Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-05-29
What the H. B. Chaffln Company. Say.


The panic of 1893 was caused by fear
that the silver purchases of the United
States were about to bring the country
to a silver basis. This fear led pri-
marily to abnormal gold exports and
to boarding of gold. AS gold disap-
peared the panic grew. When the
panic became general all kinds of
money were boarded without much
discrimination, because many persons
feared that all financial institutions
might be ruined, and in upreasoning
alarm they thought that any kind of
money would be safer than a bank ac-
count. When the bill repeating the
silver purchasing clause of the Sher-
man Act passed the House of Repre-
sentatives by vote so Overwhelming
that it seemed certain that the bill
would ultimately become a law, the
panic subsidized. The very day after
the vote in the House of Representa-
tives the situation changed radically.
For the first time in four months
money was offered to merchants, and
the acute phase of the panic was at an
eDd.
Depression, however, continued
while the Senate debated the bill, but
signs of recuperation were not want
ing, and distinct improvement began
when the Senate concurred with the
House in the repeal of the silver-pur-
chasing clause. This improvement was
stopped by the Government pro-
gramme' for radical changes in the
tariff. Every merchant knows the dis
couragements and losses of the last
lwo years of uncertain and falling
prices. Now we have reached the bot
tom we have felt the full effect of the
new tariff prices which have been
abnormally low are beginning to i'm
prove, and the outlook for business is
encouraging.
Shall we invite fresh panic by con-
sidering free silver coinage in the
United States without the concur
renee of other nations?
Nothing can be more certain than
that free coinage of silver at the ratio
of 16 to 1 by the United States alone
would result in scramble for gold
This would cause an immediate con-
traction of loans and general finan-
cial panic would inevitably ensue;
business would then be paralyzed once
more, and another season of calamity
would be upon US.
Those who wish to see better prices
that the consuming power of the peo-
pie depends on their earnings. The
depression which always follows a
ployment, and for a long time after
the panic many remain unemployed
We are now as slowly recovering from
the panic of 1898; every month the
consuming power of the people in
creases. Let this consuming power
steadily grow and it will soon catch up
with any temporary excess of the
worlds supply of commodities, and
thus surely and safely produce higher
prices. Check this consuming power
by panic, and vast increase in the
number of the unemployed will de-
press prices more than free coinage of
silver can raise them.
Free coinage of silver by the con-
current action of the great nations
would, we believe, be of decided ad-
vantage tc the world. Since the
United States has ceased to take care
of large proportion of the worlds
silver, that is, within a year and a
half, bi metallic sentiment in France
and Germany has increased more than
in decade before. and the silver ques-
ton in those countries now commands
the attention of their foremost states
men.
Let the good work go on; let the
European nations struggle with the
silver question without relief from the
United States, and the prospect of an
international agreement will rapidly
improve. But, if the United States
tries to solve the silver question alone,
she will at once relieve other nations
of pressing problem which they see
can be safely met only by concurrent
action of the commercial powers.
Free coinage of silver at the ratio of
16 to 1 by the United States alone
would invite panic, calamity and dis
order. 1t would put this country on
to a mono-metalic silver basis, and, by
driving gold out of use, would abrupt
ly and dangerously contract the volume
of our currency.
A PAINFUL ACCIDENT.-Th numer-
Gus friends of Mrs. Charles S. Peyton
have much regretted to learn that she
sustained painful fracture of a limb
at Nickell's Mills. this county. on We'd
nesday evening, May 18th. Mrs. Pey-
ton, accompanied by Mrs. Edward Pat
ton and Mrs. S. r. Patton, had been
Gazing on MIS-. Oaillo Nickel, VINO mas
been ill for some time. AS they were
leaving, their horses became frighten-
ed at a very large hog and attempted
to run away, dragging the driver from
his seat to the ground. Mrs S. r. Pat
ton and Mrs. Peyton sprang from the
carriage, the latter falling in such a
way as to break her leg just below the
knee. Mrs. Patton was unhurt and
the horses were checked and gotten
under control before further damage
was done. Mrs. Peyton was promptly
waited upon by DR.. William Shields