The San Francisco call., 1896-06-03
A WALL-sTRgET THREAT.

For some time past there have been re-
ports of plot devised by the gold-stand-
ard men OF New York for the purpose OF
preventing either of the two great parties
from declaring in favor of bimetallism.
The plot was the simple one of organizing
panic in Wall street during the meeting
of either National conyen ton whose COM
mittee on platform should fail to report a
plank pledging the party to the single
standard. The object of the bogus panic
would be of course to frighten the mem
bers of the convention and under the stress
of the excitement force them to declare for
gold to save the country from financial
ruin.
When the report of this plot was first
sent abroad verv little attention was paid
to it. The people thought it not worthy of
credit. THE GALL dismissed it for the time
with the comment of derisive paragraph
and let it pass with the rumors that come
to-day and go tomorrow. 1t happens, how
eyer, that it did not go. 1t has remained
among the political issues of the time. and
if 1t is but little noted in the West it has
been carefully and earnestly debated in
the East. This fact in itself implies that
there is some truth IN the report of the
plot, and confirmation is given to it in the
circular of Henry Clews OF May % on the
condition of the stock market.
Mr.. Clews. after declaring "the sole OBJ
stacle in the way of rising market is the
our financial evils to the silver agitation,
goes on to say;
Wall street is not gravely dismayed at this
outlook. 1t has learned to believe that there
are greater potencies than party platforms,
than legislative subserviency to popular ignor-
ance than the madness of partisan infatuation.
They know that there are situations and
events which can instantly coerce and convert
the most reckless Legislators into the willing
servants of a conservative sentiment that rep
resents the real interests and safety OF the
Nation 1t will not be necessary to wait for
any otter effects of silver legislation to remedy
lts mischief, although that would be a per-
fectly safe course. The near prospect of the
authorization of free coinage-a counting of
heads showing certainty of two-thirds vot tie
in the House and Senate for 16 to 1-zwould
evoke in Wall street the kind OF conditions
that no Congress has ey ,Iyet dared to disre-
gard and the cause of free coinage would be
overthrown at the moment when its success
seemed most certain.
What do those words mean? They do
not come to us as rumor nor from an in-
significant source. Henry CIews is at the
head of one of the great broking- houses
of the country. The circulars which he
issues have been for years accepted as the
accredited voice of Wall street. What he
has written cannot be set aside as of no
Importance. He speaks boldly of power
by which Wall street can compel even
two-thirds majority in both houses of
Congress to violate their pledges to the
people and do the will OF Wall street.
What is that power?
There is a threat in the letter which the
American people neither can nor Will
ignore. The issue is rapidly shaping itself
to a fight between Wall street and the
country. If Wall street is ready to engage
in such a conflict the Republican party is
ready to take it up. The threat has been
boldly made and we shall see if the gold
manipulators dare to enforce it.