Daily independent. [volume] (Elko, Nev.) 188?-1915, 1893-09-11
An Organized Panic.

sscaeuie eopcocted in New York,
having toi its object. the repeal Of
the Sherman lawI - =. =.
10 THE EDITOR OF The Sux-Sir:
observe in to--day's paper fhst you
take humorous exception 10 the state
ment OF Mr.. Teller in the Senate that
"a scheme had been organized early
in the season In New York Tor the
purpose Of creating ? financial psnic,.
which would compel at an extra ses.
sion The repeal of the purchasing
clause Of the Sherman act;" and you
, state that it is Impossible, that New
York could thus go TO work to pick
it's own pockets. Will you permit me
to present my observations with ref
erence To this matterf
was in New York during tho early
part of this lear for some monthe,
and was Il close observer OF the course
of the bankers and newspapers re-.
gardiug the Sherman bill. You will
remember the clamor that then ex-
listed for the calling Of an extra ses
sion. Refer 70 the files Of the Herald
Times ahd Post during thai period,
and you will find the most infiamma-
tory articles intended to arouse and
alarm the country. I remember.
in particular that the New York
Herald would day after day have
from five 70 Blk short editorials,
double loaded or italicized, in every
column, calling attention in the most
alarming "ny 10 the danger Of the
situation: "rhe Treasury reserve
was being depleted, the gold was flow.
ing out, tho country WAS drifting on
a silver ba,sis. the dollS vtsss a 60. cent
dollar, foreign investors were selling
their securities. &c., &c. remem-
Der that n one OF the papers for some
days there appeared in immense fig
urss at Inc heHd Of the column the
constantly decreasing amount Of the
gold Ieaerve, accompanied by sensa-
tiona. :.oad,ines.
Nov, what was the effect Of all
thisS bare is always a natural drain
OF go'd from this country during the
early paIL u the year, which ia fol-
loves: ~ flow this way during the
lattei BAH Of the year These Now
fori ..apers were read and quoted in
En-; ."d. They, doubtless, alarmed
inv ors there, and the result was
thu he natural drain of gold was
tui.'.h into a forced demand by
foIr''-', Gales OF American securities.
IT, 'ssarves of the New York banks
NO. diminished; Clearing House Ger:
It'll: 80 were resOrted TO, to tide oyer
tht 'ficuity; the Western banks
ben claimed at the situation In
Ne .Gik, withdrew their balances
an j." situation WIS aggravated
ant IN panic arose throughout
The 81 intry, arising not out of fear
or l. governmental issues Of money
but nr as 10 tho securities Of the
bal The withdrawal Of gold by
FORE ''ers. and the withdrawal Of de.
pcs. and the boarding OF money by
our IN people, have brought on a
moi ,"rJ Dtringenoy which has
caph ! the sacrifice Of hundreds OF
mill .us OF values in American securi.
tics, - we'll as wheat, cotton, and
othe. products. Our foreign 10 vestort
alop" have proflted, for they arc now
buying back the very securities which
they sold some months ago, at from
~ to 40 per cent discount.
H. is impossible to believe that The
bankers 10 New York Suffered, ipto an
organizcd couspiracyto ptodpce the
great panic from which ! We y are ali
suffering; the,part which tbey played
was gbsrelyInqidantal.. They were Of
course. hostile 70 silver and wished
tho Sherman act repealed. The ma.
tional banks also wan ted bonds ;ss,ed