The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1893-09-02
The BANKERS CONSPIRACY.
They Aroused Financial Agencies
that They Cannot Control.

When the future historian tells
the world of the great financial
panic of 1893 he will say: "In the
winter and spring months of that
year the New York bankers and
fnanciers sowed the wind and dur
ing the summer months reaped the
whirlwind." We know no argument
of words that can more graphically
describe the action of the New York
fnanciers and the result of that ac-
ton. Colonel Ingersoll, early in
the season of the disturbance, prop
erly called this bankers panic"
Nor are the New York bankers
alone to blame.
THE BANKERS CONSPIRACY.
Those of Boston and Philadelphia
came in for their share. They were
only excelled by the New Workers
by the greater Importance and op-.
portunity of the latter. There was,
perhaps, no organized conspiracy
against the West in the great CEN
ters of the East, but there was a
general understanding all along the
line that the West should be forced
into line and help the East to ac-
complish what it had long desired.
WOULD CRUSH THE WEST.
Early in the winter a bank presi-
dent. conversing with a Chicago
man of business, said to him:
"Mr. Jones, we are going to make
the West pay up this summer"
"But why should you press your
Western creditors this summer"
asked Mr.. Jones.
The reply was: swell, we think
it would make you a little more
thoughtful about currency matters
and drive you from your foolish
ideas about silver"
It is unnecessary to repeat the
conversation that followed, and the
initial question and answer are only
given to indicate the intention and
object that the eastern financier
had in view.
CLEVELAND THE CoNsPIRAToRs' TOOL
The Boston bank president was
not making an idle remark sug-
gested merely by his own thought.
Both the matter and the manner of
the remarks indicated that it was
the result of consultation, and that
i it meant concerted action all along
the eastern shore. The great money
powers of the East had secured the
, election of Mr.. Cleveland. They
first spent large sum to secure his
, nomination, and secured a much
larger sum to secure his election
They knew he was in full sympathy
, with their views and he felt that now
! if ever, must they make the fight
, for gold monometallism. Knowing
that Cleveland was heartily with
them, they desired to create such
, public sentiment as would make his
triumph with Congress easy.
: First they were to press the West
: for settlement of Indebtedness,
and next they were to start the scare
) over the export of gold. The move
, ment of gold abroad began early
, in the year. 1t was undoubtedly ac-
celerated by New York's fnanciers,
: and every effort made to magnify
; it's importance. The telegraph wires
/ were daily loaded, but not merely
r with the various amounts that were
going abroad, but with interviews
, with New York men as to what was
the cause, etc. There was apparent.
i ly systematic effort to press upon
> the people of the whole country
/ that other nations were frightened
on account of our silver legislation
and were determined to secure all
, their indebtedness at once in gold
SECRETARY FOSTERS PART OF IT.
The strongest influences were
brought to bear on President Har.
rison and Secretary of the Treasury
Foster to get them to issue bonds
for the purpose of calling gold back
1t is said that the Treasurer, Foster
succumbed to their influence, and
was willing to issue the bonds
which so greatly encouraged the
NEWCOMERS that they formed syn
dicate for the purpose Of handling
> them. A gentleman of this city as
sures the Inter-Ocean that he knows
!, some of the members Of said syndi
cate. President Harrison's firmness
however, thwarted their effort, ano
: when President Cleveland was in
augurated he refused to do what
!. his predecessor had SO firmly and
positively declined.
DESPERATE GOLD CoNsPIRAToRs.
q When it was found that President
: Cleveland would neither issue The
, bonds nor call an immediate session
of Congress to wipe out silver leg
E islation, the export of gold contin
] ued to increase rather than decrease
, and the wise fnanciers of the Eas
' began to see that the movement
!. they had started was one they coulc
! not control. The fulfllment O
: their prophecies of evil began tt
, look them full in the face, and they
hecama worse frightened than those