Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1893-08-24


they felt that now, If ever, must they
make the fight for gold monometal-
lism Knowing that Cleveland was
heartily with them, they desired to
create such public sentiment as would
make his triumph with congress easy.
First they were to press the west
for a settlement Of Indebtedness, and
next they were to start the scare over
the export of gold. The movement
Of gold abroad began early in the
year. 1t was undoubtedly accelera-
ted by New York fnanciers, and ev-
cry effort made to magnify its i'm
portance. The telegraph wires were
daily loaded, not merely with the
various amounts that were going
abroad, but with interviews with New
York men as to what was the cause,
etc. There was apparently a syste-
matte effort to press upon the people
OF the whole country that other ma
tions were frightened on account OF
our silver Legislation, and were deter
mined TO secure all their indebted
ness at once IN gold.
The strongest influences were
brought to bear on President Harri-
son and Secretary of the Treasury
Foster to get them to issue bonds for
the purpose Of calling gold back. It
is raid that the treasurer, Foster,
succunbed to their influence and was
willing to issue the bonds, which so
greatly encouraged the New Workers
that they formed a syndicate for the
purpose Of handling them. A gentle
man Of this city assures the Inter
Ocean that he knows some of the
members of said syndicate. Presi-
dent Harrlson's frmness, however,
thwarted their efforts, and when
President Cleveland was inaugurated
he refused to do what his predeces-
sor had so firmly and positively de-
clined.
When it was found that President
Cleveland would neither issue the
bonds nor call an immediate session
Of congress to wipe out silver legisla-
ton the export Of gold continued to
increase rather than decrease, and
the wise tnanciers Of the east began
to see that the movement they had
started was one they could not con-
troll. The fulillment Of their proph-
ecies of evil began to look them full
in the face they became worse fright
ened than those whom in the begin
ming they had intended to brighten
They could not conceal their appre-
hension, and though they were much
more demurs than they were when
they were trying to brighten the rest
Of the nation, their influence was so
chilling to enterprise and prosperity
that the panic spread all over the
country.
A general distrust Of banks aud
financial institutions siezed the whole
people and an unexampled boarding
Of currency began in all parts of the
country. The result is that the ma
ton is now undergoing a financial
stringency such as was never seen
here before and, like retributive just
ice, the severest sufferers of all are
the fnanclers of the Atlantic who in
augurated and created the panic
The great banks OF New York, Boston
and Philadelphia have practically
suspended and the work Of furnishing
currency to those who have workman
to pay is relegated to brokers, who
sell at premium,
The New York city banks have now
some $37,000,000 of clearing house
certificates, which is species of cur
rency.that is good between the banks
themselves. Checks and drafts on
Boston, New York and Philadelphia,
are selling in Chicago at from SIS to
$50 per $1,000 discount and go beg.
ging at that. Over $25,000000 Of
gold have been imported since July /,
but still these great banks are not
able to resume their old relation with
the banks Of the country, They un.
dertook to teach the west lesson
and require them to pay up, but they
have found that the west is the great
source Of the wealth of the country
and that from the west come the ex,
ports to foreign countries, and that the
money of foreign countries must come
west in order to secure these exports