Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-09-19


and at once began the withdrawal OF all
loans. Read the following circular Is
sued by the American Banking Assocla-
zion 10 all national banks, Marcn ISL
80: The interest Of national bankers
require immediate financial Legislation
by Congress. Silver, silver certinca'eS
and treasury notes must be retired anu
national bank notes. upon gold OASIS
made the only money; this will require
rle authorization Of from $500, OOO'UOO
to 81 900 600 900 Of new bonds as basis
Of circulation. You Will at once reure
cne-third Of Your circulation and CAL IN
Cne-half of your loans. Be careful 10
make a money Stringency felt among
YOUR patrons. especially among lnhuen-
-fal business men; advocate an extra ses-
sion of Congress for the repeal OF the
purchasing clause Of the sherman Jaw,
ana act with the other banks OF your
CITY in securing . large petition 70 Coh-
sress for its unconditional repeal per ac-
comDqnving form. Use personal lnIlu-
ence with Ccngressmen, and particular
lv Ie, your wishes be known to your
Senator's. The future life Of national
hanks. as fixed and safe investments,
depends upon immediate action, as there
Is an Increasing sentiment in favor OF
government legal tender notes and silver
coinage" See the PitJsburg Gazette
November 18th, '93, for comments. This
was Immediately after Cleveland took
his seat They knew they were safe.
They knew their man. There was per-
feet understanding between Wall street,
the National Bankers and Cleveland as
TO the policy ne would carry out on the
financial question The panic was en-
By this time in fine shape. Money was
not to be had as leans from banks and
the gltJering cutlass Of those holding
mortgages On realty was bSing applied
in every direction. The pound Of flesh
must be had. The cries Of distress could
be heard on every hand but the ear OF
NJ rev was closed. and the sturdy officer
was commanded TO give no quarter, but
sell until the last farthing Of interest
and principal Of the debt was wiped out,
Cleveland az once convened Congress,
and said. repeal the purchasing clause
of the Sherman law of 1890 That will
give us plenty Of money. In ten days
good times viii be with us" We were
then IN the midst of money famine,
and yet W. must repeal this law that
was furnishing about $1,000 600 month
IT, vet this was alleged TO be the cause
Of The famine II might just as well be
said in reference 10 a food famine, that
it exist for the reason then was too
much food. Congress convened, and the
law. after a long battle was repealed.
The very thing that was asked for in
the bankers circular.
The good times failsd TO come to the
masses. but have been on in grand
shape for bond dealers and gold specu-
lGt0rs. Cleveland at once stepped into
The shoes of Foster and Harrison IN up
holding the single golj standard, and,
iu taking mp the business, where they
left OF, he was forced 10 issue bonds 10
supply gold 10 the treasury TO maintain
the gold reserve. $262, 100000 Of such
bonds nave been Issued since his admin
ts.ra-on began that run for thirty years.
This saddles us and our pcSterity, II
paid at maturity. with a debt Of $780,,
01o30.
The las. ray CfhoDe that stood between
silver and gold was cut off when Foster
issued o~lers October 18th, 81, to the
Treasury to redeem greenbacks and
Sherman notes on demand in gold. Sill
v7r 9t Cnce began 10 decline and so did
wheat The Mckinley bill was in force
and If h caused tae wonderful trade and
business in 81 and 90, why dill 1t not
ou,inue it through 90? I; was in force
until August. 81 The whole facts Of
rhs matter is. NcKinley's tariff was a.
failure. As a revenue producer It con-
sumel during The Harrison administra-
ton SfS5 OCO 600 left in the Treasury at
the end OF Cleveland's first administra-
ton. and besides. left a dcficit OF $50
000. 600 ~ IT'S close and was prepared
20 issue bonds when Cleveland took his
sea, March 4.h. SO. II failed 20 advance
prices Of commodities. II failed to pro
Euce revenue sufficient TO support the
Government. and failed to stop panic
i'm 1898 that began in October, 1891.
There is one thing Il did not fail in,
end rh9- was to bolster up the cause Of
The millionaire crop that had besn
groomed. and fed and nurtured after the
decentralization Of silver in 1878. When
.he eiic, was issued by Secretary Foster
in October. 81. 70 Mr. Kenard. secretary
az the sub-treaSury at Boston. to r.
deem Treasury notes IN gold on demand,
The Jews ri the exchange and the ma
Sional bankers. the bond dealers and
gold spectators went wild with hilar-
ious excitement. Banquets were held,
champagne suppers were given. and the
tumulUCus rejoicing was never eXCelled.
No labOring man was there. No farmer,
nobody but those who controlled money
in large quantities. Silver had been de-
thr0uel sfiecjually and gold recognized
as the only money Of final payment.
They said. Blessed be God. the pow
ers of England have triumphsd! Pier
v0int Morgan. John Sherman and the
Harrison administration. aided by Nc
E,n'ev's tariff. hava done noble work.
and Rorhschild end England will stand
Q 8 watch dogs Over the business and soon
will have It oil their way"
Rcurke Cochran. in the Chicago con-
vO0-i7n Of 1892. said that Cleveland was
the man wanted by the rich millionaires
FIN 90 as the Democratic andidate. II ne
was nominated they would not care
which was elected the Republican CT
Democratic candidate The common
pecD'a through Clev5 land would stand
square upon the platform made at this
convention, and carry out IS tenetS on
The money question, but he had 05en
tested by tn national bankers and the
money lords. and they knew the sequel.
Immediately after his inauguration Inc
second act began The bank circular
was issued ana the demands made. Con
greSs was convened and was asked 70
repeal the purchasing clause Of the
sherman law. This was done. men VOC