Chapter Ten: “Now What Shall We Do About It?
Footnote 117:
J. H. Rose: _The Development of the European Nations, 1870–1900_, Vol. II., p. 328.
Footnote 118:
Copied from a Government advertisement in front of recruiting headquarters in Allegheny, Pennsylvania, September 7, 1907. Italics mine. G. R. K. This same form of advertisement has also been used in many other cities.
Footnote 119:
“Lecture on War.”
Footnote 120:
See Bloch: _Future of War_, Preface XXXII.
Footnote 121:
See Charles Seignobos: _The Political History of Europe Since 1815_, p. 504.
Footnote 122:
See Brodrick and Frotheringham: _The Political History of England_, Vol. XI., p. 172, et seq.
Footnote 123:
_Work and Wages_, p. 507.
Footnote 124:
Jephson: _The Platform—Its Rise and Progress_, Vol. I., p. 283.
Footnote 125:
_History of the English People_, Vol. IV., p. 377.
Footnote 126:
_A Student’s History of England_, pp. 877–80.
Footnote 127:
_The Political History of England_, Vol. XI., Ch. 8.
Footnote 128:
_Sir Robert Peel_, Ch. 3.
Footnote 129:
_The English Constitution_, p. 423. Italics mine. G. R. K.
Footnote 130:
See, for example, J. F. Bright: _A History of England_, Period III., p. 1352.
Footnote 131:
_Arbeiter in Council_, p. 501.
Footnote 132:
_Bourienne’s Memoirs_, Vol. VII., c. 20. Reference in _Arbeiter in Council_, p. 499. For cases equally monstrous in the American Civil War history, see Myers’ _History of Great American Fortunes_, Vol. II., pp. 127–38, 291–301; Chapters 11 and 12; Vol. III., pp. 160–176.
Footnote 133:
_History of the American People_, Vol. III., p. 120.
Footnote 134:
_A History of the American People_, p. 556.
Footnote 135:
“Apart from the phraseology of the statutes it appears during the early years of the War the possibility of the payment of the bonds in other than coin was hardly raised. According to the explicit statement of Garfield in 1868, when the original five-twenty bond bill was before the House in 1862, all who referred to the subject stated that the principal of these bonds was payable in gold, and coin payment was the understanding of every member of the committee of ways and means.... It thus became practically an unwritten law to pay the obligations of the United States in coin.”—Dewey: _Financial History of the United States_, paragraph 148.
Footnote 136:
Hepburn: _The Contest for Sound Money_, p. 188.
Footnote 137:
_Finance_, p. 540, also _Public Debts_, p. 131.
Footnote 138:
Rice: _The Father of His Country—Year Book_.
Footnote 139:
_The Economic Interpretation of History_, p. 454. Italics mine. G. R. K.
Footnote 140:
_Twenty-Eight Years_ (new edition _Fifty Years_) _of Wall Street_, p. 194.
Footnote 141:
Mr. Clews relates this whole matter in detail in his _Twenty-Eight Years in Wall Street_ (new edition _Fifty Years_, etc.), in which noble tome naive conceit and the pleasures of self-contemplation beget an almost equal degree of incautious loquacity and innocent candor.
Footnote 142:
By “clear the decks,” and “unload,” when financial storms threaten, bankers mean that any soon-to-shrink stocks and bonds held by them are to be at once sold to (dumped upon) somebody else, to let somebody else stand the certain loss—just as a sinful deacon might sell to his neighboring fellow-worshipper a horse he was sure would die next day, or as an enterprising grocer might sell a rotten lemon to a blind child. It is “legitimate.” It is “opportunity.” It is “business.” And conscience is a nuisance to some people when there is “opportunity” to do “business.”
Footnote 143:
“It is a well-known fact that the War of the Rebellion was prolonged as a result of the manipulations of the speculators who invested in bonds. While the boys in blue were baring their breasts to the enemy in a heroic struggle to save the Union, for $13 per month, the bond sharks were speculating upon their necessities and the necessities of the Government. At one time President Lincoln was so exasperated by their greedy and unpatriotic actions that he declared they ‘ought to have their devilish heads shot off.’”—Congressman Vincent, of Kansas, in the House of Representatives, April 18, 1898.
