Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1893-08-24
merely by his own thoughts. Bot

the matter and the manner of the re-
mark indicated that it was the result
OF consultation, and that it meant
concerted action all along the East
ern shore. Politics and finance were
combined in the. scheme. The great
money powers of the East had secur-
ed the election of Mr.. Cleveland.
They first spent a large sum to Sc
cure his nomination, and second, a
much larger sum to secure his .elc"oo
ton. They knew he Vas in full sym
patby with tneir views, and they
felt tsSau now if ever must they make
, the fight for gold mono-metallism.
knowing that Cleveland was hearts,
~ 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
settlement Of Indebtedness, and
next they were to start the scare
over the export of gold.
The movement of gold abroad be-
gan early In the year. 1t was un-
doubleday accelerated, and every ef.
tort made to magnify it's Importance,
by New York financiers. The tele-
graph wires We're daily loaded: not
merely with the various amounts
that were going abroad, but with
interviews with New York men as to
what the effect might be, and as to
what was the cause, etc. There was
apparently systematic effort to i'm
press upon the people of the whole
country that other nations were
frightened on account of our silver
legislation and were determined to
secure all their Indebtedness at once
in gold. The strongest influences
were brought to bear OH President
Harrison and Secretary OF the Treas
ury Foster to get them to issue
bonds for the purpose OF calling our
gold back. 1t is said that Secretary
Foster succumbed to their influence
and was willing to issue the bonds,
which so greatly encouraged the
New Workers that they formed asyn-
dictate for the purpose Of handling
them. A gentleman of this city as
sures The Inter Ocean that he
knows some Of the members of said
syndicate. President Harrison's
tirmness, however, thwarted their !
efforts, and when President Cleve-
land was inaugurated he refused to
do what his predecessor had so firm
ly and positively declined. When it |
was found that President Cleveland |
would neither issue the bonds nor
call all immediate session of Con-
gress to wipe out silver legislation,
the export OF gold continued to in
crease rather than decrease and the
wise financiers OF the East began to
see that the movement they had |
started was one they could not con-
troll. The fulfillment of their prophe-
cies OF evil began to look them full in
the face, and they became worse
than those whom in the
they had intended to
brighten.
They could not conceal their appre-
hension, and though they were much
less demonstrative than they were
when trying to brighten the rest OF
the Nation, their influence was so de-
pressing to enterprise and prosper
ity that the panic spread all over
the country. 4 general distrust OF
banks and financial institutions seiz
ed the whole people, and an unex-
ampled boarding OF currency OF all
kinds began in all parts Of the coun-
try. The result is that the Nation is
now undergoing a financial stringen-
cy such as was never seen here be-
fore, and, as if ordered by retribu-
tive justice, the severest sufferers OF
all are the tinanciers OF the Atlantic
cities who inaugurated and created |
the panic.
The great banks of New York, Bos-
ton, and Philadelphia have pr;1cti-
calIy suspended, and the work OF fur
currency to those who have
workmen to pay is relegated to
brokers who sell it at q premium.
Chicago is the only great city OF the
Nation where the banks honor all |
checks, and pay every depositor cur
ency as asked for. The New York |
city banks have now some $37, OOO,-
900 OF clearinghouse certificates,
which are species OF currency, un-
known to the law, that is good be-
tween the banks themselves. Checks
and drafts on Boston, New York,
and Philadelphia are selling in Chi
cago at from $15 to $50 per 81 900
discount, and 90 begging at that.
Over $25, 100000 OF gold has been
since the first of July, but
still these great banks are not able
to resume their old relation with the
banks OF the country. They under
took to teach the West a 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 exports to foreign coun-
tries, and that the money OF the for
eign countries must come West in
order to secure those exports. They
have found, too, that the West is !
full OF able and independent business
men, who do not find it necessary
simply to initiate their brothers Of
the East.
These great financiers OF the East |
undertook to teach the Nation les
son, showing the folly OF bimetallism,
and have simply demonstrated their
own inefticiency as business men,
and worked irreparable injury to