19 13 Copyright, ,

B ! A L VA N B ROWN .

A 3 B 4 1 2 7 certain ! This volume is published with the intention of arous That persecution will follow is almost a r an d ing my fellow-citizens to a realization of the high But it is a duty which mus t be perfo med can ! s . handed methods pur ued in . best be performed by one in my position

! ! h as ! e Twenty years in Wall Street given me ample Wall Street the capitol of our country, b cause n w I , our m opportu ity to gather facts hich hope from time to it governs com erce, industry and finance, and con

. time, to make public trols our welfare and destinies . n ! ! It is neither malice nor vengea ce that prompts the Wall Street must have our eyes focused upon it ! bu t publication of this volume, it is done as a service han ds or it will have its tightened upon us .

. ! ! to society It is treason to Wall Street to make its methods

public, but treason is justifiable when committed for k the benefit of man ind . I am fully aware of the seriousness of the assertions x o I contained in this e p sure . am also aware of the power of those against whom the charges are pre

ferred .

THE FINA NCIA L CONS PIRA C!

190 an d The financial panic of 7 sounds a warning which fear. Industrial and financial institutions will be all must heed and to which none can afford to remain wiped out, labor will be idle and privation and stag indifferent nation will prevail . n ot d It is a warning which un heeded spells disaster and The conspiracy enacted proves, that we are treate ! not c d ruin to you an d me and the nation . equally by the government that we are prote te n It is a warning which makes a demand for serious in our property rights and that our fi ancial, commer e ciel and industrial institutions are in grave peril of att ntion and calls for thorough investigation . ! ! being absorbed by the Money Powers ! that the gov This panic teaches a les son we must all act upon . ernmen t has become impotent in the protection of our F i nn umer The panic is rich in events . rom them property or that it has become the instrument of these

b . able, valua le lessons may be learned ! Money Powers . The object of the writer is to review some of the The fin an cial further d emonstrates events of that memorable panic for the purpose of ! ! t hat with the money trust li es th e power to wi th . proving that they were premeditated, and not accidental , d raw all e a mo e f rom c r ul a on to d en l g l n y i c ti , y as u some wo ld have us believe, that they foreshadow credi t to d e r ve b us nes ns u ns o oo , p i i s i tit tio f their g d d l w f h m m r and orce t e to se out e or f a . grave danger and if repeate wi l again cause distrust ill ll , ge il i a r x To substantiate the assertions made herein, the fol Of ndustrial corporations very st iking e ample lowing facts are submitted in evidence was furnished by the Tenn essee Coal Iron Company . I e th e And, if succe d in arousing public to a realiza It is admitted that the Tenn essee Coal Iron Com tion of this, the greatest moral crime of the century , l pany had in natural resources . It cou d

I . d will be amply repaid for my labor not, however, market its securities and was compelle a 1907 r In the f ll of banks and industrial corpo ations to sell to the Steel Company for 000 T Of were actually forced into bankruptcy or into the hands . hat is less than the estimate

. l al one of receivers its natura resources .

Typical of these banks were the following in the City d n ot And this purchase, if so it may be terme , was of New York paid for in cash, but by substituting United States u Knickerbocker Tr st. ! Steel Company s bonds for the stock of the Tennessee n Oriental Ba k . Coal Iron Company . Amsterdam Bank . M ! ! It is important to note that both Mr . J . P . organ Mechanics Traders Bank .

. Geo and Mr . W . Perkins were and are directors of Williamsburg Trust . the B l United States Steel Company . Borough Bank of rook yn . s d m r b And hundreds of others throughout the nation . So The above fact show hundre s of fir s c um ling d as much for banks, for the present. to ust, it were, not because of corruption or mis ! ! m x d r o or anagement, but because of an e traor ina y spon It is because the Money L rds can afi d to pay

taneou s . s demand for cash the best legal talents, that they can purchase the be t

