The San Francisco Call. Newspaper, June 26, 1898, Page 18

SAN FRANCISCO CALL, SUNDAY, JUNE 26, 1898 lieve him wrong. We can’t trust the French people. A few of them, like Lafayette, were patriots, but most of them you have got to keep under your e. They are a fickle people. But the glish you know all about. They are our natural friends and allies and we can trust them. If there is ever a need of it I believe there should be an offensive and de- fensive alliance with Great Britain. England and America together can control the world. I tell you the money power rules. Napoleon said, “It is the st _sovereign that wins the battle.” He knew. Here we are, a great rich nation of 74,000,000 people. England controls fifteen hundred millions. She controls them through her great wealth. A combination of the two powers would be invincible and I believe it is coming. I tell you the money power rules th continent. On Wall street is the power that controls the United States. The people of this country cannot do any- DON'T believe there is going to be the boom a r the war that ev: is talking about. If the war goes on for a long time, as I think one 1nz':r\‘.\»;“.w‘:]\’im:-Hll .'12.-;32?.‘.3 \‘\',}‘1‘1.“-)5‘;1 thing without coming to Wall street for gradual recove It the war should suee pitale In the same way London x s s the empire of Great Britain. Rus- be over in 30 to 60 days there will be & sia is rich, but nothing like the com. quick recovery, bination of England and America. 1 Securities, both ind andwrail- os e0 g2 o0 00 road, will be affected pretty much .. We are doing no business and g we shall be ¢ none till the war is 5, The railroads are handlin 2 heavy business, but it is all artif | We are actually doing no business. %3 Hu s of thousands of men are idl : 2% %% We spending more than a million dollars a day our army—all of it the accumulation of the past. We ares$ piling up a debt which I believe will begs the biggest we have ever known. ¢ I believe the country can easily take g war as the exclu E are accustomed to regard ive oppor- _* tunity for the soldier, but it has made fortunes as well as reputations; the struggle for tell you it would be invincible. And it had private advices all the time from the other side, and the peo- ple of England are anxious for it. So are the people of this country. The Irish will not amount to anything when the matter comes to be arranged. When they have been here awhile they mericans and they are for the and stripes. I have two or three h servants at my house and they look down on their poor relatives who are just over from Ireland. In case of an Anglo-American alli- ance the old rule of trade will prevail —buy where you can buy cheapest and sell where you can would undoubtedly broaden trade Op- portunities all over the world. But whether it would mean free trade or not would depend entirely on the way free trade would affect our interests. If we free trade v would adopt it. v of protection h proved mors able to us. The future of this 'y lies in the development of its ard in the educa- and public credit ceased to exist. As stocks and bonds went down Rothschild bought all the consols, bills and notes he could raise the money to pay for. Then he w ited sc."re in his knoviedge of the reaction tha: would follow the news f Waterloc. On care of a debt of a thousand million. S Ll om tory at the front has had rpo oy 5 s sl But we don’t want to consider that. S : s had 4y, 23q of June this news reached Lon- ol Lo it ;g8 1ts parallel in the equally flerce struggle don. Values went up more rapidly e Tangr o onds to take care of & for wealth on the stock exchange. than they had previously gone down LAy ‘;-“ \’\’.’ the i m\_‘l-“}r‘;‘;‘!{‘fi‘ = It was Waterloo that made secure the and shrewd ol athan _Rothschild 16 we srantea todo,sv, But it wonld begs Laine of Welllngfon asia soldler: It was COutted as hissome six milifons mote TR on the people, so it o; Waterloo that made secure also the %S9 t00 great a burden on the people, SO it oy als e z s X : is wiser to issue bonds 2 financial dynasty of the Rothschilds. , Of all the great fortunes of America do not care to ¢ the methods 8 Shrewd old Nathan Rothschild had |y o war fortune is that of the Du The men at the g8 t have made a B of placing the bond: waited for head of e Governme h study of that matte they know : B e b jnant. to et 88 come. His agents had followed the Cor- not © neial but the best g8 Sican in his various campaigns that he moral T lieve that the loangs might have the first news of his over- will be popular. It would be we par in small quantit 1 to s to the people. them and putg bidder woul in the British army. o ask a premium fo R0 mEk . close to the commander-in them up for the highe chief be too much 1 huckstering at this* the “Iron Duke,” not knowing him, fan- better that the bonds should 88 cied he must be either a spy or possible t! ted :x‘:m;ux lln‘lPt'lee, {m‘ assassin, and threatened to hang him that will gi all the people a greater i e arters. that Wl e e P 1 e a1, & If he again appeared near headquarters. ways well to have the people feel as though they were partners in the Gov-gs ernment’s business, for then they willge watch its affairs with greater care and see that Its administration is better.