Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1896-02-22
THEY PLANNED THE PANIC.

sis Of a rev book that he's just been
was the private secretary OF Salmon
p. Chase, the great Secretary Of the
Treasury under Lincoln. From the
News article We reproduce some facts
Mr.. Shuckers declares, and brings
forward with much circumstality,
evidence which goes to prove that the
panic of 1898 was, as wa have long
charged it to be, a bankers panic. He
directly implicstes Mr.. Cleveland and
Mr.. Carlisle in the conspiracy. We
copy from the News a portion Of the
article. AS follows:
Mr.. Shuckers says that on April 81.
1898, Mr.. Carlisle met the presidents
OF the New York banks at the resi-
dence of George G. Williams, presi-
dent of the Chemical National bank
of New York, and in expressing Mr..
C~leveland's idea Of giving the people
an ''obiect lesson" Mr.. Shuckecs
uses the following language: The
West and South according to secre-
tary Carlisle, and as was the fact,
were against the repeal of the silver
law. They were so welded to the use
of silver that they would not consent
to a repeal except in excl ange for free
coinage. Grover Cleveland never
would consent to free coinage, He
vas unalterably opposed to it, and was
rnc0l,-NI ,,NAn +hA r,NNnl ne +ho SL,-
man law with as little delay as pos
sible."
During the meeting Mr.. Carlisle
said that a 'practicle demonstration
to the business men of the South and
West Of the injurious effects of the
law upon their trade and finances
might he necessary to convert the
fanatics Of thai section to vote for re-
peal, and the President had come to
the conclusion that if the object les
SON. of a panic and the disasters Of
monetary stringency were necessary
te secure the reQeal, the Administra-
tion would do nothing to prevent or
al'ay harm
After this meeting the calling in of
loans commenced at once, and four
days afterwards, on Monday, May 1st.
had reached such az extent hat con-
s~ternation seized upon the Stock Ex-
change and for five days there was
wild, compulsory and continuous sac
rifice of securities to raise money IL
meet the merciless calls. Hundreds Of
borrowers were ruined in New York
and the panic was sent sweeping
across the country bringing ruin to
thousands and distress to hundreds of
thousands. May the 9th, the New
Tribune said The numerous losses
Of the past week, the utter demorali-
cation of buying power in the market
and the practical paralysis Of credit,
promised a liquidation, that unless
stayed, would have swept them all off
their feet" On May eth the Tribune
made the statement That the efforts
of the Administration to bring the
South and West to a full realization of
the inevitable consequences Of COM
pulsory purchase Of silver bullion has
brought disaster and perhaps ruin
to many innocent persons, but there
is no reason to suppose that it will he
relaxed"
The "obiect lesson and the closing
Of the Indian minis against silver
were two wide ~onslaughts Of the
money power on the debtor classes
No other conspiracy in all history
was so widespread-reaching into
every quarter of tho rlObe-so heart
less and so FULL .ovilish cunning
as the conspira, st silver which
has among its : leTS millions Of
those wealth pro ..ers who it is de-
signed to rob.
1t will be remembered that the gold
press has ever since declared that
panic was brought about by the IN
loading Of American securities
through fear of European that
this country was going to a silver
basis. That makes it reasonably
clear that the whole business was de-
liberately planned in New York; that
the President and the Secretary of the
Treasury endorsed the plan, that Mr..
Bayward carried to England the data
which closed the India Minis, thereby
deliberately undertaking to compel
the passage of a measur in Congress,
believing that in sheer desperation
Congress would do the Presidents