The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1896-05-22

his first term. Jordan at once, ac-
cording to this author, commenced
flying backward and forward be-
tween New York and Washington,
comforting with leaders at Wash
ington and bankers in New York,
anC by the goth of April he had ars
ranged for series of meetings in
New York between Mr.. Carlisle and
the big bankers of that city. These
conferences and meetings of the
bankers and the plans laid are given
with marvellous detail, the author
putting himself day by day where a
denial opens the door for the proof,
and where there is not the slightest
difficulty in disproving every one of
them if untrue. The scheme, after
seven days of successive meetings,
was perfected on the 9th Of April.
The author gives this meeting in the
following language: ....
about half past o'clock in the
afternoon, April 81, the public exec
cises being over (it was Columbus
Day., Mr.. Carlisle was met at the
Victoria Hotel by J. Edward Sim
mons. A carriage had been prOvid-
ed in which Simmons and Carlisle
were driven to the private residence
of George G. Williams, President of
the Chemical National Bank, where
nine national bank presidents were
assembled, as follows;
George G. Williams, President of
the Chemical National Bank; Ed
ward j, Perkins, Jr., President of
Importers and Traders National
Bank; Frederick d. Tappan, Presi-
dent Of the Gallatin National Bank
James 7. Woodward, President of
the Hanover National Bank; Bray
ton Ives, President of the Western
National Bank; Henry w. Cannon,
President of the Chase National
Bank ; George S. Coe, President of
the American Exchange National
Bank; w. w. Sherman, President
of the National Bank of Commence;
l. Edward Simmons, President of
the Fourth National Bank Conrad
n. Jordan and Charles Canola were
also present The author gives some
particulars in the exchange of civili-
ties, and especially the cOrdiality
with which the bankers met Mr..
Carlisle, and then says Mr.. Carlisle
declared they gave him more pleas
ure than anything that had happen
ed in long time.
The entire discussion purports to
be given, the principal features of
which are Mr.. Carlisle's bitter as
sailment of the silver law. The fail
ure at the preceding session of Con-
| 70 .
surance that Mr.. Cleveland was still
determined. Then came the state
ment from Mr.. Carlisle, which the
author gives and vouches for its sub
stantial truth, and says the latter
part with respect to the "object les
son of a panic" are so nearly his eX-
act words that to distinguish them
would be difficult. The whole para
graph, as given by the author of
this speech before the bankers, in
Guiding the italics of the author, is
as follows:
But the West and South were
against the repeal Of the Sherman
law. They were 50 welded to the
use of silver that they would not
consent to the repeal except in eX-
change for free coinage. Grover
Cleveland never would consent tC
free coinage. He was unalterably
opposed to free coinage and was re-
solved upon the repeal Of the Sher.
man law with as little delay as pos
sible.
"a practical demonstration to the
business men of the South and the
West of the injurious effects of that law
upon their trade and finances might bt
necessary to convert the fanatics of tina
section to vote for the repeal; anC
Grover Cleveland had come to the con
clusion that if the object lesson of 1
panic and the distress that monetary
stringency would cause, were necessary
to secure the repeal, the administration
would do nothing to prevent it or t.
allay alarm"
When this meeting broke up thu
plan had been agreed upon-a wa
upon the industries of the country
, by the national banks was to be Wig
orously prosecuted as the onl!
, means of making Democratic mem
bers of Congress-fanatics-vote TO
the repeal.
The author shows by indubitabl
proof that at that time there was m
/ Sign Of panic-the country wa
: showing no new signs of distres
; from the general down grade from
} 1873, and there was actually in tn
commercial world no sign of alarm
) The plan agreed upon was to cal
= in loans, curtail credits, put securi
, ties on the market; in fact, the ma
l tional banks to all become bears
for the New York banks to open
correspondence with the countr,
2 banks, and they to operate on thei
: customers, to exert their inhuenc
= on their members of Congress to re
lieve the distress by repeating tn
= Sherman law.
D The painstaking author of thi
4 book has collected and piled up tn
= ruins of the panic as laborers dit
e the debris of the great Chicago fire
and they are as visible when on
/ gets through the book as the pile
I up brick were at Chicago.
4 This wreck of business and. de
: struction of homes continued unit
e the law was repealed; and the coun
= try bankers were piled with conf
: Dental letters and circulars urgin
!, them to aid in the work.
= Here is a copy of one:
1 Dear Sir: The interest of ma
g tional bankers require immediat
I ! 4 4 -