The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-04-29
THE GREAT CONSPIRACY.
Conclusive Proof That the Panic of
1898, Which Cost Thousands
Their Lives and Millions
Their Fortunes,
Was Created by the Joint Action of the Ma
tional Bankers Of New York, and Grover
Cleveland and John G. Carlisle.

g e 4y41
Was Created by the Joint Action of the Ma
tional Bankers of New York, and Grover
Cleveland and John G. Carlisle.
BY J. w. SCHUCKERS
Private Secretary to Salmon P. Chase;
President Ii ncoln's Great Secretary of the
Treasury. during the Civil War.
Continued from last aceck.)
XLIII.
But within one month after that
meeting the New York National
Bank presidents had made startling
change. That this change was not
due to any OF the ordinary conditions
or casualties that produce onetary
storm, Grover Cleveland has volun-
tarily testified. Our unfortunate
financial plight, said that person in a
message sent by him to Congress at
the opening of the Extraordinary Ses-
sion, on August I, 1893, sis not the re-
cult Of untoward events, nor of condi-
tiOnS relating to our natural re-
sources; nor is it traceable to any of
the Affections which frequently check
national growth and prosperity.'
Grover Cleveland made this state
ment without misgiving of any kind
for he knew absolutely the facts
whereof he spoke. "With plenteous
crops" he continued, with abundant
promise OF remunerative production
and manufacture; with unusual invi-
tatiOn to safe investment, and with
satisfactory assurance to business en-
terprise, suddenly financial distrust
and fear have sprung up on every
side."
Xiv.
Yes-by conspiracy and treason,
financial distrust and fear had sud-
denly sprung up on every side!
',s.a .,...r -.4C XIV.
According to the bankers program,
the projected object-lesson was to be-
gin in New Y ork City-in the Stock
Exchange. 1t did SO begin-and those
conditions OF activity and confidence
that had prevailed in the Exchange at
the close OF business on the 26th OF
April-the 9th being a bank and gen.
eral holiday-were wholly reversed
within forty-eight hours after the
Williams-House meeting had adjourn
ed: so immediately-So instantly, in
deed-did the conspiring National
Bank presidents begin their work OF
outrage and ruin.
XLVI.
But it was not until Monday, the
lSt Of May-fOur days after the Will
liams-House meeting-that the con-
federated bankers showed their infa-
nous, brutal teeth in good earnest,
when they made an attack upon Stock
Exchange prices, that was kept up
without relaxation for five successive
days. May l, 2, 8, 4 and 5, were days
of continuous vindictive calling Of
| iyo ,IoS
sacrifice of cOllateralS, and OF heavy
shrinkages in values, with resulting
collapse and ruin to hundreds of un-
fortunate borrowers. The 5th of May
was a day of immense strain and dan
ger. which, for some hours, was of
the most threatening character-ar-
rested, it was said, in part at least, by
the Interference Of w. X. Vanderbilt
and Robert Goelet. The Herald, on
May 6. devoted an entire page to de-
scription OF the Stock Exchange as it
exhibited itself on the 9TH. The Tri-
bune of the same date. referring to
the events of the 5th, said. 1.-THE
enormous losses OF the last week, the
utter decentralization of buying power
in the market, and the practical
paralysis of credit, promised liquida-
uion that, unless stayed, would have
swept them all off their feet"
XLVII.
On the 7th of May, the Tribune
made this further statement: "The
effort of the ad ADMINISTRATION to bring
the South and West to full realiza-
tiOn Of the inevita bic consequences
of compulsory purchases of silver bull
lion, has brought distress and per-
| haps ruin to many innocent persons
but there is no reason to suppose that
it will be relaxed" Ne-there was no
reason to suppose that the National
Bank thugs were going to relax their
infamous system for even one mo-
ment.
XEVIII.
While these operations were going
on in New York, the withdrawal ano
restriction of credits had begun and
means Of that subtle telegraphy that
! goes from bank to bank and from city
to city, preparations for the great
| storm, within ten days, extended from
| the Atlantic to the Pacific. The
storm broke about the 9th Of May by
the sudden, unexpected explosion OF
| several Western banks; and within
| forty days thereafter, the National
Bank presidents and their confeder
ates had created state of universal
| excitement and CONSERVATION; a con
| dition that illustrated, at the same
moment, the enormous power of these
| National Bank thugs-their absolute
| control of the National Banking insti.
| tutions Of the country-and the re-
lentlesS, co,d-blooded cruelty will
which they put their power and con
troll into action.
| Xix.
'There is no lack Of pressure" SAID
the New York Tribune on the 22d Of
May-refcrring to the disastrou:
course Of events above described anl
perfectly informed Of the continued
operations of the National Bank
presidents to distress and ruin bust
ness men of the South and the West
in order to force repeal OF the silver
law-''there is no lack of pressure. ,
There was no lack of pressure, indeed
Pressure" was invisible everywhere
in the hourly-increasing panic an(
prostrat ton of the country-in the
midst of which the National Bank
presidents were steadily at work witt
fierce rutality absolutely indescrll .
able and wholly appalling-striking-
fvrily ~ ct ri IL