Footnote 144:
_History of the United States_, Vol. IV., pp. 44–56.
Footnote 145:
_The Wall Street Point of View_, p. 29.
Footnote 146:
_Railway Problems_, p. 95.
Footnote 147:
See Davis: _The Union Pacific Railway_, p. 187.
Footnote 148:
Davis: pp. 89–202.
Footnote 149:
_Railway Problems_, p. 94.
Footnote 150:
Professor Frank Parsons (Boston University): _The Railways, the Trusts and the People_, p. 64. And see Report of the Wilson Investigating Committee, pp. III, IV, et seq., and Parsons’ Chapter on “Railroad Graft.” Italics mine. G. R. K.
Footnote 151:
“Similar franchises and subsidies were at the same time given to the Central Pacific Railroad Company.”—Parsons: _The Railways, the Trusts and the People_, p. 128.
Footnote 152:
_The United States in Our Own Time_, p. 103.
Footnote 153:
Wilson, for several years Land Commissioner for the Illinois Central Railway Company, cited by Andrews.
Footnote 154:
Parsons: _The Railways, the Trusts and the People_, p. 106.
Footnote 155:
Davis: _The Union Pacific Railway_.
Footnote 156:
_The Railroads, the Trusts and the People_, p. 128.
Footnote 157:
Professors Cleveland and Powell (University of Pennsylvania): _Railroad Promotion and Capitalization_, p. 250. Emphasis mine. G. R. K.
Footnote 158:
See Professors Cleveland and Powell: _Railroad Promotion and Capitalization_, pp. 250, 255.
Footnote 159:
See Lalor’s _Cyclopedia of Political Science, Political Economy, and United States History_, Vol. III., p. 514.
Footnote 160:
_The Railways, the Trusts and the People_, p. 107.
Footnote 161:
The Fourth Illustration was prepared before the appearance of Mr. Gustavus Myers’ _History of Great American Fortunes_, in which the reader can find much concerning the land steals. Myers’ three volumes are brimful of bombshells for the “noble record” of the glistening barnacles that have clung to the body politic ever since George Washington was under indictment for swearing off his taxes. Mr. Myers has sadly bedimmed the glory of the illustrious “solid men of business.” The work serves as a great contribution to the literature on _social parasitism_ concerning which the wage-earner should make all haste to get all possible information.
Footnote 162:
See discussions in Congressional Record of the period.
Footnote 163:
See Congressional Records.
Footnote 164:
D. R. Dewey: _The Financial History of the United States_, p. 467.
Footnote 165:
_The Rough Riders_, passim. Italics mine. G. R. K.
Footnote 166:
April 1, 6, 9, and 20, 1898.
Footnote 167:
See _Tribune_ for real name in full.
Footnote 168:
_School History of the United States_, p. 476.
Footnote 169:
Roosevelt: _The Rough Riders_, passim.
Footnote 170:
See _McClure’s Magazine_, Sept., 1908.
Footnote 171:
_The Moral Damage of War_, pp. 332–33.
Footnote 172:
_National and Social Problems_, pp. 211–12.
Footnote 173:
Gen. U. S. Grant. Compare also Grant’s comment on the cause of the Mexican War: _Memoirs_, Vol. I.
Footnote 174:
See Chapters Seven, Section 7–12.
Footnote 175:
_New York Evening Sun_, Editorial, Feb. 24, 1910.
Footnote 176:
In an address, New York, May 25, 1908.
Footnote 177:
British authority for this statement; but exact citation unfortunately lost.
Footnote 178:
But see Index: “Desertion.”
Footnote 179:
_Expansion_, pp. 101–2.
Footnote 180:
Italics mine. G. R. K.
Footnote 181:
_National and Social Problems_, pp. 186–88.