Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1893-08-03
The COLORADO PVNIC.

The swiftness with which the pen
alties for her financial folly are
visited upon Colorado ought to
have SOLDERING effect upon the mad
silver extremists of that State as
Well as of the whole country.
II was only last week, as the
Louisville Courter-Jour7aaz says,
that the wild convention met at
Denver and threatened war, anarchy
and reputation if the United States
Cover nment should not continue to
provide a market for Colorado's
silver bullion. THIS convention not
only proclaimed that Colorado wculd
boycott any portion of the country
which opposed such silver policy,
but it served notice that in the event
of the discontinuance of that policy
the people of the State would re-
pudiate outright their just debts.
The convention was a large one,
and took the action which it did
take with an overwhelming unanimo
ity. The most violent speech was
made by the Governor of the State
and was enthusiastically indorsed by
the convention. Indeed, if the pro-
ceedings of the convention were dis
approved by the people of Colorado
that fact has never become ap
parent.
Within less than week after this
remarkable meeting Colorado ex-
periences the worst panic in its his
tory. Of course, it would be unfair
to attribute that fact entirely to the
action of the convention, Colorado,
h like the rest of the country, was
suffering from the general condi>
tions which have created, and have
been created by, the prevailing un-
certainty and impaired confidence,
| But the Denver convention touched
the match to this power. It greatly
intensified N Colorado unreasoning
popular distrust. Moreover, the
threats of reputation which the
convention made were accepted a,
sincere, and when Denver banks aps
piled 10 their Eastern correspon-
dents for money to tide them over
the 'runs' caused by the alarm in
famed by the conventions action,
they We're naturally refused. NOBODY
cares to lend money to people who
have formally announced their in.
tention to repudiate their financial
obligations.
Denied this assistance, there was
nothing left tor these banks which
needed it but to close. The closing
of these banks Monday ptecipated the
panic which resulted in the frantic
rush upon the other banks Tues.
day, panic Which was inevitable
considering the state Of mind into
; which last weeks convention had
worked ul the people of Denver
The disastrous result is to be read
in the dispatches these morning.
A striking feature of this unfortu
|
nate chapter Of folly is that the
very banks which have sufferd such
disaster through the Influences set
in motion by the convention last
t EWeek were in large measure respons~
; ible for that convention. It Was
7 held under thei- approval and en-,
J couragement, some Of them ever
, contributing the money necessary
ito defray the expenses. The lessor
f they have learned SO quickly hal
I been very costly one,
81 This record of the last few days
? lin Colorado ought to teach needed
4 lesson generally. It ought to inl
{ press upon all sections of the coun.
! try, whatever their views abou
> financial matters may be, that sucl
, questions are not to be settled
f wisely through inflammatory ap
[peals to passion, but that they cal
for the calmness and deliberatior
of the best thought of the people
To deal with such questions in On,
othe spirit is simply to invite and
liMpel untold and nnsuspected evils
! District Conference.