaue nearent hor. it Toada: 'h?i Safe. Becorid-nand furniture, teeth and ple.” Tandlord Txe—8otry, p“;fi‘fi-, that aln't no bathroom, but Jer see 1 am figurin' on puttin’ one in Hext Y Poirist—1 don't want to take & bath next of course, we won't in- one. g0 Ne 7 andior sist on yo YE H MMOOK AND YE FYPE. Baltimore’ Americaa: Folke there be who sceke yo Bes, B nere Buminer Tyme 16 Hore, Apd ‘some who try ye Mountayties hygh, ‘Where Boarde an me are deare; Some Iyke ye looke of Lake or Brooke, henne yo Hotte Wi But thye poore Hard ‘Hys Hammock and hys Pype. mookes! Ye Lawne s ofn mannle spottes be dde th) w gl e s, e tor Alre, N&I&MM‘ |r;o to Mo ; No byll of fare 10 makes one sweare, Notte ';'u'&;"nfi:':'fifi’&‘nm Wyt Hummook and wyth Pype. ) Wype, - ¥ {'..zh,:" ¥nd we have here 19 haenrea Yo 1