Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-05-07
rae rARLEs


Wall Street has heretofore held I'M
disputed sway as the exclusive stamping
ground Of the financial gods Of the
country. Even the national govern
msnt for many years past has bowed
IN submission, and when Wall Street
h~nanciers have gotten worsted in the
speculative game, the Treasury here
toiore has seldom failed to give the
needed relief.
A week ago, however, the govern
ment itself needed money, and needed
it so badly that the situation approached
financial panic, and the government was
compelled to draw on its gold reserve to
preserve the national credit.
Wall Street was ready and willing to
give relief, on the usual terms, but
there was a new administration In DOW
er, which didn't seem to have the usual
respect for Wall ST. 9 mightiness. In
fact this new administration, seemed
10 hold this a government by and OF the
whole people and Wall street no more
entitled to consideration than any other
street of the many financial thorough
fares Of the United States. The usual
"deal" was not made. Wall street was
not even asked to help out, as usual.
Even the conditions upon which it
agreed TO supply gold to the Treasury
were rather CURLY rejected. The gov
eminent refused to go into debt to give
Wall street a chance to make a fine
stake in a new issue of bonds.
The New York gold gods were amazed
and then angered. They determined to
teach this new and astonishingly indie
pendent administration a lesson. They
simply held onto their gold religiously,
and calmly allowed the situation to de-
velop into monetary stringency. The
administration, however, never turned
a hair. 1t continued to pay its obliga-
tions in gold, strictly maintaining the
bi-metallc currency law of the country.
Pretty soon it began to be apparent
that Wall street had not a monopoly Of
gold by a large majority. Bankers in
in the West and South showed their
confidence in the administration by sub
stantial offers OF gold for greenbacks.
The tide turned. The Wall street
gamblers became more and more en-
tangled in the net they had prepared for
the government. The stringency they,
themselves, created began seriously to
interfere with that three-card-mOnte
game Of the stock exchange. Many
stocks were squeezed dry last week,
and last Thursday Deacon" WHITE,
one Of the biggest men in the "Street, "
went to the wall, and the great finan-
clal Mecca was nearer a panic than it
has been for many years.
The tables had turned and Wall
street was underneath.
When information regarding the stu
uation was asked at the Treasury De-
partment In Washington, the cool
and polite statement was made that
there was no danger Of another "black
Friday" as there had been a week be-
fore. when Wall street was attempting
to force an issue Of bonds; that the
stock gamblers had brought their
troubles upon themselves and that
neither the government nor legitimate
business was In the least danger Of
suffering.
Wall street has had a great white
light shine in upon the darkness of its
selfish greed. 1t is q new view of ma
tional insnciering which it will do
Wall street good TO look upon and care
fully study in the ligh OF patriotism.