Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-10-30
WHOLE NUMBER 1911.
THE BANKERS THREAT.
Wall Street May "Evoke Conditions n
Congress Has Ever Dared to Disregard u

Wall Street May "Evoke Conditions No
Congress Has Ever Dared to Disregard"
The signs are multiplying that the
money power has resolved, if 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
ed States senators from that state, Nor
gan and Pugh, were making speeches
against the gold standard; another is
the visible inclination on the part of
banks to contract their credits; third
is the tone Of the New York press. nota-
bly, of The Herald, which in standing
article predicts disaster If the silver
agitation is continued, and fourth is
the following combined warning and
threat embodied in 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 q con-
seivable evil possibility. 1t is q threatened
actuality. 1t is up for immediate decision, and
at this moment no one can feel absolutely GER
tain that this worst curse Of q nation may not
be brought to a conclusion within q compare
tive few months. Wall street is not in any de-
gree insensible to this crisis. 1t sees it and
measures it in all its length and breadth, but It
Is calm and self possessed. It refuses to be-
lieve that, when the struggle comes to q final
tty, the American people Will be YOund capable
OF deliberate act Of national suicide. It can
understand that any danger may reach an
acuter stage than it now presents; 1t Is quite
prepared for the possibility that managing
politicians may go farther than they yet dared
IA the way Of sacrificing sound money policy
IN order to secure votes for their candidates;
1t Is aware that startling results may come
out OF either party conventions. 1t would
hardly be surprised should the silverites be
able to block sound money legislation in the
next congress. All these things may be classed
among the possibilities of the next few months.
But Wall street is not grsvely dismayed at this
outlook. 1t has learned to believe that there
are greater potencies than party platforms.
than Legislative subserviency to popular igno-
rance, than the madness Of O partisan infatua-
tion. They know that there are situations and
events which can instantly coerce and convert
the most reckless legislators into the willing
servants of u conservative sentiment that rep
resents 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
mischiefs, although that would be o perfectly
safe course. The near prospects of the au-
thorization Of free coinage-a counting Of
heads showing certainty Of two-thirds vote
in the house and senate for 16 to 1-would
evoke in Wall street the kind of conditions
that no congress has ever yet dared to disre-
gard, and the cause Of free coinage would be
overthrown at the moment when its success
seemed most certain. 1t Is this reserve power
on which Wall street Is now reposing. It Is
therefore not likely to be seriously surprised
by any outcomes between now and the No
vember elections. Its confidence In the fna!
safety Of our money system Is unshaken. 1t
can as little believe that the nation would
finally consent to the destruction Of its money
system as that 1t would burn its crops or de-
spoil its accumulated wealth. 1t Is not at all
impossible. however, that Wall street may wit
ness some exciting scenes between now and
next November. Politicians are not usually
adverse to "a turn In stocks" and great po-
litical excitements may be easily turned to
speculative account. 1t therefore by no means
follows that the prediction months must be
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 It is known
that the 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 in the use of power
so vast and dangerous that it must be
crushed II industrial independence and
political liberty are to survive. And
they will then turn in and crush it.
They will restore silver, because, with
bimetallism re-established, it will be i'm
practicable for the banks and specula-
tors to repeat the performance Of 1898.
And If, after the silver victory has been
won at the polls, Wall street shall essay
what Clews outlines, the criminal laws
will be invoked to punish the conspira-
tors. Assuming the election Of prosil-
yer president and congress, Wall street.
unless it does it before. will hardly at
tempt to create a money famine. IF 1t
should, the new congress, which could
easily be convened early in 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 it would at once forfeit the
charter Of every national bank which
had taken part in the conspiracy. The
talk Of forcing q panic before or after
the election makes the issue conspicu-
GUS It Is whether the country is to be
ruled BY the people in popular interest,
or whether 1t is to be ruled by the
bankers. bondholders, speculators, in
terest gatherers and annuitants in the
interast Of clasa Duhnnno Talouxanl