The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-08-06
\ STORY OF RASCALITY THAT
CArSED a Loss OF MILLIONS
AND NEARBY a PANIC.

nal of Commerce in it's issue of last
| Monday week as TO the causes of the
| threatened panic OF the week before re.
veals plot of as deep rascallty as .ho
| country has record OF. The Journal of
Commerce Is one OF the ablest financial
papers of She country-it Is a strong ad-
vocatc of the gold standard. and great
indeed was the provocation which neces-
Stated Its utterance in vigorous Ian
guage of the dastardly acts OF men,
which caused a melting away of values
to the amount of millions in order that
they might scliishly increase their pri-
vate wealth to the amount of millions
1t was deep, deliberate plot on the
part of speculative mili!onaircs. men
controlling large corporations with in
fiuential bank connections, who. mad
they been thoroughly ucccssfu, in their
nefarious scheme. would have caused
n most desolating panic, the effect of
which would have burthcned the coun-
try with untold misery and suffering.
The conSpirators were men OF so-called
highest reputation. and OF unlimited
wealth. Here is the story OF the con
spiracy as told by the Journal of Com
merce:
The chief operators were men who.
under the late dubious outlook, had SOLD
freely of their large holdings. and wish
ed 10 recover their stock at the lowest
possible prices. They were speculative
mill!onaires, their CONDUCTORS ana
friends, Stockholders of the highest
grade OF potency, and eXpc.t maripula-
tors OF the market Men controlling
large corporations, and with influential
bank connections, were In the rorefton.
of the assault Their united weat.h
ana control of capital amounted to hun
dreds of millions. TO those convcrsa1t
with wall street affairs. /, is only need
lul TO NOE last Mondays transactions
In the leading speculative stocks in or
der to ascertain the personnel of the
opera tors The attack appears to have
been n virtual conspiracy. The plan of
operations bore evidence of Il join. un-
derS.1ndinS and Il common nurposc
How far 1t was intended to carry the
mischief may be inferred from the fact
tnlt the attack was pushed 10 the verge
OIL deSolating panic, and was prevented
from going further lengths only by the
intervention OF the banks with special
arrangements 10 shield the Treasury
III Is no secret that among the ass1il
ants were citizens accustomed 10 hin,
poIlics with large speculative operations
Men who stand high in party cnunrils
VITO distinguished themselves at the latn
national conventions, ana who have fig
ured consplcuously before the country az
valiant opponents of the free coin,rr
heresy, are credibly reputed to have ,,,e,
III the ranks of these millionaire rai,l-is
both political parties raving been equally
represented. Herein lies one of the most
interesting phases of this extraordinary
feat of buccaneer!ng speculation. THE
facts reveal depth OF financial venalitv
which we had scarcely been prepared TO
expect even in the morll slums OF Wall
street. We have heard OF members OF
congress and high politicians spccu
latinS OH the fate of sugar bills and on
me mysteries of tariff legislation and on
Tie secrets of admin!sti alive. dcpart
ments; but 1t is At least something new
mat men who are leaders in protecting
our money system should employ them
serves IN creating panics and endauEsrinc,
me ability OF the Treasury TO maintain
gold payments. How near these hirb
politicians, with their millionaire asset
ates. came to succeeding in their att. mpts
10 create serious crisis may be inferred
from the fact that, in order to restore the
confidence they have DESTROYED. the
banks have deemed 1t necessary TO con-
TRIBUTE S2OO00,000 to the Treasury gold
Mserve. while the foreign bankers have
interviewed to stop gold exports hy issu
ing, If needs be. $4,000, 600 of bills of ey-
chahge. It1ese grave precautions are
que almost exclusively to the attempt of
inns millionaire combination to Supplv
themselves with stocks at panic pricos
1t Is a sorry d!scouragement ito tine true
ana faithful men, who are sacrificing
much TO protect our financial interests
10 ma that even among their colabora
teuTs in the cause of sound money there
are those who are ready to turn a great
national danger into an occasion for in
creasing th'ir private wealth.
IT Is necessary to call public attention
10 these .scandalous operations in order m
correct the impression that the events NJ
last Monday w,Ge due 10 real apnrahan-
sions and distrusts among the holders of
securities at large The transactions ar
that day We're a blow to public confidence
as damaging as the conclusions Of tho
chicago convention. Fortunately the
banks and the foreign bankers have done
all that was possible to repair the mis-
chief inflicted. But both hers and in
Europe there is large mass of investors
whom no explanations about the consni-
racy will reach, and there Is little possi-
bAity of restoring the shaken confidence
of that class"
the conspiracy so graphically describ-
ed Will have a profound impress on
the minds and hearts of hundreds of
thousands OF American voters. When
1t Is recognized that in a time like rhe
present, when the people of this country
are suffering and have been suffering
Tor years from the pressure of hard