The times. [volume] (Richmond, Va.) 1890-1903, 1895-09-14
TO wHOM HONOR Is DUE.
A Republican Bankers Generous W
IN, President.

ron
20 the associations convention i,o'" D.
New York Bankers Association
spending to the toast. Inc -, -.
OF the United States" Mr.. Corh",'i 80 -.
II is rarely that a speaker is so happIs
fitted with a subject as ! feel my "
night 10 be. for IL there y one to's 49,.
another that banker ana .,.
nan from the United states "ou'" -,
or speak TO at this time IT IS ~
idcnt" | say lat this tiine
two years past the fortunes OF '"o
tire community have hung upon '''
age and wisdom of the fNeS"Nf'' -
al ovee have turned 10 him 10 see that
the honor of the nation was prtS,' W
and that tho delicate commercial ianrlc
was held aloof from complete destructioH'
I speak tonight entirely outside OF poll-
tics. although myself Repuphcan' ~
the clear sunlight OF business poii''0S
become cobwebs.
During the eventful period since u'e
panic times of 's3, two great CRISES
have developed I'm the United states anu
I'm both OF these Mr. Cleveland piVNc"
himself to be fully equal TO the deinaiuS
made upon him. In the hrst, sturdy
determination and staying courage were
needed-ln the second, prompt decision
skillful fnanciering ana AGGRESSIVE
bravery OF action.
The period during which the silver
purchase repeal was taken up was the
turning point in the nations career from
bad to good finance. The long, weary
struggle Of that time brought out IN all
its hideous PROPORTIONS the dangerous
unfitness of politicians TO control the
machinery Of commerce. Wicked delay
was protracted almost indefinitely by
the stubborn selhshness Of the Senate,
when factory after factory was CLOSING
and hunger and winter were impending.
How stood the President then?
We who watched that struggle from
day 10 day remember the terrific pressure
brought to bear upon him 10 yield, 10
compromise with the selfish interests OF
the silver men. and how bravely he with
stood every vile, and now. through MS
manly insistence upon unconditional re-
peal the enemies OF honesty were AT last
compelled 10 surrender Unawed by
threats OF enemies. unmoyed by the en-
treaties Of political friends. unbiased by
fears of party dissolution with mind
made up TO what was right, he stood
in the breach, almost alone at times.
Had 1t not been for the indomitable VIII
who can say what the result would nave
been? When the happenings OF those
times have crystalllzed into history, the
name OF Grover Cleveland viii shine out
clear AZ the hero of the hour. the man
whose courage stemmed the tide OF SHIFT
ing compromise, brought TO naught the
craft of trimming politicians. and saved
the cause OF honest money.
From that time on the faith Of the bust
nessmen. irrespective of political prefer
ences. was firmly fixed in the President.
There came another emergency. Inc
In
~ on We had stopped buying silver.
but the great mass already accumulated
lay, sodden weight, upon the delicate
machinery Of credit. one thousand mill
lions of currency were depending for re-
dcmption upon a slender thread Of gold.
and with expenditures exceeding revenue
the eys Of the car, ful end wise were
fixed upon the sinking gold reserve. The
President had declared repeatedly that
the Government would redeem m gold
every obligation payable in coin. But
stu the reserve sank. An issue OF bonds
for gold was made. but the gold was no
sooner turned into the Treasury than Il
began 10 pour cut again. as through a
sieve. The demand Tor Il came from
hoarders at home and investors abroad.
Europe was becoming distrustful. The
free silver men We're insisting that CON
in the bonds meant population OF
30 cents on the dollar Of debt. They were
breaking the credit OF one Of the richest
nations ia the world. Daily statements
were published in the newspapers OF the
millions of gold taken from the Treasury
and shipped abroad Another issue OF
bonds was made. but the gold from these
went out faster than before.
The President was struggling bravcly
alone-opposed yehemently By bis own
party-the opposite party glad of the
rupture and helping II along-the popu-
lists and silver men doing their best TO
defeat honest money. Congress reso-
lutey refused 10 accede To the urgent
message OF the President asking Tor
bonus payable IN gold.
In January. 1880. the situation became
critical Every day the balance Of gold
in the Treasury had become smaller and
the demand larger. There Was a run on
the Treasury, and scareiy three days sup
ply OF gold left. Unless help was prompt.
ly forthcoming, obligations must be dis
hOnored. We were within fOrty-eight
hours OF slipping upon a silver basis-on
the eve OF terrible panic to be made
deadly by the swapping out OF circula.
ton OF SIX hundred millions of gold.
AT this juncture the Presidents rare
TO the front He called 10 his aid two
Of the most powerful bankers in the
United States. August Belmont and J. L.
Morgan. Through Mr.. Belmont, the Roth
sch'lds, the greatest bankcrs in the
world, were interested. \ purchase OF
$4,000 ounces OF gold, TO be paid for in
bonds, was made. BY a stroke OF finan.
cial genius the responsibility Of making
the bonds high-rate and low-priced. II
payable IN CON. OF lOw-rate and high.
priced. il payable specifically in gold,
was thrown upon Congress. That body
threw away the priceless advantage OF
the latter course. and Ia senscless anger
dlsgracefully voted down a plain business
proposition. which would have saved six
teen millions Of dollars 10 the taxpayers
But the transaction was completed. The
honor and credit OF the nation were
threatened before the world and had been
saved by the President. Upon public an.
nOuncement of the contract, Withdrawals
Of gold ceased and gold which had al.
ready been taken out was returned 20 the
Treasury. The reserve was gradually re-
stored, confidence began 10 increase. bus
ness slowly 10 revive, and prices 10 al.
vance.
And so once more our President proved
himself the man for the hour.
When the SILVER heresy, which we all
supposed dead when the purchase clause
was repealed. began a Few months ago
TO wrlthe and wriggle again. ike 4
snake whose head has been crushed. but
whose body continues "a live until sun
down-when this phenomenon exhibited
itself. Mr.. Cleveland sounded once more