Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1896-09-24
WALL STREET METHODS.
A BRIEF REVIEW OF THE METH.
OBS OF CARRYING ON
BUSINESS
Ia Tint Great Gambling Center.
rhe Instability OF Tho Gold Basis Fully
Illustrated.

In Wall street is rich in instruction 10
all thinking men who are out OF its at
mosphere Of hopes and fears and there
fore able to think impartially. lit
tie ball of yellow metal, perhaps a
much as ten span of mules could draw
has been rolling this way and that
first into the banks and then into TIN
subtreasury, then from New Yc-k t,
London and back again to New York
and with each change the ''sounC
money" men raised yell of joy or {
scream of fear, alternately shiverinl
and sweating as stocks rose or fell
now sounding loud paeans thai til,
"silver craze is over" and anon crying
out that the agitation is running the
country, and vituperating the "Popu
lists, cranks aud anarchists, adula
mates and repudiators.
The first cold fit come on about tn,
time of the Chicago convention. A
million or two in gold went out, 6
SILVER went through Wall street, para
lysis seized on trade and stocks fell
Confidence was impaired" you see
a syndicate succeeded in negotiating
tome advanced cotton bills THAT is
bills drawn against cotton yet to be
shipped) and confidence" returned.
Stocks rose till these fellows had time
to unload. Then the Lazard Freres,
Heidelbach, Ickelheimer and the rest
announced that S4,OOO,OOO must soon
go, and everything fell with a dull
thud. A regular panic set in and last
ed three days. Gold was drawn out Of
the treasury to an amount three times
as great as that required for export
and it was announced that Cleveland
would soon issue another call for
bonds. Within 4s hours bankers were
''advised" by their western correspon-
dents that such call would break
down the patient ass out there and
elect Bryan and it must be prevented.
1t was.
A heavy syndicate came forward and
deposited gold, taking greenbacks in
exchange, till the reserve was once
more above the S1OO,OOO,OOO mark.
At the same time they guaranteed bills
for exchange on London far in advance,
mortgaging the crops yet to be gather
ed and shipped, and all New York
broke into loud reclamation of joy, for
now it was fixed that gold was not to
be shipped or bonds issued until after
election, and stocks scared again.
Why? Simply because 10 or perhaps
20 men in New York had taken the
'honor and credit of the nation" into
their keeping. Ten ordinary men, ten
men no bigger or stronger than you or
I, can upset this gold basis just when
ever they want to and all the coun-
try is expected to praise their patriot
ism." Isn't it humiliating? Does not
the readers cheek burn for his share
Of the shame which attaches to Ameri.
can citizenship?
Well, few days later the gold began
to leave the treasury again and an.
other panic set in. 1t was found that
part of it was going to Canada, but q
great deal of it was drawn out in small
sums by men who presented green
backs of low denomination. Evidently
it was not the heavy bankers-common
fellows were drawing it to hoard"
which meant floss of confidence" For
Eve days, and during the hottest week
recorded in New York for many years,
did this panic prevail and stocks went
down till they broke the record since
1877. With them went grain and silver.
When things are at the worst, they
usually mend-for little while any
how. There was a slight upward turn.
Bryan made his big speech, and, as If
pulled by one string, all the goldbug
editors and orators proclaimed that 1t
was a failure and 80 the nation was
safe. The boon was temporary In
deed. A few days later another decline
set in which even the magnificent ora
torical burst" of Burke Cochran could
not stay. And then a strange thing
happened No one has yet explained
it satisfactorily.
1t was suddenly announced that the
time for gold exports was past aud
that for imports had come. Even the
"bulls' in Wall street doubted it, and
the city papers demonstrated that trade
conditions would not warrant II. Next
day the promise was made positive, and
next morning we read in the dailies
that 100000 in gold had really left
London and would arrive here in a
week. For many a day Wall street had
not looked so gay as it did that morn
Ing. The joyful acclaim was loud and
extravaganza Stocks fairly bounded.
For two or three hours there was al
most boom. Then this London dis
patch was posted; decline in Ameri-
| oars Gold slipmepts dapreeead c,o,,