The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-10-24
PANICS OF 1890 o3--CONSPIRACY
OF THE CREDITOR CLASS.


mid The R~emedy--The
Golden Age.
Mr.. EDITOR:-The panic of 1890 was
precipitated by the failure of the Bar
ing Brothers of London, who dealt
largely in cedelas or mortgage bonds
issued by the banks of the Argentine
Republic, and this was felt all over the
world in every hamlet. The panic OF
1898 was preceded by the failure Of two
banks in Austria with a combined cap
ital of S114O, 600, 900. These banks had
branch houses In South America and
Europe, and their business extended
all over the civilized world, and their
failure effected hundreds of houses.
The panic Of 1898 was a conspiracy Of
the creditors of the world. All panics
are manufactured to order. This is
possible under the present banking
system, as there is 40 security for
money deposited, and it is easy to get
up a run on the banks. The creditor
class took advantage of the failure of
these banks to get up a panic and at
tribute it to the Sherman silver pur-
chase. They called in their leans and
refused applicants for money on the
best security. The creditor class of
this country and Europe sent out secret
circulars to the small fry to follow in
their wake. Through their organs in
this country and Europe they exag
oao~0%1l 0uC-v foTlyIro 20 c%O IN g-nHn n
panic. They horded their money and
forced their dependents to 60 the same,
They gloated rel every bank failure
in the silver States. They circulated
deceptive petitions, passed alarming
resolutions predicting great calamity,
placed q premium on currency, refused
aid to banks III States where the repre-
sentatives stood by silver, they attacked
the credit of the governments. By per
sistent agitation they secured the clos
ing Of the minis of India and shrunk
the valUe Of. SILVER held by the people
of that country fifteen per cent. at the
stake of free and deprecated silver
securities Une thousand million dollars.
It deprecated ell values fifteen per
cent. throughout the civilized world,
and increased the value of the worlds
indebtedness $22, 500, 600, 900. Thispanic
was planned, promoted and pushed
forward by the creditor class Of the
world to appreciate their gold and in
comes and they were assisted by the
bears in boards of trade who are en-
gagged in the banking business, They
saw a chance to ~depreciate and get a
corner on some product and appreciate
it in the reaction and sell at q large
advance, robbing the producer and
consumer.
We r going to a gold basis, and
this means further shrinkage III values,
and in the end confiscation Of the
debtors and selling them out, as in
England from 1916 to 1926, when nine
out of ten Of the land holders were sold
out for debts and taxes. Business will
start up, but it will believer wages and
prices. Valves will be lower for the
next three years than for the three
years preceding, and this means finan
cial distress all over the world. This
panic was prscipitated where the out
put of the mine, farm and factory
aggregated twelve billions, five hun
dred millions Of dollars annually, and
at the price Of 1865 would have sold
for S25, 600, 600, 600 in gold. Wedouble
our ability to produce wealth through
manufacture throughout the civilized
world every years, and this in.
crease is faster in the United States
than anywhere else. We produced
more wealth to be handed down to pos
terity the first fifty years of this cen
fury than was produced in 1900 years
preceding. We produced more wealth
the next twelve years than in the first
fifty. We have the ability to produce
more wealth in ten years than was
produced in 1900 before this century.
At the beginning of this century the
same primitive methods prevailed t. at
existed for 1900 years. One mar with
machinery can accomplish as much as
$50 by hand at the begin ming of this
century.
We double our ability, through man
ufactures and improved methods, to
produce wealth every fourteen years
per capita. Since 1865 we have in
creased our ability twofold to produce
wealth per capita, and if we had a just
system of distribution we should enjoy
twofold more per capita than in 1865.
Every fourteen years we double our