$3 B . child from his horse on Napoleon’s downfall, firm in the faith that it must sooner or later throw, and during the days immediate- ly preceding Waterloo he himself was Indeed, he kept so that The day of the great battle Roths- the hill of Hougoumont watched the struggle of the nations, and when at last he saw that the French army was in retreat, Ponts, who for almost a century have controlled the manufacture of gun- powder in the United States. In 1802 Ebenthen Treme Du Pont, a French refugee, established himself in Delaware, where he commenced in a small way the manufacture of explo- . The war of 1812 and the Mexi- va did much for the industry which his descendants carried on. In every generation one or more members of the family have paid for the family riches with their lives through ex- plosions in the mills, for the Du Ponts must be their own chemists and super- intendents and mecha The price- less secrets of their craft pass from father to son. During the civil war their econtract with the Government involved millions of dollars, and the present war with Spain, when (ne cost They will be 100: ling to help it§! posted off to Brussels as fast as his Of firing a single projectile is enorm- long, too, if it n their a et 5 : G Ptk uture. That has alw horse could carry him, whence a S Vi SO ERRNY 00 THGHT WL carriage in waiting conveyed him to greq millions. my policy lost anythin made as much as I have lost. I think it would be good policy, too, to have the people take Government securities in times of peace. England, ¥ you know, has a permanent debt and it g might be well if the Government of the ¢y United States had bonds in_the hand of the people at all times. I was ve! Py e ag e o ok Thleased with Chamberlain’Sgs than his fellows undertook the dange speech on the subject of England and gy Americs e in an Anglo-American alli- ance. As Chamberlain said. blood isgs thicker then water. We want to be on g friendly terms with all nations, but 1‘;:‘3 can trust England and some of thes others we can't trust. I see Chaunceyss Depew was reported to have said in France that an alliance was Impossl- o, ble and that we wanted France for our friend. I hope he didn’t say it. T am a friend of Mr. Depew sincerely, but i3 he sald anything like that I mus to cross. to London. peared at the Stock Exchange. stroyed by Wellington. the public faith on every side. Ostend. There he found a storm raging on the channel and the sailors fearful But he knew neither fear nor danger when he saw the glint of gold. He offered first six, then eight hundred francs to be taken to the English coast. At last upon his offering twenty-five hundred francs a fisherman having cupidity ous task. Before nightfall Rothschild had landed at Dover, and without wait- > ing for a moment's rest was on his way On the 20th of June he ap- He told his friends in confidence, of course, that Blucher's army had been utterly de- Napoleon at Ligny on the 16th and 17th and that as a result of this defeat there could be no hope for His whisperings poisoned The funds went tumbling into the bottom- ¢¢ pit of commercial panic, while private The first effect of the war was to paralyze trade of every sort, the next was to stimulate it. The speculative fever broke out in 1862. Mew speculated in all the food products, in coal, iron, dry goods and gold. Very few of the: pureiy speculative fortunes were last- in~ however. They were made and lost almost in a day. One of the most in- teresting phases of this war-time speculation were the operations in gold which were first conductel in a dirty and dingy news stall called “Gilpin’s rooms,” at the corner of William street and Exchange Place, New York city. In two or three months it became the center of the gold business of the United States. During the war, when gold reached 285, the trade amounted to millions a day and immense fortunes were suddenly made, ‘the majority of which were as suddenly lost in March of 1863, when gold fell seventy-four points. Many of these deals were THE WORLD, NY. CARTOONKTS T Lo At UNCLE SAM -.ALLmeE i “WITH THIS ASA BAS\S SYES tion of our people to a better state of living than the people of other coun- tries and a greater self-respect. England is a greater money power than the United States. and she might try to dominate the United States in case of an alliance based on money, but I think we are Yankees enough to drive a good bargain and to take care of our own interests. I do not think it unwise to agitate the question of an alliance, as some public men have suggested. We are a courageous people and we don't hesi- tate to speak our minds. I don’t believe much in diplomacy. I think we ought to hold the Philip- pines and Porto Rico until Spain pays back what we have spent on this war. If there is any question about the de- tails of the settlement we ought to call in the powers and let them deter- mine it. It is possible we may want to keep the Philippines if the war is prolonged, s I believe it will be. If we take pos- sion now and establish a government there we may not want to relinquish it. But I believe that if the war ends soon we should merely hold the islands nuRNLLN nRunN fraudulent. Edward B. Ketchum's operations, which were estimated to have yielded him a profit of over one million of dollars in less than a year's time, were of this nature, but their boldness compels a sort of admiration by reason of his youth—he was only years of age. The speculation in gold culminated in 1869 in widespread ruin. This was on what is known as Black Frid when Jay Gould and Jim Fisk tried to force it up to two hundred. Fisk had entered into the venture on Gould's assurance that President Grant’s brother-in-law, General Por- ter, his private secretary, and Butter- field, the Assistant Secretary of the Treasury, were to have an interest in the speculation. Fisk was aware that together they could buy all the gold in New York city, but he feared