The advocate., 1894-07-25

Btben5 On bn0 6UlbOtlAl pages uS9U Gay &16SP
day, soon causing alarm as to the financial
situation, and then developing shat drain Of
the bank deposits which has been the main
feature Of evil in the money market.
This scare was evidently artificial in large
measure. Ib is moreover believed by many
that il was deliberately planned TO exotic
public distrust,to give excuse for the assem-"
bling Of congress and 10 exert pressure"
for the repeal Of the Sherman aCt. It was
to be san object lesson" bc the country, to
convince business men, especially in the
West, that the pOliOy outlined in New York
must be followed as the only way Of escape
from further distress.
That this charge was just, shocking as il
seems, now receives support from fresh az.
idence. The hesitation Of the senate 10 re-
peal "unoonditionslly"--a the New York
demand upon IL resds-the silver purchase
clause has developed new threat from chat
city chat more object lessons will be given
if the senate hslts longer. Thus in the
money articles of the press Of this city
(PhilsdelphiR) on Saturday last, there OO-
ours bhiS statement.
It is we'll TO understand that the New
York banks will not lend money until the
senate votes for the repeal Of the silver bill.
The Manufacturer says:
The threat in this may be said 20 be
somewhat Veilsd. But that it is q threat
appears from dispatch sent at the time
from New York By the correspondent of
the Ledger of thus city and printed also on
Saturday. This dispatch speaking Of the
stock market in New York said:
It (the stock market) is waiting TO hear
from the senate, and not without some Rp-
Drehsnsion that some further ''obieOt
lesson" may be needed to move thas body.
That. this is certainly more definite and
cannot be considered obscure. The threat
that there shall be more 'objeCt lessons"
is such a menace as all can understand.
But in the money article Of the Press on
Monday there is still q more plain state.
ment Of the case. In that article there are
these extraordinary sentences:
The mercantile community which de-
siHeS banking accommodations has not
felt the improvement, and the reason is the
New York banks have determined not 10 let
money loose until the senate votes for the
repeal Of the silver law of July. There is
plenty Of idle money in New York which
business men could use TO advantage, but
the policy Of the banks is to hold of.
According TO some street authorities
additional and aggressive steps will be
taken in New York TO impress silver sem
ators. The following was sent around the
street on the news tissues on Saturday:
sour statement that steps were under con-
sideration likely 10 exert pressure for re-
peal was supported by facts which came 60
light during the day pointing to the posi-
bility Of an early advance in rates for Ster
ling exchange to figures which would make
talk Of gold exports instead Of imports."
The New York World Of Septem-
ber %, 1893, in speaking Of the sen.
ate's delay in passing the repeal bill
said:
"The deadlock seems to be absolute.
Will il require another and q more dis
sstrous panic to break itT'
The Philadelphia Press of Septem-
ber % said:
''There are ominous rumors in the street
that New York will again put the screws on
the senate. Whether this is street talk or
not remains to be seen, but the hardening
of the rate Of sterling exchange at tune
Of large merchandise exports and in the
midele Of our exporting season, looks a. il
gold exports would be made TO influence
the silver lunatics. There is no question
that the banks of New York are still with
holding money from merchants while
possessing millions of idle cash, because of
the tacis arrangement not TO unloOse lt
until the senate votes for repeal.
What mora Ia nannnanru 70 nnn.