Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-19
THE FORCED PANIC.
Who Are RcspoAsible for the Pres
ent Monetary stringency.

To the Editor OF the DEpatch:
There have been several recent verj
intelligent editorials in the New Yorl
Journal of Commerce and the Richmond
Dispatch. which clearly diagnose th'
financial situation. The present panic, II
such 1t may DO called, is to a great ex.
tent forced and artificial. Still. It has
done much harm, for many ignorant
persons, believing what they read in the
newspapers to be true about 5O-cen'
dollars Though the error ought TO be
apparent to the plainest understanding
have begun to hoard gold, and gold Ger
tifcates and greenbacks and Treasury
notes, leaving silver coin and silver cer'
tificates the bulk of the currency in
actual use
Now. II is unfortunately true that the
best and the bravest often succumb &c
the effects of a panic. Common sense
seems to leave them. A panic always
follows period Of imitation, and that
IS natural All other panics are forced
and artificial. and need not to be greatly
feared. With the exception OF the pre-
sent forced panic there has never
been a panic in a presidential year
This is a significant and important fact
And the present panic, II such it may
be called, Is the result of a careful and
deliberate scheme. Bad as II is, it has
by no means. accomplished the harm
expected. The gentleman who are steer
ing the political gold craft q little over
two weeks since attempted 10 take the
gold our OF the Federal Treasury, which
was not difficult job.
They became alarmed at their success,
e - f.stt LOT "a
undo their own work. Those of US who
anticipated their work were disappointed.
that they did not carry out their first
scheme, and force another bond issue.
This would have been a coup de grace
for William j. Bryan. and exactly what
honest, intelligent Democrats wanted. IL
seems that the steering committee of the
gold craft had some men Of sober judg-
ment who saw the consequences Of such
action.
IL Is a well-known fact that all bus-
ness-men, as a rule, know that every
presidential year IL one of slack bust
ness, and hence take in and curtail
their operations. Since the unfortunate
repeal OF the Sherman bill there has
been one continuous panic, and all bust
ness operations have been curtailed Our
financial condition is as bad as It well can
be. and will so continue until bimetai-
ism Is accomplished, and the forced
panic now upon us WIKI not hurt us eX-
cept in a remote degree, and will react
with terrific force upon the men who
created il. IL Is a splendid object lesson.
for which we should thank our enemies.
True Democrats are willing to suffer
until after the election. Indeed. they are
willing to make the highest kind Of sacri-
fees. Relief IS in sight. The election OF
William J. Bryan Is a foregone conclu-
sion, and the times will commence 10
improve In December next. Mark the
prediction. Ii is the result of careful
thought Within a month after the
presidential election, 1 mean William j..
Bryan's election, a change for the better
will commence. The business Of clipping
coupons and altering the stock and bond
market, up or down, at pleasure, will
receive a check. and money will seek its
legitimate objects In industrial enter
prises. Capital, always in advance dis
counts the action of the future. We
will not have to wait until the passage
of the free silver bill. 1t will be known
that ii will be passed, and this knowledge
viii give great impetus to agriculture
and manufactures.
do not take into consideration an in
slant the possibility OF the election of
William Mckinley, for every prutnt,
thoughtful man who gives the subject any
consideration, must know that his election
is impossible. He cannot get a single
State west Of the Mississippi; he cannot
get single Southern State. and I'm adj
dition Bryan will carry Indiana, ILLINOIS.
Michigan, and Minnesota. and l think Will
also carry Maryland. The rest will be
given TO William Mckinley, and even I'm
some OF them he will have to make a hard
fight In short time the people will all
know that we are I'm the throes OF a great
civic revolution. At last the people are
doing their own thinking.
Was there ever such triumphal march
on earth as that of William j. Bryan
from Lincoln, Neb., to New York city?
Actually, people had to be knocked in the
head by the clubs Of policemen TO keep
them from destroying each other in their
efforts to hear the gifted orator. l know
nothing like 1t except the preaching of
Peter the Hermit, in preaching for the
first Crusade. And just as sure as the
banner Of the great Godfrey OF Bouillon
waved I'm triumph over Jerusalem. which
contained the Holy Sepulchre, just so
sure viii the banner of William J. Bryan
wave In triumph after the ides OF Noyem-
Der
Inc people KNOW lndL ltSlSldtlOn dloue
accomplished the downfall of silver,
and that legislation alone can restore 1t.
And this is all they want TO know.
Since the foregoing was written |
have seen and read the noble speech Of
william ]. Bryan. delivered at Madison
Garden, New York. and it is worthy Of the
man and worthy of the noble cause Of
bimetallism. As an augmentatiye address
II will take its place among the greatest
speeches Of ancient or modern times
1t Is a veritable arsenal of argumentive
weapons. The great issue is met. aud dis
cussed fairly and squarely. The gauntlet
IS thrown down to the whole world.
There Is no Sinking and no evasion The
man that could make that speech is
we'll equipped TO occupy the highest po-
sition in the gift OF the American
people
There is another weapon which is be-
ing welded with tremendous force in
our favor 1t is that Of ridicule. In the
arsenal Of augmentative weapons. no.
thing Is more powerful than ridicule
The condition of the Federal Treasury
is the subject. The grotesque specta-
Gle of the American people being subjected
in times OF profound peace 10 s2S2.500,O0)
Of debt, and the bars left down TO
quadruple II, II necessary, grotesque and
awful as n Is. has a humorous side OF IT,
II is amusing TO hear the comment of the
country people on ii. AS l have heard
one say: "A man who sleeps in haystack