the hun- dred million in the sub-Treasury, for he knew an offer from the Government to sell any part of that would mean their ruin, as he said: “Our phantom geld can't stand the real stuff.” However, when he was told that corruption was to play & part in the speculation, he felt at home and safe. They prepared for the struggle by buying the Fifth Na- tional Bank of New York. On the 23d of September, the day be- fore the bubble broke, Gould and Fisk had about three hundred thousand dol- lars on\deposit there, but their checks were certified to the amount of eight niillions. The Government meantime had .been informed of the action of the bank, and three examiners were sent to New York to take nossession. This was on Fri- day morning; but they permitted the bank to transact its regular business, though no mo-e checks were certified which were not covered by a deposit. On Wednesday the price of gold had been 140%, a rise of 5 cents. This would have -iven a profit of five mill- ions of dollars to the conspirators had they chosen to sell, but they held and Thursdzy gold reached 150. On Friday morning it climbed to 160—and then at the critical moment came the news that the Government had opened the vaults of the sub-Treasury. Instantly there was a panic; with hardly a rally gold fell to 133. There was none taken at any price. ‘““The real stuff” crushed the corner in a twinkling of an eye. The report made by the committee of investigation showed that there were only fifteen millions of gold certificates in New York city at the time, yet the clearings for Thursday were three AN NRVRRRRRAE 8ns IF THE WAR BRING NOTHING £LSE, . FORTHIS WE ARE THANKFUL WHAT THE HINA OF AN 7 as security for a war indemnity or sell Spain out of the island Congress should them to some other power. Cuba we guarantee Cuban bonds to the amount don’t want. But when we have driven needed to establish the republic. THE MANNERS OF CAPTAIN MARCH. BY ALICE RIX. Continued from Page Seventeen. “Why, + About the Red Cross “Didn’t you?” breakfast, you know. Haven't you “And I haven’'t really formed an read about it? The papers have been opinion.” full of it.” “Haven’t you?” “Have they?” “Of course the Red Cross is a society ““Of course there are two sides to all of women, and women are apt to take tales.” \ a sentimental view of things.” “Are there?” “Yeg22 “And I dare say people would be “They may not have understood your rather interested to hear yours?”’ point of view.” “Would they?” “No?” “And I should be charmed to write “It was a.new one, you know.” 1t “Nes?! “Would you?” “And they were not prepared for it.” “Above all things I love justice!” “No»? “Do you?”’ Giwii e e el e “And you see I was not there at the “ * * * ¢ fateful moment.” “Well!” “Weren't you?”’ “Well 7 “And so I didn't see for myself. “So you absolutely won't?” BRURRERRVUNS s%n % S % & TR LEN sRuNN nVRRB hundred and twenty-five millions, and five thousand of these packed and those of Friday would have reached a ready for shipment when the Presi- cool half billion, if they could ever dent’s call for men came, and these have been made. uniforms were worn by the first troops Fortunes have been made by the that marched to the front. manipulation of war loans; at the be- ing the flrst year of the war that the ginning of the rebellion the national Word ‘shoddy” came into use. It was bond issue, and the stability of the applied to the worthless garments fur- g Government, which made the bonds of nished the Government by dishonest value, were both regarded with doubt. contractors, but after the first year the The loan could not be negotiated giving out of contracts was so well abroad owing to England’s secret but managed that frauds of this sort be- bitter hostility to the North, and to the came well nigh impossible. mistrust of the Rothschilds. The late Jay Cooke, a Western banker, under- took the sale of these bonds; he placed the original 5.20 loan of five hundred and thirteen millions—as well as sub- sequent loans, which in the aggregate amounted to over one billion of dollars. This is said to have been one of the most remarkable achievements in the history of the world’s finances. His profits from the undertaking ran up into the millions, but it was a service of paramount importance to the United States. The placing of the internal revenue tax—a war measure to increase the in- come of the Government—was not without its opportunity for aggrandize- ment. Certain grave Senators are said to have made comfortable fortunes by peddling what were known as “whisky tips.” These tips—the standard price for which seems to have been about ten thousand dollars—were eagerly sought by speculators who bought and stored large quantities of whisky, knowing it would advance in price the moment the tax was placed upon it. One year prior to the war cotton sold at 1134 cents a pound in the markets of the world; two years later it was sell- ing at 24% cents, this rise, and those which followed, forcing it up to 65 cents, and affecting the price of all dry £00ds. Having foreseen the ccadition that war would necessarily create in the South, A. T. Stewart, New York’s great dry goods merchant, had bought and stored millions of yards of cotton goods of all descriptions. - In a single year from this source he realized four mil- lion dollars. Devlin & Co. of New York, a great war-time firm of clothiers, profited in a somewhat similar way. When it was seen that war was imminent they pur- chased all the cloth they could find in the market suitable for uniforms, and not even waiting for the call for troops began the manufacture of