Los Angeles herald., 1891-08-21
posrpoNINe THEIR PANIC.

POSTP0NING THEIR PANIC.
A few days ago an editorial article ap-
peared in the HERALD denouncing in
the strongest terms the efforts of the
Wall street sharks to get up a panic on
the strength OF the gold that had been
Withdrawn from this country to Europe
to plug up the holes made in London
financial institutions by Russia's sudden
demand for her deposits. The circular
of Henry Clews of the 18th gave coun-
tenance to the probability of this alb
ssird panic; but it soon changed its
time when it came to realize the fact
that financial panic in this country
would be incompatible with the facts of
tremendous crops here and shortage of
crops all over Europe. A supplementary
citcular was therefore speedily issued to
4eke off the had effect of the manifestlv
stock -jobbing publication they had pre-
vi0psly sent out.
But that Wall street had laid deep
plot for panic that would have de-
stpyed values and ruined thousands,
there is no doubt. 1t had been worked
upswith great care. The Mckinley bill
bad lowered the public revenue at one
end and the billion-dollar congress had
got away with the surplus at the other.
FostersB little plan to extend the AZ per
cent. bonds due in September, as he had
mo money to meet their redemption,
would not work. Over one hundred
millions in gold had gone across the At
lantic. What finer opportunity could be
desired for the successful Inauguration
of 4 first-class panic? Everything was
working to make it success, and the
financial circulars were ready to spread
broadcast over the country the reasons
for the crisis. But unfortunately for
these piratical wreckers they had forgot
ten one important factor. They had
failed to consult Providence and get him
into the conspiracy. But why commit
the sacrilege Of coupling the Almighty's
name with anything SO vile or unscrup-
ulous as Wall street conspiracy ?
These fellows are careful to have no
dealings with the Lord. Their friend is
the fellow with cloven feet; he is the
one they work with and to whom they
pin their faith when they are robbing
their fellows.
Providence sent the country unprece-
dented crops. These crops are badly
wanted in Europe, and they will COM
mand extraordinary prices. The result
will be the immediate rehux of the gold
taken away. The farmers of the United
States will be billion-perhaps bill
lion and half-dollars better off at the
close of the season than they were at
the beginning. To manufacture panic
under such circumstances would be
simply impossible, hence the finance
writers of Wall street hasten to take
back all they said. Here is paragraph
from the latest Clews circular, which
iully endorses the views taken by the
HERALD, and which shows that the re-
action in the gold movement has already
set in:
It eeems proper to add a word as to
the prospects Of our home money. We
have nova week or two later than
usualAreached the turning point in the
domestic exchanges, and money mas
begun to flow westward. Although the
amount of the reserves of the New York
banks is double what it was at the same
time last year, yet that may not prevent
our local cash resources being drawn
down to point threatening stringency.
This is a matter, however, that can only
be determined by experience. 1t is not
+, be overlooked in this connection that
the active circulation of the country has
increased some seventy millions during
the last twelve months, which, in the
absence of any increase in the trade OF
the country, should pass for an element
of some importance in estimating the
prospects of the money market.
Nothing, however, but the interfer-
lence of divine Providence has saved us
from most serious stock -jobbing panic,
the result OF a deliberately planned
Wall-street conspiracy. Ordinary gam
monte-eyen the lit
tie Joker game, are innocent and moral
compared with the stock
5obbing conspiracies OF the, manipula-
tors of Wall street. These fellows are
denouncing free coinage Of
silver on the assumption that it will
disturb values. OF course there is no
truth in their assumption. But it there
were, it does not lie in their mouths to
make such objection. They are them
selves constantly milking the market
md disturbing values, and have come
% believe that they alone, OF Al the
psople in the country, have the right 70
practice this kind Of diversion.