Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1896-08-14
SENSATIONAL CHARGES
Against Speculative Mz1oaaires
The Recent SemiPanic Plan
ned By Prominent Oddities.

caused fairy in political and
financial circles.
The article chSfgss that the re-
cent semi-panic in Wall street was
Cue to a deliberately llssnAed con,
spitacy BY groep Of men prOmi-
neht in astioRsl politics, hsguesf
With professional operators in
stocks. No names arc given, but
HHmefous indications are supplied
&s TO the quarter in fsbich these
alleged wrccIers might be identi--
fed.
While admitting THAT the gencr'
al decline in securities was largely
3ue to- the rapid fall I'm tire treas
sffy reserve, the runj0red spread OF
the silver craze; and other disquict-
ing incidents, the Journal Of Cons
uerce asserts that the Importance
OF these facts bore no proportion
30 the disturbing effects which,
have been evoked fiom them
"The facts" it says, have been
foreseeu and their effects amyfy
discounted Try bear operators, and
IN tic free selling of stocl4s THIS
once tlrFeshed straw was, for Il sec
ond time, made q prctense of ere.
atimg financial decentralization"
The article continues:
GTlre professional bears may be
exempt to precipitSt disaster
For this attack men of OF her cali.
Der were needed who did not need
to borrow stock to make their de.
siverfcs. bnt held is by the millions
and could sell it without stint.
with no fear of being 'seornered."
The chiefopefatOrs were men who
under the late dnbious outlook had
sold freely of the large holdings
and wished to recover the stock at
the lowest possible price. They
were speculative miJFionaircs. their
coadiutors aud friend stock dealers
of the highest grade OF potency
ana expert manipil ators Of the
market. Men controlling large
corporations and with influential
bank corporations were in the fore
front OF the assault. Their umited
wealth and control Of capital
amounted to hundred of millions.
To those conversant with Wall
street affairs it is only neelful to
note last Mondays transactions
III the leading speculative stocks
sn ORDER to ascertain the personcl
of the operators. The attack bore
evidence of IL joint understanding
anu IL common purpose"
What set the politicians around
town buzzing was the statement
contained i'll the same article, that
among tile assaiiants were "citizcns
accustomed to blend politics with
large speculative operations,* and
the following startling insiYna.
tions:
"Mlen who stand 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 crcdibly 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-
traoflinaPy feat of buccaneering
speculation. The facts reveal a
depth of venality which we had
scarcely been prepared to expect
even in the moral sfums of Wall
street. We have heard of members
of congress and Of high politicians
specializing OH 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
orr money system should employ
themselves in creating panic and
endangefing the abilitg of the
treasury to maintain gold pay.
mcnts.p
Referring to tue action OF tie
banEs in replenisbing' thc gold re-
serve and the agreement among