The Lamar register., 1896-08-29

Hs
23c; il December 1871, 21c; in December
1872, Ice.
| In regard TO the panic OF 1893 and its
cause, it is simply beyond our compre-
| hension how any man with wit enough to
tell the difference between pine board
| and a bundle shingles can be so igno-
rant OF the laws OF business prosperity.
Banks feel business depression quicker
! and probably to a greater extent than
any other line Of business. They exist
by loanibg out the funds placed in their
possession. Panics are the one thing
above all other things that they dread
tie most Have people so soon forgotten
1888, and the failure of hundreds of banks
all over the country, and the frantic des-
perate means adopted by them to stem
the tide; OF the hundreds of millions of
certificates issued by the clearing houses
IN all the money centers, secured by
double the amount OF gilt edged seeuri-
ties put up by the banks, and upon which
they paid a high rate Of interest. The
panic Of 1898 cost the banking and monied
interests OF this country millions of
money, but this man has the .'monumen-
tai gall 10 state, I'D newspaper article
for intelligent people to read, that the
banks deliberately planned and brought
about the panic Of 1873, aud its resultant
hard times.
The panic OF 1893 was caused by a com
binatIon of circumstances. First came
the depression in business caused by the
election Of democratic president and
congress-, upon platform pledged to a
policy OF free trade. With radical
change IN our tariff laws certain, bust
ness became depressed, capital grew
timid and new enterprises stopped.
There was overproduction in nearly all
lines OF trade. Everything was waiting
upon congress. ready to adjust itself to
the new conditions. That long weary
wait OF nearly year ought certainly 10
be remembered by all our people. The
balance of trade turned against us and
the treasury reserve began todwindle. A
bond issue furnished only temporary re-
lief and then came the fear that the gov
ernment could not sustain the enormous
volume Of silver il was buying, upon a
parity with gold. Fear and distrust took
possession OF the people, banks began TO
close and like wave in the sea il went
over the country.
"Strange was il not but true. the banks
and monied interests of the country,
came to the relief Of the government, a
few weeks ago, and placed the reserve to
one hundred and ten millions of dollars"
Why? We were on the very verge
OF another panic. 1t was in the air. The
reserve was below the danger line and
going fast. 1t was believed with good
Itbhpu, HuAtdlutAl Nfle WISDOM ana Sd-
gaclty of our greatest financiers, that it
would be impossible to float another bond
issue at this time of uncertainty. Thou
sands OF men all over this great land were
trembling at the sure omens OF panic
for more than week. There was no poll
itics in il. Business knows no politics or
religion. 1t is like cold steel. IL was
simply the fear of n sudden change to n
silver standard. Bryan's Madison Square
tiasco did much to check the feeling in
New York. Word went out that the great
banks of the country would aid the gov
ernment. II was quickly apparent also
that the drift Of public sentiment was
Mckinley ward, and the financial world is
quick to feel the pulse of public senti-
ment. 1t is one of the wonders OF the
world and hard to explain.
Let Mr.. Bryau's election be assured
and the treasury reserve will not last five
days after. That means silver stand
ard with no possible legislation by con-
gress within year. Is any man foolish
enough to think another bond issue could
be sold for gold and payable in coin; try
and see. II would mean panic; "blind,
unreasoning panic would stalk through
the land its path strewn with the wreck
OF all lines Of business" as in 1888, That
means unsettled business conditions for
years to come, silver or gold. Can any
man with ordinary every day common
sense stand up and say the banks and
monied interests desire it? They will do
everything in their power to avert it. but
il il has got to coma thay will he pra