The record-union., 1894-10-20
TALKS TO THE PEOPLE ABOUT THE
CAUSES OF PANICS
Hugh j. Grant Accepts the Nomina-
ton for Mayor of New York City
ID. NJ. Burns Explains In Plain
Terms the Meaning of the Letter
Written to NJ. E. Estee.
Special to the REcoRn.uS1or.


previously seen on this or his last week s
trip. The sidewalks and streets out to
the carriages which bore the party TO the
Aveline Hotel were densely packed with
| people, who kept up continuous cheer
| ing. The ex-President was escorted, inn
mediately after reaching the hotel, to the
balcony, from which he spoke to crowd
OF fully $4,000. This was another speech
| outside of the schedule, arranged specially
for the benefit of the farmers who could
not stay for the night meeting. There he
! was waited on by the committee, and, at
tended by an informal procession, es-
corted to the skating rink, in which 5000
people had sandwiched themselves to
hear the great Indianan. When he en-
tered the hall an extraordinary scene en-
sued. The great building shook with APP
plause. Hon. Charles ID. Everett, Chair
man of the County Committee intro
duced General Harrison, who said in
substance:
My feGtOW- Citizens: When we have
a debate on, always like to find in the
! nrst place the points of the argument so
we may go on to discuss those things
about which we differ. | find there is a
very general argument among Republi-
caEs and Democrats upon two PROPOSE
! tiOnS. One is, that we have had a yery
wide and disastrous panic, in which all
our people have shared; the second is
that one party or the other-Democrats
or Repubiicans-are in "a considerable
| measure responsible 20 the people Tor
these evil times. Now, that makes the
| discussion little easier. We have had
and still have q shadow of evil times
| The farmer felt them, the merchant has
| felt them: above all, the man who was
| dependent upon his daily wages for his
| living has felt them, because when he
| lost his job, he lost everything; whereas
| the merchant, when his goods were
marked down, had still something left.
| There were one or two features of the
| panic that | want to talk to you about.
In the first place, [ want to say that in
| my opinion 1t was not one of these panics
| which sometimes come from oVer-trad-
! ing and over-specalating; it was not a re-
| lapse from some balloon enterprise that
we had entered into. We have had such
| panlcS as that in this country, and thev
were always characterized by a great
! deal Of litigation in our courts. In the
! panic of 1873 the courts of all our
| country were crowded with collection
suits; men were being sued on notes and
mortgages were being foreclosed. That
! st.ttp et ia. .s.s has not characterized this
! panic through which we have lust gone.
| 1t was not over-trading and over-specula-
| ton; it was not wild-cutting in business
| that brought this panic on. If it had
been, we would have seen the necessary
| incidents and concomitants of that sort of
| thing in the collection of notes and fore
| closures OF mortgages all over the coun-
try. When this panic began we had
more money in circulation per capita
than we have had for many years
This had come about in this way. In
the first place, under what is known as
sherman
law, under which we bought 4,50O,O
ounces of silver every month, we issued
a large amount of what was called treas
ury notes, 50 the money in circulation
had been increased by $3.50, 600. 900 of this
new currency that had been mt ont
among the people. The money in circu-
lation had also been enormously increased
| by the reduction OF the surplus in the
| Treasury. Iou remember, my Demo-
cratic frieuds-I hope we are all friends
! you remember when they made cam
paign on the theory the country was
| being ruined by it, there was so much
surplus. They said: You have taken
| this money out of the pockets of the people
and locked it up, and il is not doing any-
| body any good That surplus had been
| by the purchase of Government bonds
reduced enormously and the money was
among the people doing its work, and
| then by the increased penslons-which I
! ~
voted and approved with pleasure and
| have never apolOg,zed for-an enormous
additional amount of money was put in
circulation among the people until our
Democratic friends changed the form of
the indictment against us. They indicted
US for having too much in the Treasury,
and now they say we left too little.
My point is that the money in circula-
| tion was so largely increased that il
| could not have been lack of money that
brought that panic on. 1t was not any
! lack of confidence on the part of the peo-
| pie In the money that was in circulation.
| 1t was not because they doubted the
! value of the bills or the coin thew had in
their pockets. 1t was one of the curious
/ features of that panic that men had money
and went TO the bank to get it; they did
| not care what kind OF money was maid
them-whether it was silver certificates
or not. They did not stop to look at it
/ but just wrapped it up in a newspaper
and took 1t home and hid it under the bed.
or took 1t to savings deposit company.
| hired box and stuck it in there The
| result was great scarcity of money. but
| presently the people got over their lear of
| the banks and they brought the money
| back. But the banks could make no use
of it; nobody wanted it. There was no
| solvent borrower who could use money.
| and from that time to this this has been
| the situation of our country. All our
! banks nave been filed with money by
! people who did not want to use it. What
| is the cause of all this? 1t was the nm
certainty that the Democratic success of
| 1892 introduced. The Democrats said
they were going to destroy this protective
! system. They were going to tear down
this house that sheltered US. From that
time to this the people have stood won
dering, fearing, dreading what might
Dealone on that question"
There was great applause when tho
speaker concluded.
TAMMANY's CANDIDATE FOR nTAyop.
New YoRK, Oct. 19.-Hugh ]. Grant
was named as Tammany's candidate for
Mayor, vice Nathan Strauss. withdrawn
at the meeting of the Executive Commit-
tee ia Tammany Hall this afternoon
| The Mayor said in the morning he wonId
not accept the nomination. but he cbanoad
his mind after a long conference.
Mr.. Grant, in response to the COM
mittee's notification, said: "Afy declina-
tion TO accept is based under a. Condition.
which L Will hereafter state. There can
| be no mistake about my position. I had
determined never to take public Office
again, but, as / favored the nomination of
MIR. Strauss, | feel that L am someybat
responsible for his being named, ] feel
extremely sorry for the course Mr.
Strauss has taken, but as he has de-
clined, and you have been so extremely
! kind to me, l will show my appreciation