Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-05-06
About Money Panics.

An unqniet feeling will continue TO rule
the money markets upon the slightest
provocation until something or other IL
done 10 relieve the apprehensions Of timid
moneved men and cause the spectators
IN stocks, bonds, &C., 20 return To their
usual vocatious. 4 state of unrest Ike
the typhoid-fcycr. must run IT'S course.
A panic If we may say so once more
would not he panic OF all II 1t were the
result Of well-con-idered movements OF
wci-founded apprehensions ofeyll. save
himself who can " Is the cry Of pane
stricken 6nauciers. lust a. 1t Is the cry OF
persons who are frightened by false
alarm Of FIRE IN theatre.
There are innumerable reasons. or al
legged reasons. given for the prevailing
distrust in money centres. The New YORK
,Jo.rna. ~ Commerce SAYS on this subject
"Neu.nk that one word viii sum up tho
whole trouble wherever u Is found, ami that Is
tho.prcyalcut UNCERTAINTY. Whichever way W.
turn nothing srem- definite and settlei NO
man invests IN p stock of goods unless he is rea-
souahly sure of dsposiug Of them 20 advantage
and TIN. surety seems o. be just now the one
thin, lacking 60 the seasons trade. The fnau-
cial problem has caused the most unoasness.
aui rs solution seems 90 most observers as re-
mote a. ever Greed, ignorance, and prejudice
appear 20 block the path 90 reform, and the ed
Nprat,- ~ s.hcmes that are n constant menace
o. the common prosperity are threatening and
obstinate. Even fho shreWdcst politicians are
at loss - discover the winning side, and those
who have been struggling FOR The right are we'll
nigh hopeless
Our New York contemporary ls right.
II is the prevalent uncertainty that sits
like nightmare upon the business Of the
country. How shall We get nd Of that
uncertainty:
Internationally the Republicans will do
what they can 90 induce the people to be
l,cve that the present threatening aspect
Of the financial sky Is due 20 the accession
e. tle Democratic party 60 power. The
Democrats viii have 10 bear themselves in
am exceedingly cautious manner If they
wql,d escape being clas,ed with the panic
euecudcrers.
An extra session of Congress ls naturally
looked Co by many persons as almost IN
d,spen-ab.e under such circumstances as
surround the financial world at this time.
% these persons are very numerous and
influential Il will not do for the Demo
cratic party o. treat with contempt this
Natural demand. A half-loaf is better
than DO bread ANYTHING is better than
nothing The panic Of 1897 Is even now
laid at The door Of the Democratic party.
\ 81. Louis Republican paper said Of 1t
not many DAYS ago that the chlet causes Of
that pane We're the failure # Congress
Qhat i-. tine Democrats to renew the char
ter of the United States Bank, there was
Int ono.) which failure OF refusal called
into existence "a large number Of Wild
cat' banks that put hundreds Of mil
hons Of dollars worth IN face value
Of more or less deprecated cuTen-
cy N circulation. some Oh which turned
out 20 Doe actually worthless; the wild
speculation IN lands and other things
which tins cheap money invited or oX-
tended. the calling III by the government
Of the gold and silver which It bad de-
posted IN the State banks. and its refusal
10 sell any more public lands except for
specie"
In other words tine Democrats were in
power aud so were held responsible for
the panic Of 1897. The Democrats are in
power now and must do whatever is to be
done.