Two questions present themselves brains, they are kept informed on how to circumvent ! ! F ! h a ! irst W at caused this sudden dem nd for cash the law . By so doing the Money Lord lifts himself Second ! What caused the scarcity of cash ! out of the criminal class and holds himself out as a ! F The answers are irst, the press notices as will respectable, aye, even a model citizen . be shown in the instance of the Trust Company of By issuing these ! Money ! certificates or money a ! ! a n America, instigated by one of the arch conspir tors, substitutes, the Money Lord gathers and ret i s all

. Geo. . W Perkins ! Second, the substitute money being legal money . Thereby a scarcity of currency is created w h circulated as ill be evidenced by reproductions of same W en you are hard pressed, and you feel that you s fl u k at the clo e of the book . are sti ed beca se of lack of cash, you now where to ! ! e o n th e This substitut money was issued to the amount of go . The Money L rd knows that it is agai st ! ! o and enabled some of the Money L ords law to charge m re than the legal rate of interest, but ! r n to co ner the outsta ding cash . This was done with he also knows that he may charge a bonus for pro ! ! ff . A nd a total disregard to the consequences su ered by others curing the money or a fee for his counsel .

It is a violation of the law to issue money . It is he does . A s n H . illegal to do ma y other things . But law may be cir is activity is like that of the steam roller d cumvented . r t the steam roller moves, eve y hing on its path is crushe fl e d k cas h and att ne . It possesses no feeling, it nows no During that day it payed out in an mercy d heeds no cries . It is cold and hard and the last demand being a check for merc less crushing. You are at the mercy of the y . You Here we have a concern forced into receivership, by ‘ d realize that it is a foul game . Yes, m Moncy Lor y r n . unusual effo ts, by unusual dema ds f le you hold the cards, you shu f them, you hand them Where did the demand for the million and a half own around, you tell us which to play, you make your come from ! It came from the Hanover National Bank, rules, you dictate your own terms . And we obey and MT m . of which . Ja es Stillman was a director And ‘ begin to real ize that your ustice is but a sham and ! Mr . Stillman is no small character ! he is besides director delus ion . h l of t e above named bank, also President of the Nationa b 190 7 k R . In Octo er, , the money situation was such, that City Ban , a ockefeller institution the powers controlling it, probably found that the time It is of importance to note that the New York

x a 23 1907 x s was ripe for the e ecution of the pl ns which they had Times of October , , e pres ly states, x E E i i o lo h Kni ckerbocker laid to e terminate the UND SIRABL compet tors 000 , Han over Na t nal check c ses t e in the financial an d industrial fields . Trus t

Rumblings had been heard for some weeks and on So far we see in the Tenn essee Coal Iron Com d 22 . October , the storm broke loose pany the Morgan interests at work ! in the Knicker

d r . th e o e at The Knickerbocker Trust Company closed its oo s bocker Trust Company, R ckefeller inter sts A k. we . 22d wor Thus far see them at work, separately That same night, October , a secret meeting was

. n to we proceed we will also see them at work, jointly held at the Ma hattan Hotel . Ostensibly save the 22d r n On the same day, October , the Trust Company T ust Company of America . Present on this eve t ‘

. G . M . . of America paid out, in cash, and yet were Mr eorge W Perkins, r Henry P Davison,

. . . . B . . G Mr Oakleigh Thorne, its president, informs us that Mr J P Morgan, Mr eorge Cortelyou, then Sec retar n the run on the Knickerbocker Trust Company in no y of the U . S . Treasury, a d a member of the

afiect d n o an d . way e his compa y . cabinet of President The dore Roosevelt others

o 22d Presi d en t Again, on that same day, Oct ber , after bank But Mr . Thorne, of the Trust Company of

. w . G . as ing hours, Mr eorge W . Perkins and Mr Henry P America, conspicuous by his absence . He, the

th firm Co. n ot a . Davison, both of e of J . P. Morg n , most interested of all was invited

- ! h ! called on Mr . Oakleigh Thorne at the offices of the And this self appointed committee decided W at r x e F or ! T ust Company of America . They thoroughly e am To sav the . whom ined n u . the fina cial condition of the institution . Judge for yo rself i n a It showed, to be brief, that it had in Mr . Perk ns, now informed on the fi ancial st nding a ssets, of which was in cash . of the Trust Company of America, gets busy .

