The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1893-09-16
that it meant concerted action all alon,

that it meant concerted action all along
the eastern shore. The great money
powers of the east had secured the cleo
ton of Mr.. Cleveland. They first spent
a large sum to secure his nomination
and spent much larger sum to secure
his election. They knew he was in full
sympathy with their views, and they
felt that now, if ever, they must make
the fight for gold monometalism. As.
sured 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
a settlement of Indebtedness, and next
they were to start the scare over the ex-
port of gold. The movement of gold
abroad began early in the year, 1t was
accelerated by New York's tinanciers
and every effort made to magnify its
Importance. The telegraph wires were
daily loaded, not merely with figures of
the various amounts that were going
abroad, but with interviews with New
York men as to the cause, etc. There
was evident a systematic effort to i'm
press upon the people of this country
that other nations were frightened on
account of our silver legislation and
were determined to secure all their in
debtedness at once in gold
The strongest influences were brought
to bear on President Harrison and Sec
rotary of the Treasury Foster to get
them to issue bonds for the purpose of
. calling the gold back" 1t is said the
secretary, Foster, succumbed to the in
tiuence and was willing to issue bonds,
which so encouraged the New York
schemers that they formed syndicate
for the purpose of handling them. \
gentleman in this city assures the Inter
Ocean that he Knows some of the mem.
bers of said syndicate. President IIar.
riSon's tirmness, however, thwarted
their efforts; and when Cleveland was
inauSurated, he refused to do what his
predecessor had so firmly and positively
declined.
When it was found that President
Cleveland would neither issue the bonds
nor call an immediate session of Con
gress to wipe out silver legislation. the
export of gold began to increase instead
of decrease, and the wise financiers of
the east began to see that the movement
they had started was one they could not
control. The fulfl!ment of their proph.
ecies of evil began To look them full in
the face, and they became worse fright
ened than those whom they had set out
TO brighten. They could not conceal
their apprehension, and although they
were much more demure than they
were when they were trying to scare the
rest of the nation, their influence was
so chilling to enterprise and prosperity
that the panic spread all over the coun-
try. y general distrust of banks and
financial institutions seized the whole
people and an unexampled boarding Of
currency began everywhere The re
suit is that the nation is undergoing a
monetary stringency such as was never
seen here before. And, like retributive
Justice, comes the fact that the worst
sufferers of all are the iinanciers Of the
Atlantic cities who inaugurated and
created the panic. The great banks Of
New York, Boston and Philadelphia
have practically suspended payment,
and the work of furnishing currency to
those who have workmen to pay is rele-
gated to brokers, who sell what curren-
cy they have at premium.
The New York city banks have now
some S3S,0OO.OCO of clearing house Ger.
which is species of currency
that is good only between the banks
themselves. Checks and drafts on Bos-
ton are selling in Chicago at from Sl5
to $50 per 81 go discount, and 90 begg.
ing at that Over S35ODu0 of gold
has been imported since July LIST, but
still these great banks are not able to |
resume their old relations with the !
banks of the country. They undertook |
to teach the west a lesson and require |
it to pay up, but found that the west is
the great source of wealth of the cOun- |
try, and that from the west come the |
Exports to foreign countries, and that
the money of foreign countries must
come west in order to secure those ex-
ports. They have found, too, that the
west is full Of independent business
men, who do not find it necessary to |
simply initiate their brothers in the
EASTERN states.
These great financiers of the east un.
lertOOk to teach the nation a lesson |
hOwing the folly of bimetalism, and
AVE simply demonstrated their own in.
as business men and worked
injury to the whole country.
The gold that they aided to get away to
europe is returning, but it comes to paw
or exports from the west. The same
men and their allies undertook to make
Kings easy for Mr.. Cleveland, but have
'nly succeeded in arousing animosities
hat will make the success Of his adj.
more difficult and render
more hated than ever.
Whatever the actual result of present
there is a lesson in the
present situation to all those who would
orce the whole country to pay them