Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-08-14
SENSATIONAL CHARGES
Against Speculative MdHo1a1res
The Recent Semi-Panic Plan
ned BY Prominent Oddities.

l
caused a furry IN political and
SHANGHAI circles.
The article chsfges that the re.
cent semi-panic in Wall street was
Cue TO deliberately LlsRAed con.
spitScy by grosp of men promi-
nett in 9stiORSl politics, fesguess
With professional operators lbs
stocks. No names are given, but
Hamefous indications are supplied
rs TO the quarter in Hhich these
alleged wreckers might be identi-.
fed.
While admitting THAT the gener
al decline in securities was largely
tSue to- che r$pid fall in tire treas
sffy reserve the runsOFed spread OF
the silver craze, and other disquiet-
ing incidents, the Journal of Cons
uSerce ssserts that the Importance
of these facts bore no proportion
80 the disturbing effects which
have been evoked II ON them.
"The facts" it says, % have been
fOreSeeu and their effects amylv
discounted by bear operators, and
IN the free selling of stocks this
once tlreshed straw was, for sec
ond time, made pretense of ere.
ating financial decentralization"
The article continues:
GThe professional bears may be
exempt to preciptSte disaster
For this attack men of other cali
Der were needed who did not need
to borrow stock TO make their de.
hverfcS, bnt held is by the millions
and could sell it without stint.
with no fear of being 'eeornered.n
The chiefOperatOrs were men who
under the late dubious outlook haR
sold freely of the large holdings
and wished 10 recover the stock at
the lowest possible price. They
were speculative miIFioHaires. their
coadJutors aud friend stock dealers
of the highest grade Of ,stSency
ana expert maniplt atOrs Of tn.
market. Men controlling large
corporations and with influential
bank corporations were in the fore.
front of the assault. Their united
wealth and control Of capital
amounted to hundred of millions.
To those cOnversant With Wall
street affairs il is only needful to
note last Mondays transactions
in the leading speculative stocks
An ORDER To ascertain the personcl
of the operators. The attack bore
evidence of IL joint understanding
ami Il common purpose"
w hat set the politicians around
town buzzing was the statement
contained i'll the same article. that
among the asSaiiants were "citizens
accustomed to blend politics with
large speculative operations and
the following startling insiYua.
tiOns:
"Men who ST and high in party
councils, who distinguished them
selves at the late national conven-
ton, and who have figured con.
spicuously before the county as
valiant opponent of She free coin
age heresy, are credibly reported
to have been in the ranks of these
millionaire raiders, both political
parties having been equally repre-
sented. Herein lies one of the
most interesting phases of this ex.
traofdinaPy feat of buccaneering
speculation. The facts reveal a
depth of venality which we had
scarcely been prepared to expect
even III the moral Sfums of Wall
street. We have beard of members
OF congress and of high politicians
specializing on the fate of sugar
bills and on the mysteries of tariff
Legislation and on the secrets of
administrative departments; but
1t is at least something new that
men who are leaders in protecting
our money system should employ
themselves in creating panic and
endangefing the abilitg Of the
treasury to maintain geld pay.
nentS.V
Referring to tue action Of TIE
banks in repleniShing the gold re
serve end the agreement among
foreign BANKING houSsc tO ,,,vox,..,,.