Daily independent. [volume] (Elko, Nev.) 188?-1915, 1893-09-11

tceatiused from Second Pags. )

fnS&he RnEposeo Of increasing the re-
serve. and also for the purpose of en-
abliug them TO increase their cir,u-
iHtioa, bat the.newspapers were con-
stantly interviewing tho bankers aud
publishinx their interviews with SON
sationai hSad lines and comments.
L ask then, Is It not fair, to say that
this great panic, which all agree now
is q sen0eless panic, had its origin in.
the metropolitan press Of New York;
The only prominent papers which
have pursued q conservative course
thoughout in my judgment, have been
The. Sun, Tribune and Commercial
Advertiser. The very. papers which
started the scars. are now declaring,
that il ia selseless, and; are. trying to
restore the contden CO which they
helped in 10 great q degree to under-,
mine. So far as our foreign investors
are concerned. they probably took az
true tho very aggravated utterances
Of our newsp npers that We were drift
ing on silver. basis, but 90 fnr az the
aocal want Of con6dence is concerned,
It took the form OF lack Of confidence
ia tho .bauka, not in tho money bepr-
Ing the .stamp, .et the. Government.
The best evidence OF this Is that sill
YER certificates and silver. coin, both
alike representing. according to the
statenent of these. papers, only 60
per, cent. OF intrinsie.vaine. have been
boarded by the people s1d have been
practically at . premium. -
I remembAr well. on. my return to
Washington from New York ! last
March, I predicted 70. .some friends
that the New York papers would,
within tho next three u1onths, create
the greatest. panic Of the century.
That prediction has como true. La
tor on, before the panic had assumed
such large proportions, I vas talking
with. n prominent banker, Z, in New
York, land insisted upon. it that the
ssnsationalism Of the New York press
was doing great injury. I as ked, hin,
why J; the substantial men of New
York.rdid not. represent to these pa.
paISt the fplury they were doing, and
appeal 4; to them TO modify their
conPse -, His.. snsver With; great ex-
citeaseRts was:a- appeal. to them,
d. them, they would publish
the appeal and a8grasats,. tho diff
| Guilty.
For the purpose OF illustration, lot
us suppose thst the press OF Paris
oh agld! com mence an outcry against
the. security of the currency OF
France. We, all know that. France' is
ono Of the largest owners Of silver ia
the weird. T believe she has about
500. GOO eco: of silver coln.. Now,
suppose, the Paris Journals should
day after day, with sensational head
lines and doubls-leaded editorials,ds.
olsse thatthe 5,trane piece was worth
only 3.francsj. that the gold was in
dagger: Of going outOf the country,
and should pursue generally. the
course which our metropolitan pa
peFs have pursued, ssk how long It
would be before panic would be in
| algaTstsd. in France. I apprehend,
howovor, that no such emergency
could occur in that country, tor the
editors Of the Paris journals 50 en-
gagged in the ssditions work OF under
mining tho public, credit would
doubtless b. behind the bars OF a
prison before their work could be full.
ly accomplished,
It 10, Of course, impossible TO be-
'lisve that the New York editors have
entered. ;upon this work Of destruc-