The Providence news. (Providence [R.I.]) 1891-1906, 1895-02-22
CAPITAL CHAT.
How a Great Financial Panic
Was Averted.

The Patient American People aSh the
Patriotic Newspaper Men--A Real Peril
I Averted--Csreat Issues For the Next Po-
liticai Campaign.
WASHINGTON, Feb 81 1.-[Special. l-"It
Is a good thing for this country" said
Secretary Carlisle recently, that tho
American people are not like the French
In one particular. If the Americans were
of the excitable temperament OF the
French fear wo should have had "A dread.
full panic In the country during the last
month. Face to face with such dangers as
those with which we were confronted the
French people would have lost their heads
and plunged the country into furor OF
excitement and financial disaster. The
Americans, am proudto say, day aftor day
looked the situation squarely in the face
and never fllnched Though there was dan
ger that the government might be forced
TO suspend gold payments, though it was
an easy matter for every citizen possessing
legal tenders to convert them into gold
and hoard the metal, and though there
must have been temptation to do this,
with the impossibilty of loss and the pcs
sibility of profit, very few Americans I'M
proved the opportunity TO hoard gold or
acquire IL for speculative purposes. I
doubt II any other people in the world
would have borne themselves so well
through such an ordeal"
Worthy OF Statesmen.
Possibly there would have been moro ex-
citement in this country il the newspaper
"A, Ia. lx.I
been men of patriotism. 1t is within my
personal knowledge that the correspond
ents of the leading newspapers of the coun-
try deliberately aided the administration
in tiding over tho difficulty, in keeping
from the country full knowledge of the
seriousness of tho situation. They had in
their possession facts which, IL published,
would have alarmed business men and
fnanciers and contributed much to the
public distrust Possibly the forbearanco
OF tho newspaper correspondents averted
run on the treasury for gold, the thing
which President Cleveland and Secretary
Carlisle most fogred. They were not 50
much afraid of the Withdrawals of gold
for export or for the banks for that could
be measured and whom the critical mo-
ment camo be stopped by cooperation.
But IL panic had seized tho people, if
wave of distrust had rolled through tho
country, the gold in the treasury would
not have lasted 43 hours.
There was a moment In tho history of
the latest bond deal when tho country was
in real peril Negotiations had been GO
ing on for several days here and i'm New
York. Suddenly thoy came to a stop. The
foreign houses had become alarmed, or
pretended to be alarmed, and declared me-
gotiations off. This representatives left
the city and returned to Now York. No
doubt it was true they did this in order to
force tf sident into a hGrd bargain
Bankers and bond buyers arc only human.
But IL the newspaper correspondents at tho
capital had reported the facts i'm a sonsa
tional manner, II they had described tho
situation as it actually existed and told
tho country that the deal was Off, panic
might have followed. Their instinct was
to give tho nows, to tell tho whole truth.
That is always tho impulse of the news
paper man But in this instance tho cor
respondents said to themselves they had a
higher duty TO the public TO perform than
that of giving information--the duty to
suppress or minimize facts for the public
good--and they acted accordingly.
Uses OF Popular Loan.
pie are showing unexpected devotion to
the republic. During tho recent govern
mental crisis in Paris, when n president
resigned and another had to be elected,
and this one had great difficulty in form
ing cabinet and in getting his admins
tration into aiming order, the people of |
France wcro amazingly calm. Most on |
lockers were surprised that there wore no |
popular outbreaks I'm Paris; that panic |
did not take hold of tho mercural French. |
There Is only one explanation OF this, to |
my mind,' says Senator sherman, lana |
Il Is found In the fact that million or |
more of FrencLmcn are holders of govern |
ment bonds They have had popular |
loans in that country. The tradosmen, |
the artisans, the small landholders, have |
invested their savings in tho rentos Once |
q man becomes owner of government So |
curities ho is for peace and stability. He |
is good citizen. Revolution Is impossi-
bio where the public debt Is held by tho
people. We ought to have great popular
loan in this country"
Politicians at tho national capital OF
both parties agree that two issues are to
ovorshadow all other issues in the next
presidential. campaign. One Is the meHey
question, the struggle between gold and
silver and tho other Is the question of
Hawaiian annexation. This latter ques-
ton might not be important enough in
itself to attract very much attention, but
the proposed annexation of Hawaii islook
ed upon simply as n step toward new
policy on the part of this country. The
senate made the Hawaiian cable appropri
alton an entering wedge for annexation,
and II annexation shall prove successful
that will probably bo the forerunner of
general policy Of enlargement Of our ter
ritorial bounds, an abandon ment of the
traditional policy of CONT mental insular-
lty and n going out to the sea for moro
power and more commerce. This Is n
question that has somo sentiment behind
it, a question which involves tho national
spirit and the politicians sny il is sure TO
attract the attention of the people and
stir them up In next years campaign.
A Progressive Policy.
Beth Republicans and Democrats are
found In favor OF this progressive Ameri.