r ! Mr . Perkins and Mr . Davison said to Mr . Tho ne He prepares a statement for publication . It is de !

fin E. a d . They were pleased to the conditions as good as livered to Mr Melville Stone, M nager of the Asso ! 23d e s . rn they wer . ci ted Press On the following mo ing, October , and d d k t it appears in the New York Times in part, rea s sai the committee appointed to ma e the inves igation had no as follows t reported . ! u The chief sore point of the panic is the Tr st Mr . Thorne, was, at that time, unaware of the mid

n nh . Compa y of America, etc . night meeting held at the Ma attan Hotel by Mr k Its result was obvious . Morgan, Mr . Per ins and others .

r . A run was started on the Trust Company of Ame ica It might be added that when Mr . Thorne called at 23 n . . d Mr. Its president, Mr Thorne, made every effort possible, the office of Mr Morgan on October , Perki s, run x o to stop the , opening several e tra pay windows Mr . Davison and Mr . Stillman, President of the R ck of ll i . ef e er but of no ava l On that day the Trust Company Bank, were present . Here we have them jointly ! ! A m to fi erica was compelled pay out in Rockefeller s representative in Morgan s of ce, planning h ! ! cas . to save . to Mor r . In the meantime, Mr . Tho ne made it his object It is quite evident that the action of Mr. J P . E r s co see Mr . M . . Stone, for the purpose of info ming him gan was a subterfuge, an d that he waited for the p y t ! ! hat the statement which appeared in the Times was logical moment to get Mr . Thorne or his institution th not true as to e condition of the Trust Company of to accede to his terms . The terms were Mr ! America, and also to see Mr. J . P . Morgan from whom of securities selected by . Morgan s own committee, n o n he i tended to borr w money . for a loa , only of which was

r ! l M . . . a d r a Morgan put Mr Thorne off for some time He immediately adv nce the est in inst lments . Later a loan of the same nature of on It was these events that intensified the real panic . 000 d of p cked securities was ma e . i n f d n They put our cou try in a renzy, cause u told ! As a result of Mr . Perkin s machinations, the firm r suffering, mise y and numerous suicides .

. . . s of J P Morgan Co and others, got po session of These and other events helped the money oligarchy of th e most valuable securities held by the to obtain control of 3 6 per cent of the weal th of the Trust Company of America by advancing

. . . 21 nation !N Y World, October , in installments . Some saving ! It is quite plain that the Morgan-Rockefeller clique Mr . Oakleigh Thorne, formerly president of the r wi T ust Company of America, through merging of that killed two birds th one stone . T rust Company with th e Equitable Trust Company First ! The Knickerbocker Trust Company was com Mo n a pelled to close upon presentation of a check for !a rgan i stitution! , has been cast side, like a

000 squeezed lemon . , drawn by the Hanover National Bank, of which,

- - in . Mr . James Stillman, the father law of Mr . William Mr . John D Barney, formerly president of the ! . Rockefeller s two sons, is a director . Knickerbocker Trust Company, committed suicide He ! Second ! As the di rqt result of the publication of left a letter saying ! I do not kill myself because I ! Mr . Perkin s statement in the New York Times, the am a poor man, but because I have lost faith in man ! d . run on the Trust Company of America occurre . kind . Geo . o ret r . a . Mr rge B Cortelyou is now !N vember, y of the U S Treasury and member of the Cabinet s ! the president of the Con olidated Gas Company of New of President Theodore Roosevelt, to be present

. o Wh F ! . e York This is a William R ckefeller !the brother of ifth y did the U . S Tr asury, with the knowl

n . n . o Joh D Rockefeller! concer edge and consent of President Theodore Ro sevelt, turn ! over in cash, to Mr . J . P . Morgan A few questions might now be in place .

