Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1896-11-12
THE sAN<Esy THREAT.
wall street Ray ''E-Oko Condition. No
Congress HFA Ersr Dared to DlaregP!d."

wall Street Fay "EToEo COnuASaOnS NO
Congress Hrs Erer Dared to Dlareg9''d,"
The sigls arc multiplying. tfat the
money pc yer has resolved, IL Dccessary,
to force another panic, With the purpose
of defc Atipg the movement for free coin-
age. One indication Of this is the re-
cent refusal of New York trust COM
pany to make loans ON Alabama state
warrants, on the ground that the Unit
ed States senators from that state, Nor
gan and Pugh, were making speeches
against tho gold standard; another is
che visible inclination on the part OF
banks to contract their credits; third
is the tone Of the New York press, nota-
bly, ,nf The Herald, which in q standing
article predicts disaster if the silver
agitation is continued, and a fourth Is
the following combined warning and
threat embodied in acircular sent broad
cast by Henry Clews 81 Co., Wall street
bankers and brokers':
Tho danger from popular prejudice and ig-
noranco in connection with this silver agita'
dion is, however, something more than a CON
ceiyable evil possibility. 1t Is threatened
uctuality. 1t is up for immediate decision, and
Mt this moment no one can feel absolutely GER
tain that this worst curse Of nation may not
he brought to q conclusion within O compara-
tive few months Wall street is not In any de-
gree insensible to this crisis. 1t sees 10 and
measures 1t in oil its length and breadth, but II
is calm and self possessed. 1t refuses TO be-
lieye that, when tho struggle comes to final
,aartIl hat
Of n deliberate act Of national suicide. 1t can
understand that any danger may reach nm
acuter.stage than it now presents; 1t quite
prepared for the possibility that managing
politicians may go farther than thoy yet dared
in the way of sacrificing sound money policy
in order to secure votes for their candidates;
1t Is aware that startling results may icodno
OUT aof either party conventions. 1t would
hnrdily DO surprised should the silverites be
abba to block sound monry Legislation IN the
nrctt congress. All these things may be clSssed
among the possibilities Of the next few months.
Bur Wallsetrect is moi graVely dismayed at this
outlook 1t has learned to believe that there
ART greats, potencies than party platforms,
th.m legislative subservi9ncy to popular igno-
Earce, thgn tho madness Ola partisanHnfatua-
tiun. They know that there are situations and
events wbich can instantly coerco and convert
tho most reckless Legislators into the willing
sarYaE Is OF u conservative sentiment that rep
Tagsnts the real interests and safetyof the ma
ton. It i'll not be necessary to wait for any
after effects of silver Legislation to remedy it5
mischief5, although that would be perfectly
safe coursc The near prospects Of tho an,
thurization Of free cOinage-a counting of
heads showing a certain tyofa two-thirds vote
in,Eho house and senate for 10 to 1-wOuld
evoke in Wall street the kind OF conditions
TINT no congress has ever yet dared to disre-
gard, and Tho cause of free DoinagewOuld be
overthrowr at tho moment when its success
Reo,E ed most certain. Tits this reserve power
onywhich Wall street is now reposinG. 1t is
therefore not likely TO bo seriously surprised
by any outg9mos between now and the No
vombcr elections. It's confidence IN the ina
safety Of aIH money system Is mistaken. IL
can as littls believe that the nation would
finally consent to the destruction of its money
system rs that it would burn its crops or do
spdil its accumulated wealth. 1t IS not at all
impossible, however, that Wall street may wit
ness some exciting tcenes between now and
na1ct November. Politicians are mot usually
adverse to."a turn ia stocks, I" and great pO-
liticai oxcitements Lay he easily tuEned to
speculative account. 1t therefore by mo means
follows that tghe pre.tlectian monthsmus be
without speculative in terests.
Instead of frightening. the threats to
intensity the prevail ling monetary strin-
gently of the silver Sc ntiment increases
will simply mako the people more deter
mined to dethrone gold 1t is known
that the panic of 1898 was caused by
the bankers, and if the latter shall pre-
cipitate another now the masses will
reason that the corpor Rtions possess and
are unscrupulous in the use Of power
so vast and dangerous that it must be
crushed il industrial Independence and
political liberty are to survive. And
they will then turn in and crush it.
They will restore silver, because, with
bimetallism established, it will be i'm
practicable for the banks and specnla-
tors to repeat the performance Of 1898.
And if, after the silver victory has been
won at the polls, Wall street shall essay
what Clews outlines, the criminal laws
will be invoked to punish the Conspira-
tors Assuming the election Of prcsil-
yer president and congress, Wall street.
unless it does it before, will hardly at
tempt 10 create n money famine. If 1t
should, the new congress. which could
easily be convened early in the follow
e March, would not hesitate to
promptly relieve the famine by the issue
of yer certificates based Oh bullion, by
issues of new legal tenders, and by free
coinage. but it would at once forfeit the
charter of every national bank which
had taken part in the conspiracy. The
talk of forcing panic before or after
the election makes the issue conspicu-
Gus. 1t is whether the country is to be
ruled by the people in popular interest,
or whether it is to DO ruled by the
bankers, bondholders, spectators, in
terest gathCrers and annuitants i'll the
interest of class. Dubuque Telegraph.
Must Faco tho Situation.