The Caucasian., 1895-07-25

[Continusd fron lse pes.l


that the so-called object lesson has
been carried FAR enough - and
that they see nothing to
be gained by . further shripk kaye In
values and the unssttling of cred
its.r'
And the same writer well adds:
but the war upon the west and
south was continued. On June 25
the India mints we're closed against
the further free coinage Of silver
The New York Tribune announced
the news in startling headlines: "A
Blow at Silver Values--T Action of
India Severely Depresses the White
Metal, Stimulating Repeal Senti-
ment-The Silver Men Are Dumb
On June 3Oth the president issued
his call for an extra session Of con-
gress on August 7th following. Mr..
Cleveland In his message to congress
said: Our unfortunate financial
plight is not the result of untoward
events nor of conditions related to
our natural resources. nor is it trace
able to any of the Affections which
frequently check national growth
and prosperity. While plenteous
crops, with abundant promises of
remunerative production aad manu-
facture, with unusual invitation to
safe investment, and with satisfac-
tory assurance to business enter
prises, suddenly financial distrust
and fear have sprung up on every
side. Numerous moneysd institu-
tions have suspended, because
abundant assets were not immedi-
ately available to meet the demands
of frightened depositors.' Surviv-
ing corporations and individuals are
content to keep in hand the money
they are usually anxious to loan !,
and those engaged in legitimate bus
mess are surprised to find that the
securities they afford for loans,
though therefore, satisfactory, are
no longer accepted. Values, sup
posed to be fixed, are fast becoming
conJectural and loss and failure have
invaded every branch of business. 1
believe these things are principally
chargeable to congressional legisla-
ton touching the purchase and coin
age of silver by the general gov
ernment."
1t was in 1898, on August 10, that
the American Bankers Association
OF New York issued a circular to the
bankers of the country in which it
said: at is manifest that the i'm
mediate cause of the prolonged
stringency is the fea, and apprehen-
sion of disaster engendered in the
minds of the people by the continued
purchases of silver by the govern
ment and by the unceasing issues of
Its obligations therefor, redeemable
IN gold, which fear and apprehen-
sion can only be removed and conf
dehce restored by the removal of the
cause. The president of
the United States having convened
congress in extra session and recon-
mended to it such a repeal, the
power Of public opinion should be
brought to bear upon congress to
induce favorable action thereon.
Ihls may best be done by evoking
the aid OF the press and by citizens
writing to their senators and repre-
sentatives, and by sending him pe-
titlons urging such repeal, all which
should be done to the fullest extent
possible and without delay"
The New York Sun, in its issue of
May l, 1893, in referring to this con-
ference said: "The statement of
Mr.. Carlisle to the New York bank
ers makes it clear that while Mr..
Cleveland works in Congress the
bankers will be expected to work
not IN New York only, but through
out the country, doing their utmost
to pinch business everywhere, in tho
of causing q money
crisis that will affect congress pow
ertolly from every quarter at once"
Mr.. Miller continues the important
piece of history in the following
language: 1T is said that between
April 27, the day of Williams house
meeting, and December 80, 1893 a
period of eight months, more than
1o,OoO bankruptcies and suspen-
slons OF commercial and industrial
concerns and companies had taken
place, and more than 600 banking
and firms had been Sc
rlously injured or were wholly ruin
90. The total amount involved in
me bankruptcies and suspensions of |
u! these firms, companies and in
'tltutlons during these eight months |
vas roundly $3.50, 900, 900. Three mill |
ons OF men, women and young people
Tho were contentedly at work in /
ne shops, factories and mills on the
'7th of April, 1898, were out of work
IN the 1st of January, 1894."r
Then the Sherman purchase clause
vas repealed. In the midst of the
widest excitement this measure was
lrlven through the house August
~ and the next day the house bill
'as reported to the senate and
'assed that body October 3Oth. To
ecure the passage of this bill it is
onceded the executive patronage
7as used without limit.
II the foregoing statements are
rue, and they come from gold-fa-
orlng sources, then the pretense
hat the panic of 1893 was caused .
Y the purchasing clause of the ,
herman act was q false pretense ,
ut forward by men who deliber-
tely adopted methods to "pinch
uslness" and bring upon the coun-
y financial distress, and then At {
'lbute this condition to the opera
on OF that measure in order to in
uce such change of sentiment in t
lver-favoring communities as would !
'cure its repeal. This is stating )
he case in its mildest form. |,
There are Tories in this country to-
~ as there were in 1776-men who
AXE mock ofAmericanism who sna.k
lth scorn Of manhood suffrage. who Q
ok abroad, especially to Great Britain. 2
r their models of government. of s
riffs and of social Institutions But t
lese individuals are in a far smaller t
lnOrlty now than they woro an. H.. Z