Alpena argus. [volume] (Alpena, Mich.) 1893-1909, 1893-08-23
Where it Belongs.

The New York correspondent of
the st. Louis Republic furnishes
some most pointed remarks on the
present financial situation, which
may serve as food for reflection to
those who are casting about in all d.
rections, and cursing all the political
parties that ever had an existance,
for the financial stringency. Read
and then ask yourself if there is
not a mountain Of truth in his ut
terances:
There is an element Of poetic JUS
tice in the present status Of the
financial stringency which must
appeal strongly to Governor Waite's
sense Of humor and serve to soothe
in no small measure his ruffied
temper. 1t is the spectacle of the
men who are largely responsible for
the mischief sweating blood, so to
speak, in an involuntary effort to
save themselves from the conse-
quences Of their own misdirected
enterprise. | refer to the men who
make up the banking community
of New York. Their part in the
"panic of 1893" should not be lost
sight of when the events of the
passing period are written in his
tory.
1t is broad statement to say
that these metropolitan missionaries
of Mammon are entirely response
bic for existing conditions, but no
impartial observer of current events
will deny that the genesis of the
present stringency can be traced to
their pernicious agitation for the
repeal of the Sherman silver pur-
chase act at time when it was
calculated to do the most harm. A
series of untoward events had I'M
settled business abroad and caused
a contract of foreign loans in this
country when the agitation start
ed. The Barring failure had Grip
pied English financiers. Austria
had adopted the single gold stand
ard, and, by Offering premium for
the yellow metal, had drawn on our
store.
Industrial bubbles had been prick
ed in Argentina and banks had
failed in Australia, carrying down
with them numberless smaller in
situations. Our Treasury surplus
had been depleted by the extrava-
gance of the Harrison administra-
ton and feeling Of unrest had set
in at home and abroad. Every
thing seemed to demand a patriotic
silence on the part of the financial
community of New York. The
Chicago convention had assembled
and nominated Mr.. Cleveland for
President on a platform declaring
IN unmistakable terms against the
Sherman actand he had been elected
by an overwhelming majority on
that platform. There was not then
and never had been any doubt how
he stood on the monetary question.
Everybody knew that in the full
ness of time he would call Congress
together and recommend the repeal
of the obnoxious law.
Everything was to be gained by
waiting for dignified Legislative ac-
ton.
Just at the critical moment, how
ever, when foreign capitalists need
ed a little reinsurance from this
center, the bankers of New York
set out to stampede the country to
the gold camp. There must have
been a reason or reasons for this.
1t may have been the desire Of the
New York bankers to force an issue
of bonds; that, probably, was one
Of the reasons for their agitation.
1t may have been, too, that in de-
handing the repeal of the Sherman
act they contemplated a readjust-
ment Of values under a single gold
standard, by which they would re-
ceive So for 81 in return for the
money loaned out in the West. I'm
der the gold standard they may
have argued that with the income
Of the farmer reduced by 80 per
cent and the amount Of his debts
increased by the same amount they
would accomplish this result.
However that may be, it is GER
tain that the agitation found birth
in a selfish motive. The Harrison
administration, then about to 20 out
of Office, was appealed to to issue
bonds. This appeal was met with
a fiat refusal. When the Cleveland
administration came in the appeal
was renewed, and a great cry went
up when Secretary Carlisle refused to
listen to the overtures Of the New
York financiers. Secure, however,
in the beliefthat their cause was Just
according to their moral ethics
the agitation was continued and the
services of two or three meddle-
some newspapers were enlisted in
the crusade to anticipate Govern
ment action.
Everybody knows theresult. The
exaggerated reports of the condition
of affairs here reached England with