The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-26
SPEECH By SPEAKER REED.
On Financial Panics. Their Cause and

r
what seemed tire great prlreval curse.
that in the sweat os his face shoala man
cat bread. has been foEn4 IA TIE wider
view % fhe great cycles OF the Almighty
20 ne the soan6a ton OF al sound hope, al
progress and al permanent power Men
70 logger saans aonF ss his daaG Ghest foa.
bat welcomes Il as his dearest friend. Ma
flon$ no longer dream OF riches as tae
spolIs of var. but as the fruit of human
energy. directed by wise laws and encoar-
aged ~ peace and goodwill. Battlenenfs
ard forts and castles. armies and raFsss
aTs aay hy dag less and less the engines
o. slaughter are more and more ire guar
antess of peace 3ith honor. What tie
R0rla longs for now - not the pageantry
and devastation of Ear for the aggran-
dlzement os the few. but the fan ut.izA-
ton OF human energy for the benefit OF AL
mankind. To the 100000 people wao
make Up the great reDublie. the oppor;uni-
y % labor means more mere than 20 al
the world beside. Il means the develop
raent of resources greatly beyond the COM
Brenensicn OF AIRY mortal. and diffusion
among al OF riches 20 waich. the giorles
Of the Arabian Nights are but the glitter
os the pawnshoD. and 70 which the sheen
of az tie Jewels OF this earth bat the gi3Ea-
mer os gIaEworms IN the parior OF the
dawn. But each individual mans work Is
powerless- Only by combination each with
4Ese oAlef can GSe1 TsHQAk@ He HdI- No
more striking proof OF this can anywhere
be found than in that complex union o.
men which makes up modern nations and
modern ente -Drises. The nature OF man
Graves also liberty and individuality, The
complex, wonderfully complex. condition
Of modern society has dra awhacks and sor-
rows whica are completely ils oxa.
The sachems OF New England had no
financial troubles. no strikes. The cur
TFENGftNn q SfFpnfA a
wampum. In Central Africa today banks
rever break. ana checks are never dis
honored. for neither hanks nor checks ara
needed for their kind OF prosperity. Before
the factory system rendered combinations
Of workmen needfGl. there Nss Jess discon-
tent. bur also no progress. and there was
10 eharing by the ioiier OF the profits and
the pleasures. What are the causes OF
prosperity. and What are the causes OF pan
icF Are they mysterious things beyond
human keny II you analyze you find that
whatever the remote causes are. they are
different every time. The immediate cause
OF prosperity Is the confidence OF ali the
people IN each other. and in the situation
In the future. When the people all work
together when they all have falsn in each
ether. then prosperity re.gns. After pros
p9Ttsy relgns for some time. longer or
shorter. men think that hard times are
permanently done away With. and get
wAd. and over-Prosperity sets In. Then
some wise men. earlier than others 20 see
that the world cannot absorb all that IS
made. cannot permanently support all
the enterprises which the over-conhdenee
OF men has set in action, begin 10 doubt,
10 refuse discounts. 10 hoard money and
call a halt 10 speculation Then the dis
trust spreads, and hard times follow.
Then we Eet 20 work TO climb out OF our
troubles. and the process Is slow. While
srtssa a. eff xy.
In ls-9 England had one OF those par
oxysms like the one We are passing
through now. Every ything there had been
prosperous FOR long time The hum of
Industry was heard all over the land.
Mems eyes looked into each other with
trust and faith in all mankind Capital
vas accumulated in legitimate business,
vhich Is the supply OF each others wants.
Tken accumulated capital. eager for en-
pieymcnf. burst the restraints Of society,
ard speculation set In. Companies were
formed to do everything under the sun
and lend everybody money, from the czar
Of Russia 10 the king OF the Mosquito
shore. Pretty soon. after slight drain
Of gold, It occurred 10 some one TO figure
up aN these contracts, and the astonished
nation found that England had agreed TO
lend more money than there was in the
world, twice over. Then the bubble burst
merchants failed. banks broke. universal
Glstrust poured over the land. Fer one
dav trade absolutely ceased in London
Nobody would take anybody's notes or
bay anybody's securities. Where was tho
difference between England prosperous
and England at a sranGstinF II was al
in the change OF one word. Confidence
was prosperity. Distrust was ruin. Then
began the slow growth OF confidence
again. which took years. but Englsnds .
prosperity did not perish.
4.
such instances, many more than I mean
70 mention. for history on that subject IS
a. cheap and as abundant as wheat when
times are hard. we have just passed
through another OF those terrible crises
ard are on our way 80 other years Of
wealth. with this additional benefit that
the a distribution 81 wealth. when We reach
il. wIll be more even as well as more abun-
Gant than ever before. In 1888 we had as
great a crash as we had In 1873. all the
world went with us. IN 1&2 We thought
hard times had been hauishcd forever. we
were sure that work and high wages were
rever more 10 be separated. bur We wero
mistaken Pride goeth before destruction.
and a naughty spirit before a fall The
election 81 1922 was a great misfortune.
u may be we would have had = collapse
then. no one can nc quite sure: but II wa
had been IN sknlfBl hands we should never
have gore 50 far and suffered 40 much
" 4rH tfe sherman EEE Was struggling
10 bs ren@ales3 the peraocratic press and
even some Republicans. told Us that re-
peal weuld be the final remedy and hHsi-
ness would revive. I never shared that
Aeaef: on the contrary. just three years
ago today lacking two DAYS, whlle I was
ccusort.nE with good Democrats. and
hone TO ronsort with the ike In this cam
paIeu. I took occasion. tu the presence OF
6 f5sao mon women and CAlifrEn 90 declare
thaf tne repeal of TIRE Sherman law was
only ore step !n the onward march: since
then reasy bad things have happened
rlunxtnw as deeper and deeper 81 the rafre
In thzt very discourse Z told The Demo
Gratis that did rot cxpecf the Democratic
rarity 20 - utterly bad bat 7 sad uot
as tnat t3sue the slightest iieA shat TIE
chicago convention would da or say in
1sss Ssnca that speech 81 lsa3 W. have
haa a severe lessen. Whea the tariR ar.
rrargees tsv SIR Bryan anl his apso.lates
was presented ia the hoase it wHE car
tafnIy a great shnck 20 The business inter-
eats os tae country TIE eaange was rad
fesl. ard rsen like Nr Bryan wses carried
azav ufth the possibilities % fhet~ oprr e.
ssssaare. tners seemed 40 possibility -
the gnsit af ths evll %cw ! 90 not p-o-
y,o4s 70 charge ire Democrats with hat
bfif Ths ore gaey HuallF passed was 4
vastly different one. Fsst tha mischief hsa
aseen aona. The shock ha& stsgnes hsys8-
ness Tnen car.s the income tax. unrse-
wtfsnflana8 snf 6estrnctsxe, declared 50 ~
th. supreme court. sn8 thsn fae attend
ant assfesNncp That deficiency has fsnes,
\ H~eessIux sore ever etnes- j. has erares
Snf srtKnteuea cHT people heyuzza al rea-
son Nh4t are So ~. ssss Increase - snbt
"a nation 50 raes thaf cue ~ ifa bsx
- lfrsaas. en haiT - l-nes. ear lose twice
as rueeh as pak8 tf# waele revaaus =
ES gmesu f2esg 81 ths aHvs NJ hs~ hsxh-
ssg Ecrv ard never pass e coaesan or rs-
fsss@ 8 afssaerH WHY haa thss fsas ss.5 -