The Ohio Democrat. (Logan, O. [Ohio]) 1886-1906, 1896-06-26
The BANKERS, THREAT.

wall Street May "Evote Conditions No
Congress Has Ever Dared to Disregard"
The signs are multiplying that the
money power has resolved, il necessary,
to force another panic, with the purpose
of defeating the movement for free coin
age. One indication of this is the re-
cent refusal of New York trust COM
pany to make loans on Alabama state
warrants, on the ground that the Unit
ll States senators from that state, Nor
gan and Pugh, wcrc making speeches
against the gold standard; another is
the visible inclination on the part Of
banks to contract their credits; third
is tho tone of the New York press, nota-
bly, Of The Herald, which III standing
article predicts disaster If the silver
agitation is continued, and fourth is
the following combined warning and
threat embodied III circular sent broad
cast by Henry Clews & Co., Wall street
bankers and brokers:
The danger from popular prejudice and ig
norance In connection with this silver agita
tion is, however, something more than n con-
ceivable evil possibility. II Is n threatened
actually. 1t is up for immediate decision, and
at this moment no one can feel absolutely cor
tain that this worst curse OF n nation may not
DO brought to conclusion within "A compara
tive fow months. Wall street is not in any de-
gree inscnsiblo to this crisis. II secs IL and
measures It in all its length and breadth, but It
is calm and self possessed 1t refuses to be-
iievo that, whom tho struggle comes to finnl
ity, the American people will bo found capable
of n deliberate act OF national suicide. 1t can
understand that any danger mny reach an
ncuter stage than 1t now presents; 1t Is quite
prepared for the possibility that managing
politicians may 90 farther than they yet dared
in tho way of sacrificing sound money policy
in order to secure votes for their candidates; ;
it Is aware that startling results may como
out OF either party conventions 1t would
hardly bo surprised should the silvoritos be
able to block sound money legislation In the
next congress. All these things may bo olassed
among the possibilities Of the next fow months.
But Wall street is not gravely dismayed at this
outlook. II has learned to believe that thcre
are greater potencics than party platforms,
than legislative subscrvlency to popular igno-
rance, than the madness of partisan infatua.
ti"r They know that there are situations and
o. unts which can instantly cocroo and convert
tho most reckless legislators into the willing
servants of u conservative sentiment that rop-
rosonts the real interests and safety of the ma
tion 1t will not be necessary to wait for any
after effects of silver legislation to remedy its
InlhCHlClS, ullHOubH tHhG NOulu Dc DcIlcCllg
sufo course. Tho near prospects of tho au'
thorization of free coinagc-a counting of
heads showing certainty Of o two-thirds vote
in tho house and senate for 10 to 1-would
evoke in Wall street tho kind Of conditions
that no congress has ever yet dared to disre-
gard, ana the cause of froo coinage would bo
overthrown at tho moment when its success
seemed most certain. 1t IL this reserve power
on which Wall street Is now rcposing. 1t Is
therefore not likely to be seriously surprised
by any outcomcs between now and tho No
vombcr elections. Its confidence In tho fina'
safoty of our money system is unshakcn. II
can as little buliovo that tho nation would
finally consent to tho destruction of its money
system as that it would burn its crops or do
spoil its accumulated wealth. 1t IL not at nll
impossible, however, that Wall street may wit
moss somo exciting scenes betwoon now and
next November. Politicians are not usually
adverse to ga turn in stocks, " and great po.
litical cxctcmcnts may DO easily turned to
speculative account. 1t therefore by no means
follows that the prediction months must DO
without speculative interests.
Instead of frightening, the threats to
intensity the prevailing monetary strin.
gency of the silver sentiment Increases
will simply make the people more deter
mined to dethrone gold. 1t is known
that tho panic of 1898 was caused by
the bankers, and if the latter shall pre-
cipitate another now the masses will
reason that the corporations possess and
are unscrupulous i'll the use of n power
so vast and dangerous that it must be
crushed if industrial independence and
political liberty arc to survive. And
they will then turn in and crush it.
They will restore silver, because, with
bimctallism re- c-cstablishCd, it will be inn
practicable for the banks and specula-
tors to repeat tho performance Of 1893.
And if, after tho silver victory has been
won at the polls, Wall street shall essay
what CLOVIS outlines, the criminal laws
will be invoked to punish the conspira-
tors. Assuming tho election of "a prosil-
yer president and congress- Wall street,
unless it does it before, will hardly at
tempt to create money famine If it
should, the new congress, which could
easily be convened carly i'll the follow
ing March, would not hesitate to
promptly relieve the famine by the issue
of silver certificates based on bullion, by
issues of new legal tenders, and by free
coinage, but 1t would ut once forfeit the
charter of every national bank which
had taken part in the conspiracy, The
talk of forcing panic before or after
tho election makes the Issue conspicu-
GUS. 1t is whether the country is to be
ruled by the people In popular interest,
or whether it is to be ruled by the
bankers bondholdcrs, spectators, in
tercst gathcrers and annuitants in the
interest Of class. Dubuque Telegraph.