overcoats and army clothes. They had seventy- that made blockade running profitable to English ship owners. fhe cargoes were sent out to Bermuda or Nassau and there transferred to the fast g teamers that were to make the haz- ardous run to some Confederate port. The profits were so great that a single successful run would more than pay for the best steamer aflo.t and meet the expenses of the voyage into the bargain. How it flourished and what inducements it had to flourish may be judged from the fact that during the war the blockading fleet took or de- stroyed more than seven hundred ves- sels engaged in the trade. It has been said that the purchase of arms added greatly to the private means of certain officials. The works were made, were unable to meet the sudden demand, and azents were sent abroad to buy rifles from various Eu- ropean powers.: The aggregate cost of these muskets exceeded two million dollars. They were in every way in- ferior to those made at home, and it was asserted that they were guns which had been condemned by the Governments from K which they were purchased. The moneyed return in war times {s not always in proportion to the actual value of the service refidered, indeed, it would seem that the man who stays bor to go to the front and do the fight- ing has every chance of becoming a rich man, while the soldier can only hope for fame—or a pension. PYerhaps there is no better illustra- tion of this seeming unfairness than that offered in the case of Captain John Ericsson, who invented and built the famous Monitor which defeated g the Merrimac in Hampton Roads and forever stayed the rising wave of Con- federate success. He probably received less from the Covernment than did many of the contractors who supplied caps and shoes for the army. 83 desired in the army. $% you are good, you are devoted, you are 8 vas dur- e 8" Out of the colder East the blow fell 4 2 men as well as soldie It was the rise in the price of cotton ¢ g8 weary. gs Their Captain was not sentimental. 2 teams, $¢ gridiron, ga and titlery 54 e ce Some of them have seen this serv # with the British and American armie: $2 some of them are going to it for the 3 first time; s % none g8 Captatz, at Springfield, where the army muskets gf % for the position, because of his fitness $8 for it—saw in the occasion of. laading fih’s Battery in San Francisco tp wait a e feasting and for flowers. 88 perhaps as little of the etiquette of the oe the * knows of the discipline of West Point. $2 His gg ashore, up street and e 88 plans. quietly at home and allows his neigh- g8 8 88 say, directly opposed to military usual- g8 iti 8 3 Red Cross, the courtesy has been mu- $8 tual. ge 8 2 ) ‘Oh, if you don’t mind I'd rather not.” ik Tl T e e Tl These wars are new. Woman has not yet found her place in them. If the Government had not interfered she would have gone to Manila to nurse the wounded, to die of fever, to chafe the man in action, to sadden the man at ease. Barred from the field of war she has cluttered the field of peace. Her pres- ence in the camp has made ducks and drakes of military discipline. Her ples and cakes have wrought havoc with military digestion. Her attentions have turned the unaccustomed heads of fool- ish youth from big farms and little towns. Her moneys have been squan- dered in dissipations. And so sweetly, so generously, so en- tirely, so innocently has she given her- self, heart and soul, to this work of blessed interference. and so much practical good has gone hand in hand with the evil she has wrought, that here in her own city, where the nation has gone into camp, none has had the heart to turn her out, to spoil her cup of sweets with one drop of sour; few $% have had the courage to tell her the g8 truth about herself, to sa 8 ‘Go home, my dear, and do your good work there; send the fruits of your labors—your hats and hoods, your bands and bags, $% your moneys and many other blessings g8 —to official hands for impartial distri- bution. There is nothing that you can % do In the fleld that men cannot do bet- °ter. Your presence is tolerated not You are sweet, . noble, you are infinitely dear—but you ° are terribly in the way.” 2 smartly on nerves all unprepared The Astor Battery had traveled com- fortably across the continent with well-filled grips, besides their haver- with the equipmeént of gen They were nc travel-worn nor travel-soiled. They hungered not, neither did they thirst. They were not cold. They were not They were not despondent. The men were picked from college from the diamond and the tested for physical strength that power of endurance counts in mountain a service — the hardest se vice in the army—the service of moun- tain cannon and Government mul which all are presumably good men_despite the reported wealth which has beer hung upon them like a curse; i8 yet a proven hero. Their = West Pointer and a rigid disciplinarian—chosen by a rich man who might have had his pick of o summons to the front no occasion for He knew Red Cross Red Society of San Francisco as Cross Society of anywhere intention was to get his men into camp as quickly as possible. A social function at the ferry was not included in his is not, I believe, included in plans controlling any military movements. It is, I should venture to ‘When officers of the regular army have paused their troops en route to break bread with the women of the When it was extended to the Astor ce Battery Captain March chose to de- % cline it. Had the matter ended there, as invi- ations usually end, with acceptance or regrets, this story need never have been written. ALICE RIX.