F ! i n Sixth ! Wh y was not that advanced to irst What was the object of Mr . Perkins in f a - vestigating th e Trust Company of America ! the su fering b nks, which had a super abundance of - es the d ! Wh gilt edge securiti , and whose only ailment was Secon y, after he had declared himself ! ! lack of cas h ! Pleased to find the conditions as good , did he publish a sta tement which caused a run on the Trust Company Seventh ! How was it that the banks and industrial ! of America ! corporations that stood in the good graces of the Pi ! n an cial F ci rcu la te Third ! Why a secret midnight meeting and Mr . raternity were able to issue and an ! th e x i Thorne, interested party, not invited substitute money, some e hibits of which I herew th F ! h i . G . t e ! ourth How comes Mr eorge B Cortelyou, Sec submit in follow ng pages B TITU TE M S U S ONE! IS S U ED.

h r as to . 1 Cong ess, alone, the power issue money Constitution of the United States of America, Article

10 ! o tion No state shall c in money, emit bills of credit or make anything but gold and silver coin a der of payment of debts .

! ! presenting the followin g exh ibits of unlawful United States and range in denominations from 25 e n NO 1 x 25 y issued by ma y banks in many cities in all parts cents to . is an e hibit of the c type ! i e th i . United States, we call e reader s attent on to issued by the Montgomery Clearing House, Alabama f 2 x act that at no time was public attention called to No . is an e hibit of those issued by the New York 101 Clearing House Association to the amount of $ , i e exhibits shown are reproductions of some of

s u of was 26th 1907. sub tit te money issued, to the amount of The date the first issue October , s was r 3oth 1908 e by banks and a sociations throughout the The last issue Janua y , , final canc lla i M r 28th 1908 n dr and t b f m an d ac t on a ch , , just one hu ed twen y of all availa le law ul oney, forced them to

five . ar . in s banking days to c ry out their plans Then the cept lieu thereof, instruments of which it was aid m ! lawful oney was restored . Many of these checks had no collateral security back was s i How it these institution could gauge so accurate of them, and were accepted purely on the responsibil ty l ! y the length of the panic as to practically guarantee of the issui ng bank . payment of debts at a set date ! Thi s is the kind of money that the gold miners o Goldfield s In the manufacturing centres of the nati n, the wage of , Nevada, had refu ed to accept in lieu of ! ! 3 i s . workers were paid in payroll checks of which No . authorized legal tender and had gone on strike aga n t i and 4 x 18 1907 are e hibits . Only those industries which were President Theodore Roosevelt on November , , n i G F o to ff in good sta d ng with the Money Trust enjoyed this issued orders to eneral unst n, dispatch a su icient F F privilege . Typical of these were the Standard Oil Com force of ederal troops from Presidio !San rancisco, R R pany, Duluth and Iron ange R . . , etc . Some of to make the miners take more kindly to the scrip ! ! these payroll checks had this notice at the point of the bayonet . ! e ! i n S ee A eal to Reas on Kans as D ece b er 1 4 Dece b er 2 8 To our employe s This check will be received pp , , m , m

l o l e 1 9 0 7 . 19 0 7 and New ! ork Dai y Pe p e, Dece b r 7 , payment of your bill by merchants and business men , m

5 x and will be deposited by them in their banks for pay No . is an e hibit of some of the money issued !

. i . ment through the Clearing House by the follow ng banks at Lincoln, Neb , from Novem i d ha 1st 1907 a 15th 1908 ' Th s prove to be a means of draining the merc nts ber , , to J nuary , m National Bank of Com erce . Bryan, before the Democratic National Convention ,

hi . 9 1896 al , , . The Central Nation Bank. C cago Ill July , You will notice that this paper money was is F irst National Bank . sued eleven years after the great financial campaign of City National Bank . 1896 was F , wherein the issue the Gold Standard vs . ree F ! ! armers Merchants Bank . McKin l e Silver, one championed by William y, the other n n by William Jen ings Bryan, both declari g that the This is the home town of William Jennings Bryan , ! ! ! 189 6 ! Money of the Constitution should be the money of who, in , had startled the Nation by his cry You M cKinle the Nation . The voters, by electing Will am y, shal l not press down upon the brow of Labor this crown i Go decided that the ld Standard should prevail . of thorns ! you shall not crucify mankind upon a cross w in O Not ithstand g this, at Canton, hio, the home of gold . We say in our platform that we d McKi nle l town of the late Presi ent William y, the C ear b elieve that the right to coin and iss ue money is a ing House issued substitute paper money in the amounts

