Chapter Ten: “now What Shall We Do About It?”

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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.