Rocky Ford enterprise., 1895-08-08

4 khS Cai ~ AuAAs
On June Z. six weeks after the will
Jams house meeting" the New York
| Sun in Its money article said, among
other things: 1.-THE presidents OF the
! New York banks think that the So
called object lesson has been carried
far enough and that
they see nothing to be gained by fur
ther shrinkake In values and the un-
settling Of credits"
But the war upon the west and south
was continued. On June rs the India
mints were closed against the further
free coinage Of silver Cleveland and
John Bull were evidently working tho
scheme together). The New York TIL
bune announced the news in startling
headlines: "A Blow at Silver Values
The Action of India Severely Depressas
the White Metal. Stimulating Repeal
Sentiuent-The Silver Men Are Dumb.
On June 80 the President issued his call
for an extra session of congress on Aug.
Z following. Mr.. Cleveland in his mes
sage to congress said: Our unfortu-
nate financial plight is not the result
of untoward events nor of conditions fe-
lated to our natural resources. nor is 1t
traceable to any of the afilictions which
frequently check national growth and
prosperity. With plenteous crops, with
abundant promise Of remunerative pro-
duction and manufacture, with unusual
invitation to safe investment. and with
satisfactory assurance to business en-
terprise, suddenly financial distrust and
fear have sprung up on every side.
Numerous moneyed institutions have
because abundant assets
were not Immediately available to meet
the demands of frightened depositors.
corporations and individuals
are content to keep in hand the money
they are usually anxious to loan, and
those engaged in legitimate business
are surprised to find that the securities
they offered for loans, though hereto
fore satisfactory, are no longer ac-
cepted. Values, supposed to be fixed.
are fast becoming conjectural and loss
and failure have invaded every branch
Of business. I believe these things are
chargeable to congressional
touching the purchase and
coinage of silver by the general gnv-
ernment."
The American Bankers association
Of New York on Aug. 10, 1898. issued a
to the bankers of the United
States, which, among other things, said:
TT is manifest that the immediate
cause Of the prolonged stringency is the
fear and apprehension Of disaster en-
gendered in the minds Of the people by
the continued purchases of silver by the
and by the unceasing
issues of its obligations thereof. re-
deemable in gold, which fear and ap-
prehension can only be removed and
restored by the removal Of
the cause. - The president Of
the United States having convened con-
gress in extra session and recommend
ed to 1t such a repeal, the power Of pub
lie opinion should be brought to bear
upon congress to induce favorable ac-
tion thereon. This may best be done by
the aid of the press and by
citizens writing to their senators and
and by sending them
petitions urging such repeal, all of
which should be done to the fullest ex-
tent possible and without delay"
II lS 6AlO tndL DetWccu hpTh 81 tuc
day of the Williams house meeting,
and Dec. 30. 1898. a period of eight
months, more than $4,000 bankruptcies
and suspensions of commercial and in
dustrial concerns and companies had
taken place, and more than 600 banking
and firms had been serious
ly injured or were wholly ruined. The
total amount involved in the bank
ruptcies and suspensions of all these
firms, companies and institutions dur
ing these eight months was roundly
$3.50 ,OOO, 900. Three million men, women
and young people who were contentedly
at work in the shops. factories and
mills on the 9th Of April. 1898, were
out Of work on the LIST Of January, 1894"
In the midst of the widest excite
ment this measure was driven through
the house Aug. 27, and the next day
the house bill was reported to the
senate and passed that body Oct. 30.
To secure the passage Of this repeal bill
1t 10 conceded the executive patronage
was used without limit.
II the foregoing statements are true,
and they come from gold-favoring
oVuICcb, lhCh lAO pICSChbo SAse eAAS
panic of 1898 was caused by the pur-
chasing clause of the Sherman act was
false pretence put forward by men
who deliberately adopted methods to
pinch business and bring upon the
country financial distress, and then at
tribute this condition to the operation
of that measure in order to induce such
a change of sentiment in silver-favor-
ing communities as would secure its re-
peal. This is stating the case in its
mildest form.
To arrest the production of silver by
the government and thus remove one
of the obstacles in the way Of perma-
nent fold standard brought upon the
country financial ills which for magni-
tude can only be likened to those caused
by the civil war. In the light of this
experience how much will it cost the
country in the destruction of values to
remove from circulation all our silver
and paper currency and substitute for
it gold and convertible bank paper?
That is what the single gold standard
means, and Is now the avowed object
of gold monometallists. When this OBJ
ject shall have been accomplished, "as
money Is the counterbalance of all
things purchased by It," it will be SO