Pine Bluff daily graphic., 1894-11-01

term of office. the exports of gold ex- ceeded the imports by over s160,- QUO. 000 This was not in payment of trade balance, for during the same years our exports of mer- ehandise exceeded our imports by nearly three hundred millions of dollars. According to Republican theories we ought to have imported nearly three hundred millions of gold but instead we exported one hundred and sixty millions.
 This had two-fold effect, when taken in connection with the deple- ton of the Treasury by the profligaey of the Fifty first Congress Abroad, it created the impression that pay ments in gold or it's equivalent could not long be maintained in the United States. This fear gave birth to a determination to realize on American securities before the country went to the silver standard. Vast quantities Of American seeuri. ties were thrown on the market, breaking the price and leading to further exports of gold. In the sec ond place, the apprehension spread to this side of the Atlantic, and the boarding of gold became common.
 Even when gold was not withdrawn
 from the banks, it could be had from
 the Treasuryfor greenbacks orTreas- ury notes of 1890, and this constantly depleted the gold reserve, which was all that stood between the country aud the silver standard.
 Alta late period of the panic, it is quite true that the depositors would
 take any sort of money that they could get. But why? After the mis- chief had progressed so far that banks began to suspend, the people began to fear that unless they with drew their deposits at once they would get nothing. In most cases this was an ungrounded fear, but panies beyond a point are essen tially unreasoning and unreasonable. There was at least danger that the suspension of banks would prevent depositors from getting money when they needed it very badly, and this actually occurred in many cases. The principle of "the d-l take the hindmostn was dominant for several weeks.
 The truth is, want Of confidence, at home and abroad, in the money which the Republican party had provided vas at the bottom of the whole trcable. Primarily this was due to the Sherman act, which was a device for selling silver bullion for gold, in order to hold the silver states to their Republican allegi- l ance and secure the passage of the Mckinley bill. Secondly, it was due to the wild extravaganza Of the Re publican Administration, which | called for an issue of bonds, which 1 would actually have been issued by ! secretary Foster but for the inter- ference of Mir. Harrison himself, 1 who preferred to leave an empty Treasury to his successor The dis. turbance of business by the passage of the Mckinley law and other cir cumstances were auxiliary, but the essence of the panic was want of confidence in the currency under the conditions brought about by the Re pubIicans. The repeal of the Sher- nan act restored confidence in the currency, and there has since been an easy money market; but the in- jury to business was such that it re- quired time aud repeal of the Me Kinley bill to repair the damage. Democratic legislation has put the country on the road to prosperity: but wouuds of such severity can not heal in a day