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nydus/Frenzied Finance, Vol. 1: The Crime of AmalgamatedPublic

This volume compiles a series of articles originally published in Everybody's Magazine concerning the practices of high finance. The author presents a historical account of business dealings spanning twelve years and challenges readers to evaluate the veracity of the events described.

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Table of Contents

CHAPTER XXIV

meet the emergency, but he would have none of them. Finally he suggested a method which was certainly perfect of its kind. He began by letting me into the secret that the chances of a McKinley victory in the election the following week looked pretty bad, and that the latest canvass of the State showed that unless something radical were done, Bryan would surely win. Hanna had called into consultation half a dozen of the biggest financiers in Wall Street, and it was decided to turn at least five of the doubtful States. For this purpose a fund of $5,000,000 had been raised under Rogers' direction,1 to be turned over to Mark Hanna and McKinley's cousin, Osborne, through John Moore, the Wall Street broker, who was acting as Rogers' representative in collecting the money. It would be legitimate for the National Committee to pay out money to carry Delaware, and he, Rogers, would arrange it that the coin to satisfy Braman and Foster should come through this channel. Thus he would be completely protected.

"Lawson," said Mr. Rogers, looking at me with intense and deadly seriousness, his voice charged with conviction, "if Bryan's elected, there will be such a panic in this country as the world has never seen, and with his money ideas and the crazy-headed radicals he will call to Washington to administer the nation's affairs, business will surely be destroyed and the working people will suffer untold misery. You know we all hate to do what Uncle Mark says is necessary, but it's a case of some of us sacrificing something for the country's good. Bryan's election would set our country back a century, and I believe it's the sacred duty of every honest American to do what he can to save his land from such a calamity."2

The "System's" conscience has its own quaint logic—the logic of self-interest—and this is how it reasoned: "The election of Bryan would disturb our control of American institutions, therefore American institutions would be destroyed by Bryan's election. On us, the 'System,' devolves the sacred if expensive duty of saving the nation, and, however abhorrent to our fine moral sense, patriotism compels us to spend

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