Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1893-09-17
a. Orxa.t.eI fnIe.

aooBD thAk ho A1H0 hS fesal. "
= Et<Ds accoefed IN Ntv ToES-
having foI III object tbs repeal Of
TIE SE<Ema1 Law:
To EHE Eprrok or The Scs-Su=
! sSeerys ia to-dsys arr Ina: .oa
take hunorors ~eIc<p.son 10 iEe state
rent Of liz. Teller 10 the S-cats that
n SchsDe bad bsen orxasiz~d early
"a tie sezsoo Ia Mes YORK sor tie
purpos4ot Grating a hnzc-al pAnH,
which uoold compel =: 40 extra ses-
SOC The rpeAl Of tie parrhIEcz
clause q tie Sher1ar Ast;- md yoa
sts;s that it is inpnsib!s hat Mes
York could THIS "a 70 uo-k 20 pick
lis o-a pock=uA Wal yoG psEai; me
20 psseo, ny oose1a;SOcs with res-
ereocs tg ;ats matter.
/ uas 10 Sss YORK daring the early
part u Ibis year fr Eoos noo;bs.
aod %ssa czss obss-TeE .. The co9rse
o: ths bakers Isi rsssPspsrE 70
zardiES The Sbsrraa bill. Yen <Il
reebsD5ey the clAEOr th2: then CT
lated Tor tie calling Of sn extra sAs
sion. R-ie1 20 tbAhIes Of tie Hs-aid
Tines and Pos. during thai per5o5,
AID you =ifi fr3 tbs nost irS4an,-
to,y articles intended 70 .ro1Es and
alarm the cooItry. 1 remember
in particular shat tie New YORK
Herald rosId day after day have
from ETs 10 sGI short editorials,
double IeLdsJ CT italicized, IA eEery
column, calling sttentioa 10 tie Rest
aIzrninS way 70 The danger CO the
situation: -rbe Treasury reserve
tIs beioz depleted, the geld xas Gov
inz out, tie country vss drifting On
. siirsr basiS the d0ia Vas q @ cent
dollar, foreign investors Esrs selling
their securities DC, &c 1 rensn-
ter that in ons Of the papers .Or 5000
days there appeared In immense fr-
ures a. the head Of the column tho
cons;sntlJ ~jecreAs:ns amount O! the
gold reserve. accompanied by ssrss-
lionsl Leal!ireA
Nov, what vas the effect OF all
this: Tore is always = natural drain
of gold from This county during the
early part oi the year. which is io.-
Io=ed by a dow this ssy dorinz the
latter half Of the year These Mes
YORK papers were read AID quoted in
Englapd. They, doubtless, alarmed
investors there, and the res1I, was
that the rLiTrsl drain OF gold vie
turned into 6 ferced demand ty
foreign sales OF American securities.
The res=rre. Il the Ser York LazE.
were diminished; Clearing House ceT-
tifcaies ~.rs rtsorted 10, 70 tide over
The difficulty; The WtsieIn banks
being alarmed at the situation il
New York, HitbdreS their balances,
and The siiustion was aggravated,
and then . panic Eross throughout
Tho country, arising not or. Of fear
Of the governmental issues u money,
bat fear ss 10 the securities OF the
banks The withdrawal Of gold by
foreigners, End the xithdIz~.l OF de-
prsi,s and the boarding Of money by
our own peoplo. hare brought On q
monetary ttIingercy which has
caused the sacrifice ~ hundreds Of
millions Of values 10 American sccuri- |
ties, az well 30 wheat, cotton. End
other products Our foreign investors
aIone hare prohted, for they arc COW
buying back the veY securities which
they sold somo mULihs sgc, at FROM
90 to 40 per cent discount.
/: is impossible 70 believe that The
bankers 10 New York entered Iuto al |
organized conspiracy 10 produce the
great panic from which We are ali
suffering; the part which they played
was merely incidental. They were 0;
course, hostile 20 silver ard wished
the Sherman act repealed. The ma
tionAl tanks also wanted bonds issued
for the purpose Of increasing tho re-
serve. and a'so for The purpose Of en-
ablirg them 10 iucrease their cir:v-
laiion, but the newspapers x.re con-
stnotly interviewing the baukers and
Publishing their interviews with sen
sationai head limos and comments. |
| ask then, 10 il not fair - cay tina.
this great panic, which all agree DOW
IL a :eoseless panic, had its origin 10
tho metropolitan press of New York!
The only prominent papers which
haze pursued a conservative course
Throughout in my judgment. have been
rho Sun, Tribune sod ConmerciaI
Advertiser. Tho very papers which
started tho scare n-s now declaring |
that it is reuseless, asd ore trying u
restors the confidence which they
helped in go gres. a degree TO Joder-
mine. 30 far AZ our foreign 10 vsators
arc concerned. they probably took o.
true tho very aggravated u]tterabcea
OF U newspapers that We were drift
ing on q silver basis, but 80 far 30 the
local want Of confidence 10 concerned,
II toJk tho fOrn Of lack Of coIiihsnco
in the banks, noi 10 .ne money bear.
ing tho stamp cf the Government.
The best evidence Of this 10 that sil.
yer certificates and silver c'in, both
alike representing, according 10 the
statement Of ,hese papers. only C0
per cent. Of intrinsic value. haze bscn
boarded Wy the people aud bAvo been
practically At q premium.
] remember we'll. "n my return 10
Washington from New York last
March, l predicted u sonie friends
~ IL. a. 90 t