The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-05-17
WHERE 1T


The present disturbance in financial
circles is clearly traceable to the indus
try OF Wall street in fighting against the
governments purchase OF silver. 1t
was started last fall when the Sherman
bill was falsely alleged to be the cause
Of the gold depletion in the government
treasury. After election it was re-
newed and gold bugs and their organs
have since most persistently pounded
away on this line with the view Of scar
ing congress into a repeal OF the law.
They failed in this object, but u
ceeded in Tightening the money market
and creating a retrenchment Of invest
ments. This was wholly causeless, for
the country was and is in good condi-
ton, Except from a few districts, crop
reports are excellent, mercantile agen-
cies report business good and bank
olearings throughout the country have
shown a decided increase. With these
gratifying conditions, there was an un-
easiness among the great army Of small
investors in the east, caused by the ly-
ing argument that a continuance Of the
Sherman law would be followed by In
furious imitation and Deprecated values.
The result is that the first banking
failure throws the people in q panic.
One failure is followed by another until
the papers have columns each morning
devoted to assignments OF mercantile
concerns. trust and loan companies and
banks all over the eastern country. It
is noticed, however, that none OF the
banks in gold centers like Boston or
New York have been caught. They
know enough to keep in out of the wet
and are accomplishing just what they
started for. By refusing to render
assistance, they expect to find the coun-
try in a worse panic than we have yet
seen and when it is all over to carry
through the repeal Of the Sherman bill
by a sentiment of bluff. 1t is a con-
spiracy as we'll defined as was ever
attempted.
The serious part of the question with
Montanians does not so much concern
the direct effect of this furry in finan-
cial circles. We do not believe that it
will seriously affect the interests Of this
state; that is to say, that it will result
in the closing of any banks or the per-
manent collapse of any we'll developed
enterprises. Our people can stand
longer and harder periods of depression
because they have relied heretofore on
home capital for their needs and have
developed tho state with far less re-.
sources from the outside than any of
the newer commonwealth. Foreign
trust companies may be forced to call in
of their Montana loans and the
money market be frightened up again
for a short time, but there are no rea-
sons to look for any business breaks
at this time, for the prospects of the
state at this eason of the year are very
satisfactory, and far better than found
a year ago.
The great question rather concerns
methods for fighting this warfare from
the gold people. One way, and that
which we believe would be the most
eficacious, would be a great convention
of bankers west of the Mississippi to
devise ways and means. Suppose that
this should be held at a central point
like Denver and end with a resolution
to transfer the New York exchange to
Chicago and make that big western
giant the money center OF the country,
80 far as the business Of western bank
ers is concerned. This could be
done with nj inconvenience whatever
to western interests. We believe that u
movement of this sort would be followed
by a weakening of the New York fight
to depreciate silver in the market and
would certainly strengthen the friends
Of silver at every point when the fight
in congress to repeal the Sher-
man law without furnishing q substi-