New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-06-23

a great importer He bought goods ABROAD TOT eaie
In the South and West The season came on anu
he had orders placed from purchasers for million
dollars or more worth OF :-ods He made his
purchases abroad accordingly. and when the time
came to deliver he found himself with the gooos
purchased credit and expected to pay MS foreign
| notes with money received from those VINO pur-
chased OF him. When II came to collecting 'hese
amounts the merchants In the South ana the
West offered him State bank currency. The New
York banks refused TO take it. The dealers West
and South refused TO pay in anything eise' ana IN
fear OF the approaching panic OF 1851 the New-fork
banks refused to discount his Western paper Inc
foreign notes had to BE- met in gold. and he was IN
embarrassing position. He Vat down and thought
the matter all over and then decided upon line OF
action. He said himself that the only means OF
salvation for himself to convert the State bank
notes into something that would be the equivalent
OF gold. He teegraphed to his agents all over the
country that he would accept State bank notes
Then ne ordered these agents to buy all the wheat
that the notes would purchase in the neighborhood
where these banknotes thought the best cur
rency.
THE local merchants in the various towns had
no difficulty In getting accommodations at their
banks, because the banks thought that their notes
which had little security behind them. would
SO to NcwYork and would not return for redemp-
ton inside Of a year. and this merchants Gus
toners all paid up. When the panic Of 81 came. In
a few months the local merchants failed and that
broke the State banks That made the State bank
currency worthless. and IT left the conhding farm
with rotten banknotes and no wheat. while the
far-sIgh,ei merchant who knew that currency must
no good a commodity Is mn'e1 or printed
or redocmablc in that which IS as good. had the
farmers wheat. which had value. which he shipped
to London and sold for gold. and with this gold
paid his debts. and sailed trumphantly through
panic in which nearly every other house went
Of the most successful well OF the
Mr pspew does not think that the Republican
party is going to fee the silver element working
against It year. despite the assertions made by
advocates OF the white metal He said
"In Ohio / learned that he Republicans are View
ing the subject of bimctallism from an international
point Of View | believe. however that they are
sirnplv coametng with the idea OF an Internatona
bimctallic agreement and that there is real sen,
mont in favor OF free coinage Foraker seems 70
M, - End ,npnsrcn,iv can do .ith II AS ne Wills
The situation among the ohio Democrats. as as
cerianci IL. * mat three months ago two-thirls
Of the Democratic newspapers In ohio were hot Tor
tho free coinage 81 silver AZ the ratio OF 10 to J.
Only onc-third are Advocating free collage OF silver
/ AMI iwo-thlrls are va.ianty supporting President
Cleve.and's policy.
SILVER SENTIMENT ~ TENNESSEE.
In Tennessee ih~ people are as bitter over silver
/ think they feel that their Iery sustenancc de-
ponds upon free coinage In Nashville the two lead
ing papers oppose the idea OF free coinage. As |
said think the people wan; to Doe reasonable. but
they have hal this idea irummei into them with
such persistence that they have to look upon
# as the grcatcsi question since the War Of the
the Norta Is debating to thor los, and a good deal
of pcreonai feeling is cne"nierci Il IS going 10 BE-
a long harI light. but think that tho question VIII
be ultimately seen IN a true isht. The kepuoiean
VIII split the Demo rate party IN the s'ie ana ma
hy practically sn9rns ne question 'ey
can hold the Kcpuo ms tosoth,r on the ann qI,
ton and ,argy the stat" neNt year 'r the Re
publican candidate for President
IN Kentucky to- silver Asnt seems To be wholly
within the Democratic party AMI whl- am poLt-
rnnfess mat without his speeches ard arguments
made recently Tennessee and Kentucky would now
feature % the South that their Ideas always
snaycl hy he mon who rerrcs"nt them WIN
ihcy have choc" rAe majority seem 70 fsH .
Carlisle becaus" they believe mat No. is more l''c-
bum
,..., ,u.,..., .,.r,.,.r,,..
THE POLITICAL siI' ALTON
" u.,.,.. ,,.ro,ch. ng ,rio ., Europe led him
'l' ''''" ,'.,o'' .'.,,'. ~. ',,rl. ,n.ao,
nni then he sall that ~ wondered how things
,,,,,.l n,y. .w,n. around before he 10, back He
. ~,,,.' ''"'' ''''''
=, 49,, -, .,..,,.., Ne,.york 10 s,il tho
pivotal stat Governor Morton has demonstrated
that be- can carry the state hy an overwhelming
majority. he is i s"''' come '"'''' "''" ''''
thai u the Na'ionai Convention were "e.i to-'hor-
- -. ,. ., n. Tho is,ai,, c,n-tl,tc
'"'''' >,... ,,-. 49,, ,,,,,,r ,,,,,
well Accordingly. Arson seems l." nav EA''..'-4
strength recently. bnt cannot * am ttns'n'r
reason. Harrison i. however me over" ''iH,,lb
possibility In The pain of eh'h caiii1t'' Meh ms
these things dtly tNi sich ''' l.-~l"s 20, ~
opinions ts o. Who has gained tii VINO mas
lost strength. l~avc aside stat" canilfatrs ai''
sec the result Al Iowa man - Tor ALISON IN me
convention say. b. IL told that Allison cannot
have the nomii af!Iu. Then he says. EEL what
about Harrison He gave us eooi admin, sirau,n
didn't he That IS the way II goes Much le-
ponds upon tho Dat" and fuiure incidents a.,
Mr. Depew wAs asked what ne 'h9ufht .upu, tl ,
nrd In r,u'y sad.
Nt 'IeNr'"'t " '.'. g. ,' ~, 81. .ar,y lie h,s
tecu ar strength with certain classes ~ peoPl- OF
both parties and keeps II despite all things Nhen