The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-05-01

The following telling letter written by
Mr.. John A. Sleieher. the weil-known New
York Journalist. now a prominent member
Of Mayor Strong's cabinet. appeared In
,he New York Sun OF April Is:
To the Editor OF Tho Sun--Sir: Business
interests are suffering from a dry rot
panic dating back to the financial crisis
of isS. That panic was unlike most OF
the others that have visited US since the
close Of the war. Panics usually come
from severe and depressing changes In
material conditions. or from some sad
and Overwhelming catastrophe. The assas-
Sination OF President Garfield the ChIca-
10 FIRE. the failure Of crops. the outbreak
of war. have occassoned financial panics.
The sources of our national wealth are
IN tho sell and In the mines. When these
yield abundan;iy. adding just so much 70
the nations wealth. business boom and
not panic should properly result
What Is the condition OF the country
sodayf Crops have seen superintendent.
We have magnificent supplies OF cotton.
corn ard wheat The gold and silver out
put Is almost unparalleled. The iron cop
per and lead mines never have yielded
more abundantiy TO the hand of toll and
the influence of capital wisely expended
In fact, we have too much Of everything,
more than We can sell at nroit to other
nations. more than We can consume our
selves
Every thoughtful man understands this
condition. and recstfng the facts in con-
versatioa with me today. Mr.. j Edward
Simmons. the president OF the Fourth Ma
ficnal bank. who should have been In the
ofiielsi place that Mr.. Carlisle now oceu-
pies al Washington. said TO me: eve
are and must be a debtor nation Foreign,
money has built our vast railroad sys-
tens in the West and South. London has
taken our securities and furnished US the
funds We need "a growing country With
enormous possibilities. Having confidence
In our promises and IN oar ability TO Paw
dollar for dollar. ~ has poured It's surplus
funds into this country for profitable m
vestmant. This has been going on Cor
years. The foreigner has made his pfoat
ard we have made ours.
Suddenly. grave question Is raised
Not whaiher We can. hut whether We viii
pay our homes; debts In honest dollars In
Other vcrsls. whether. having received
goid, We VIII. II thu lender asks n. nav
hsn back In gold. Suspicion Of our crs~si,
has rsrefssd into distrnst and finally into
an utter lack 81 confidence. which has re-
suited In the unloading upon this country
of large part OF the enormous holdings
of our securities abroad. and the wit9,-
drawNi of millions UPON millions of o,,r
credit, and the Nttr~ and absolute refusal
60 accept ANYTHING more at our hands IN
De- existing eoudithons
4ih@ WI nv tr.-ffifettTi Win the Fnrrfsle
% marketahie products and also su-,,,,S
90 our sccur4ties-An embarrassment o.
riches"
Mr. Simmons made the PREDICTION that q,
the Republican national convention. vshsn
I, assemblies two mcsths from tc-fav sf =,
louis, VIII SccissFo unsqusvccaliv in Ian
susEe ;ha; cannot be rasspnaes7sfs.,a s-
faVNr 81 8 gold standard AGAINST the f-.~s
coipasr ~ silver. business revival viii
cesne - tasis eeisntry immediately and ~
shnn have suoh an era 90 prosperity s-a
r. fsar~. ~ speculation, as We have nDt
ea6 sit,ce the resumption Of specie nav
naros3 tn is.a
ask~i Ne. Sirrrpons u THIS cess,ii,ss., ~
prosperity w,Stla not be ssnssrsa te,y .ess,r.s
n the Democratic nats0nai ceay,.att,.,
wNtca meets AZ chseaee Ga Jaly :. woplI
also declare Itself sxplscgiiy 10 favor OF A.,
seA STANDARD He answered tAat me-.
scgid h no question about ire sit,sNts,v, ~
SacS q caee.
The position Of the Republican rs-sv .,
r7N tisirrrS'st. VIII ~ naaic ve-y ei.ar a..
WY rr,ncu nresf rnte- existing rsr-or,,-