The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-09-01
From A. Foster Higgins of the New York
of Commerce..

II would be difficult to specify the vari
Gus causes which have combined to produce
the present unprecedented financial condi
ton. The richest country on the globe,
having n bulk OF actual money represent.
ing si each per capita of its population,
and "A grand total of nearly 81, 900, OOO, 900, is
SO short" Of its supply that buyers of the
best investment stocks and bonds cannot
be obtained at all at any fair value and
only to Il limited extent at enormou sacri-
fces. Savings banks are unable to pay
their deposltors because of this iimpoSsi-
bility OF realizing on securities by peremp-
tory sale. Banks are failing in every di-
rection. Industries are discharging thcir
workmen and closing their works because
OF no sale Of product or further accommo
dation from capitalists or banks cannot he
obtained.
Such are the evils. Why do they cyistg
Principally because Of the widespread loss
of confidence II fears which have taken
posses IA of every one who is even in a
small degree II capitalist, and each is-cv
cry man, woman and child that has Il say
ing. Loss OF confidence in whom? Fear of
what? Let us try to analyze and see if we
can discover the answers.
First-The government has declared in
the most positive and unmistakable man
ner that it will at all times maintain an ac-
tual parity between gold and silver at its
established ratio of II to ! and will at all
times redeem its currency OF every kind in
either silver or gold at the option Of the
holder.
h public does not believe it evidently,
for they have heard repeated SO many
times, by the bowling press, that we ure
drifting, driving headlong into silver pay
ment, and silver alone-that the government
Is utterly unable to carry out its pledges
and wnl soon be forced to abandon all paw
ment in gold-that AT last it has seized hold
Of the entire public mind, and the loss of
confidence III the government is evinCed by
the senselcss behavior we now witness Of
boarding money, Withdrawing of deposits,
etc.
Who is To blame for this effect but those
who raised this clamor-those who, regard
less of the awful ruin they thereby have
wrought, persistently day and night have az.
clared that the Sherman bill was sweeping
US all to ruin, totally regardless of the gov
pledges or Of the plain, palpablc
relief To a strained money market the issue
of over s, 100000 per laonth of tangible,
debt paying money was having? ldatc the
evidence Of loss of confidence with
the beginning OF this fashionable clamur,
which was and is such a reflection on the
power, ability and even good faith of the
that it is u disgrace TO the ma
ton and should be IA source of remorse to
every one participating in it and contrib
uting to the results now experienced.
Seconds it fear of the future of trade
and commerce? Here again we must say
yes. Overproduction in everything has
been the singular characteristic of the past
lew years, to which of course our protective
.aritt has largely contributed. am a pro-
'essed believer in u protective system, but
he more one studies it the more it is seen
hat such a system needs guards and the
, most vigilance to prevent its utter pros