The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1894-02-20

victory, and Immediately began laying
their plans to secure their reward.
Their first step was to try to precipi-
tate enough of a panic to enable them
to scare the people into petitioning
Congress to do their will, viz, repeal
the purchasing clause of the Sherman
law, reduce the tax on national bank
issues, and authorize the issue of more
bonds. A raid was made on the treas
ury by Shylock's hordes to deplete the
S1CO 900, 900 reserve fund, and the gold
promptly exported, t prevent it's
speedy return to the treasury, and to
embarrass trade and commerce here.
To enable them to do their work more
efectually they secured a ruling from
the Secretary of the Treasury by which
the treasury notes issued for the pur
chase of silver bullion would on de-
mand of the holder be redeemed in
| gold. This IN face of the fact that the
law clearly provided for the coinage Of
enough silver dollars from the bullion
purchased to redeem all of such treas
ury notes presented for redemption.
This was directly the reverse of the
policy so successfully pursued by
France and which enabled her to keep
silver on a par with gold. AS the gold
reserve was drawnOn themoney power
raised a cry of want of confidence"
and parrot like through the press, the
cry was repeated until many people
were alarmed without knowing just
| where the want of confidence was.
The bankers predicted that if the
800, 900, 900 reserve were trenched on
the resu t must be widespread financial
ruin. They usurped u prerogative
Of calamity bowling" and did their
work SO thoroughly that when the
alleged danger point was reached an
unlOOkedfor thing happened. Many
having savings deposited in the banks
believed the bankers wall and made a
wild rush for their money, precipItat-
ing the panic. Then the Sherman law
was held responsible and must be re
pealed to prevent the depreciation of
silver and stop the export Of gold.
Much wa said and written about the
danger Of a deprecated silver currency
and a sixty cent silver dollar, out all
through the crises the silver coin re
manned at par with gold indeed when
C,ngress was called in special session
to repeal the Sherman law to stop the
export of gold and prevent the depre-
citation of silver coin the President had
my sympathy for sill er then com
manded a premium over gold even on
Wall street and gold was being i'm
ported at an unprecedented rate, the
month Of August, 1898, showing the
largest import Of any month in the ma
TONS history. l was not surprised
that after delivering that message the
President hurried off to Buzzard Bay
my only surprise was that he did not
continue the trip on 10 Botany Bay and
remain there during the remainder of
his term. Now wherein WAS there q
want Of C~Ontidence9 1t wa5 not in the
governments ability to pay it's obliga-
tiOns, for the remedy offered by these
same creditors was: first, to Gus eff any
further increase Of silver money thus
diminishing the supply and ability to
pay second, to increase the govern !
ment's obligations by the issue Of more
bonds which these same bankers were
anxious to absorb. Certainly 1t was not
want of confidence On their part in the
governments ability to pay. Was 1t
want Of confidence in the money in
c~lrcUlatlOn2 We are told than during
the period Of State banks when people
received money In which they lacked
confidence, it was the universal Gus
tom to get rid Of IL as soon as possible;
the farmer and mechanic would rush
to the merchant to trade 1t eff, and the
merchant would deposit several times
a day for fear of being caught with the
bills Of an unsafe bank. !
The same would be true to day with
q money IN circulation in which the
people did not have confidence. How
uIIL0IeuI Lu0 pOIlCy pEdCCLceu during
the past year. Every body scrambled
to get all the money possible, to hold
long as possible. No want of, but
implicit confidence in even the depre-
clated q silver and despised green
back. Even the bankers tried to double
their reserves and refused to loan any !
kind of money on gilt edged security
any rate of interest.
1t :ertaily was no want of confidence
in the money III circulation. Was it
want OF confidence" in the Democratic