The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1890-11-14
A Panic i'm Wall Street.

A scarcity of gold in London caused an
advance BY the Bank of England of its inter-
est rate to six per cent. This action created
panic in Wall street, New York, and the
rate of interest for loans, on Tuesday, went
up as high as 1856 per cent. The condition
OF affairs in England is said to have been
brought about by over-speculation in stocks
in all parts of the world. 1t is believed
that Jay Gould is at the bottom of the affair
here. Postmaster General Wanamaker has
been actively in favor of postal telegraph,
which would interfere with the Western
Union, Gould's pet money making scheme
Wanamaker holds large interest in the
Reading Railroad Company and Gould set
his agencies at work to depreciate this stock
and injure Wanamaker. Other stocks SYM
pathized with the movement and tumbled in
price, Gould will probably take advantage
of the situation and when he has bought
largely will remove the pressure and allow
things to resume their normal state. The
excitement ON Wall street has been intense.
One broker was 80 overcome that he Drop
ped dead. 1t seems unreasonable that one
man should be able to control the stock mar
ket at his pleasure and make or ruin the for.
tunes of others. However, the Wall street
gamblers are all engaged in game of chance
and little sympathy need be wasted on them,
but innocent persons are likely to suffer by
these financial disturbances. The panic had
suhaiAed nm Wednead
in the present Congress the Republicans
have solid delegations from IA and the Dem
ocrats from States. In the new house the
Republicans elected solid delegations from
only nine States, which include the pocket
boroughs Of Idaho, Nevada, North Dakota,
Washington and Wyoming, while the Dem
ocrats present an unbroken front from Ala
bama, Arkansas, Colorado, Delaware, Flori-
da, Georgia, Kansas, Louisiana, Maryland,
Mississippi, Missouri, Montana, Nebraska,
New Hampshire, Texas, Virginia and West
Virginia, with large sprinkling from Con-
necticut. Illinois, Indiana, Iowa, Kentucky,
Massachusetts, Michigan, Minnesota, New
Jersey, New York, North Carolina, Ohio,
Pennsylvania, South Carolina and Tennessee.
The cry of Confederate brigadiers and a
solid South will be heard no more. 1t looks
as though the North and West are pretty
solid, too, for Democracy.
-~>
Revolutions do not go backwards. The
tariff lords, 10 their grasping selfshness, COM
PEELED the Republicans in Congress to pay
their campaign debts by increasing the tariff
for their exclusive benefit. Now they will
find that the tariff will be reduced on the
lines laid down by Grover Cleveland; that is
to say, only enough shall be exacted from the
people to provide for the necessary expenses
of government economically administered,
and to raise the requisite amount the luxur-
les and not the necessaries of life shall bear
the greater burden. This will be to the ad-
vantage of farmers. A tariff is tax and the
lower tue tariff the lower the tax on farm
ers, who derive no benefit whatever from
prohibitory duties.
The Pittsburg Press, Republican, admits
that tin plate will not be made here but must
come from abroad, as heretofore. Under
these circumstances, Gays the Press, sit would
perhaps be wise for Congress at its next
meeting in December TO repeal the tin plate
clause of the new tariff act, and the motion
should be made and carried out by Republi-
cans. 1t is better to recognize facts in poll
tics, and it is fact now that the tin PLATE
tariff cannot benefit anybody, and its repeal
cannot disturb any trade or branch of indus
try"
The supporters of Speaker Reed are now
endeavoring to make a scape-goat of Secre-
tary Blaine. by laying upon his shoulders the
blame for the Republican defeat. Blaine OPP