The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-06-07
II REAL CAUSES.

While the organs OF the mono-metal-
lists IRE most persistent in ascribing the
present financial situation to the efforts
made to fix a standard value for silver, it
is interesting to note in the June Forum
the views OF Mr.. George II. Gibson on
the financial excitement and it's causes
These are from one having authority to
speak, for Mr.. Gibson is not only a
banker OF high repute in New York, but
the author Of several standard works on
financial subjects.
The present situation, he believes, is
the result Of a series Of misfortunes, the
majority Of which are directly traceable
to the recklessness and dishonesty OF
brokers and business 9 A little
more than a year ago the wheat and
cotton belts we're damaged by great
floods, and then came a series Of labor
troubles at Homestead and Buffalo, the
effect OF which was a disturbance in
business and a lack Of confidence among
prospective investors in manufacturing
enterprises. In Montana and Idaho we
saw a local effect OF the Ceur d'Alene
riots. Mining in that district was shut
down for a long time and this, together
with the low price Of silver, has up to
this time prevented the resumption Of
work as it should be carried on under
more favorable conditions. Mr.. Gibson
then reviews briefly other unfortunate
conditions like an adverse balance Of
trade lasting two years, the collapse Of
the whisky trust, the break in the
Reading railway, the bursting of the
cordage trust and many failures due to
~disgraceful speculation on Wall street.
He hits the gold people hard when he
says: "The cause Of the acute form Of
semi-panic that has characterised Wall
street this spring is not the silver legis-
lation. It's immediate cause was the
reckless and daring conspiracy OF the
group of spectators, who combined to
work up to fictitious heights the shares
of certain industrial corporations, Of
whose real value the public knew moth
ing, except from hearsay, by the aid OF
excessive dividends, declared either
from wild imprudence or gross dishon-
esty and by manipulation in all it's most
glazing and obnoxious FORMS"
These are the people, according to
Mr.. Gibson, who are making the most
strenuous efforts to have the Sherman
law repealed at the extra session of con-
gross, which the president yesterday an
| nounced would be called in September.
They are trying by every means to
arouse a false sentiment among the
people against free coinage on the
ground that the present uncertain condi-
tion, due to their own dishonesty, would
be removed by the governments refusal
to purchase more silver. In this con-
nection it would be interesting to OBJ
serve that business and bank failures
have for the most part been confined to
the east instead of that section of country
populated by those who believe in what
is called "the silver hallucination." or
all states in the union, the silver pro-
ducing states have felt the least effects
OF the disastrous wave.
1t is certain that the Sherman bill
will not be repealed without a compro-
mise of some sort which, it is said, may
be reached by the passage of a bill to
repeal the tax on state banks. This
measure, however, is opposed with al
most equal energy by the papers en-
gagged in fighting silver and with inf
nitely better cause. The real friends of
free silver in congress cannot favor a
compromise that will in any way dis
courage the governments recognition
of silver as a money metal. To this end
they will be forced to unite and stand
firm in the fight which will open in Sep
tember.