The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1893-10-12

eraClOQ ID ITOOuCClOu duO tAO
Breathing Of a Soul Into Socl-
ETY..
Rev. Thomas Dixon. Jr.. continues
in his pulpit in Association Hall. New
York City, the discussion The Panic
Its Causes and Cure" The subject
Of the followin. discourse was the per-
manent cure of panics. lie MAINTAINS
that there can be no cure for the imam
cial crisis save i'll Il new social order,
which fact i evidenced in the uniform
itv with which panics occur under all
forms of government, under all condl-
tons of population. under all systems
Of banking. under all political parties
also evidenced i'll the fact OF the prac-
teal anarchy and the failure OF our
present competitive system OF COM
merce. He argues for wider social
cooperation in production and pleads
for the breathing of soul into society.
The texts chosen were the same as
those used for the past two sermons
the sermon. in fact. being continue
ton of the former discOurses
Thou hast taken usury and increase, and
thou hast greedily gained Of thy neighbors
Ivy eXtortiOn and hast forgotten me, saith
the Lord God.
As the partridge sitteth on eggs and
hatcheth them not, so he that getteth riches
and not by right shall leave them in the
midst of his days and at his end shall be
a fool.
They shall cast their silver into the
streets, and their gold shall be removed !;
q, Ill t1.af,- lao ne tt,
able to deliver them in the day "f the
wrath of the Lord.
The discussions of the problems Of
usury, Of eXtOrtiOn. Of the money
power and its periodical panic must 20
deeper than the surface if we wud,d
find the real causes of the phenomena.
and likewise we must 90 deeper than
the surface if we are to discover the
cure for the evils. UnQuestiOnabiy the
nation has been i'll cOnvui>.D4s.
II is important that certain rem
edies shall be applied to relieve
this state Of intense excitement.
These temporary and partial remedies
we tried to discuss in part last Sunday
morning. but remedy applied for ii
condition of commissions can not reach
the seat of the constitutional trouble.
We must 20 beyond the developments
of pain for the moment and discuss
the hidden disease which is sapplng the
constitution of the patient. To attempt
cure of the financial pauic by tinker
ing with our currency law or with our
banking law is to attempt to cure an
earthquake by dropping pill i'll the
crater of Vesuvius. The difficulty is
more than oD the surface. The evil Is
Inherent in the very custom OF society
itself.
1t is both useless. illogical and unfair
to rail against the rich when We are
ourselves consentlng to the social order
which creates their excessive wealth
They are the normal and perfectly nat
ural product of the social system IN
which we live. They are no worse
than the social order that produces
them, that fosters them and that adds
daily to their power. If the system o.
competitive economics and self interest
which we have erected into science
called modern political economy be
right, they are right, and the evils
incident to their power are without
remedy-in other words, there can be
no real cure of commercial panlcs save
in new social order.
Fist-This fact is made evident from
n study of the history OF the nine great
commercial crises OF the nineteenth cen
fury 4 study OF these great panics by
the impartial historian reveals the facts
30 recently brought out by the treaties
of Mr. Hyndman-namely, that indus
trial crises and the evils which they create
are:
l. Entirely independent of the question
of population, whether rapidly increasing
or stationary. This is shown from the
history OF Great Britain and France and
America, in which panics have occurred
under every condition of population
when overcrOwded, when decreasing, when
increasing under normal conditions.
=. That the commercial crisis is en-
tirely Independent of all the forms o
government, whether they are despotic
monarchic or republican. The panic
comes to imperial Germany, to England
TO republican France. to democratic
United States, with equal impartiality
3. That the commercial crisis is en-
tirely outside of the question OF the ex
tent OF territory OF the nation and tn,
uninhabited land available for its PEG
pie. The United States, Austria. tn,
Argentine Republic and indeed all tn,
undeveloped nations of the world hav,
proved themselves equally vulnerable il
this century to the most violent form:
of commercial depression.
4. That the panic is independent of /
restricted or inflated currency, of a golt
standard or silver standard. evidenced
in the fact that they have occurred unde
each condition OF currency with equa
violence.
>. That panlcs are entirely indepen
dent of any special system OF banking
the sOundest methods doing no NOR,
than limit the range OF the calamity, the
less sound doing no more than ex
tended it. There never was, for instance
q time in which the banking of America
was upon ''sounder' basis, and in this
crisis our banks have shown that the,
have practically nothing to do with it
They simply looked out for No. l anC
lett the people to look out for themselves
One bank in this city with q total lis
OF deposits aggregating the enormou.
sum OF $50 ,OOO, 900 refused to honor tn,
drafts OF its patrons. Our great insur
ance companies simply took advantag,
OF the opportunity to raise their rate o
interest from > to 6 per cent on thei!
helpless victims. Our great money in
stitutions-banks and Insurance corpor
ations-have merely shown in this crisis
as they have shown in the past. tina,
they are entirely incidental TO tn,