. function of government We believe it . We believe 1 2 5 10 x of $ , $ , $ and $ !see e hibit No . r soveri nt that it is a pa t of g y, and can no more with Hon . Judge Alton Brooks Parker, the nominee for safety be delegated to private individuals than we can the Presidency by the Democratic Convention held at afford to delegate to private individuals the power to . o 9 1904 St Louis, M , July , , sent a message to the con ! x s ! n make penal statutes or levy ta e . William Jenni gs venti on d in x eclining to accept the nom ation, e cept on an ul l the underst ding that he wo d maintain the go d circumvent the law of the various states . They suggest

i ff . standard of money value . premeditation and design in engineering th s a air

The telegram read ! The facts herein shown make it self! evident that the ! ! ! To the Delegates at the Democratic Convention Money Trust has it in its power to eliminate any G i rrevoc n n r F I regard the old Standard as firmly and Ba ker, Mercha t, Manufactu er, armer or Wage a vi ably est blished, and I shall act accordingly . Worker they deem ad sable . Whether he be the cus

- E . mi . odi an ALTON B PARK R t of seventy four llion, as was Mr . Thorne, or h . x Ten esse . r e At Portland, Ore , and Seattle, Wash !see e ibit pa t owner of a corporation, like the Coal F or . G Co. Of . No the money instead of being based on old Iron , with two hundred millions property F and Silver as is generally required by law, was issued this inancial Oligarchy are a law unto themselves and d by resolution of the Clearing House Association, upon ictators to all others . Cann ed F is h a 75 s Lumber, Wheat and to the mount of Therefore, unless earne t thought and careful con ! the l eaime i n d per cent of what y c d it to be worth . sideration is g ven to this situation, u less a concerte L os a x In Portland, Angeles and Spok ne !see e hibits move is made to prevent a repetition thereof, this Na i o . 7 8 re Nos , and the substitute money bore close tion, to ts sorrow, will soon realize that its pe ple are semblance to real money . gradually being deprived of their incentives, hopes and These exhibits of money conclusively prove that asperati ons and that the great body of American citizens ri preparations had long been made and care taken to will be reduced toindust al servitude .

Ex N 2 i it o . h b .

LoanCommitteeoftheNew! orkClearingHouseAssociation

Th i s C e r t i fl e s . t ha t t h e

w o m m i e e s e c u r i ! a c r h a s d ep os i t ed i t h thi s C t t , t i es i n c o d a n ce w i t h t h e p roce e d i n g s of i ri a M ee t i n g of t h e A s s oc i a t o , h el d Oc tohe 9 6 t h , 1 9 0 7 u p on. w h i c h t hi s Ce r ti fi c a te i s

h e r t i c a t W i l l b e rec ei v i n. a m en t b a l a n r i s s u ed . T i s C fi e ed p y of c es a t t h e Cl ea i n g H o u s e F I F T! THO U S A N D D O L L A S f or t h e s u m of R . f ro m a n y M e m b e r of th e Cl ea ri n gt

H ou s e A s s oci a ti o n .

On th e su rrend er at this Cert ificate by th e depoelting Bu tt mittee wil l endorse th e amount a a a above named . th e Com p y b em and surrend er ment on the ob ligation 0 ! said Bank . h eld yth . h r a proportionate s hare of the collateral securities h eld t eref o ,

3 . Ex h i b i t No .

Ex i b i No . 4 h t .

Ex i b i No 6 . h t .

Ex i i No 9 . h b t .

F o r f u r t h e r i n f o r m a t i o n o n m a t t e r

i l C o n s i r a c b o o k l e a n d r i c e i n u a n i t i e i n a n d F i n a n c a p y t . p q t s . S g

o f 1 9 0 7

H D VHN B ROWN

8 3 N a s s a u S t r e e t

N e w ! o r k