Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1896-02-27
DAN MANNlNG.s WAY.

how He Brought tho Wall Street Treasury
Raiders to Time.
The New York World prints story
from Senator Perkins, of California.
telling how Daniel Manning dealt with
d syndicate that was raiding the treas
ury dun ing Mr.. Cleveland's first adj
ministration. They were raiding the
treasury then,n says Senator Perkins,
''just as they have been raiding it un-
der this administration Secretary
Manning saw and understood the sitn-
alton. He also saw the remedy, al
though it is quite possible that what
he did was suggested to him by Mr..
Tilden. He took his gripsack and
started for New York. When he ar
rived he sent for the chief raiders of
the treasury. If I should mention
their names they would sound quite
familiar to those who have been read
ing the story of the great Morgan syn
dictate.
Gentlemen said the secretary, in
q cold, hard voice, the treasury is will
demand, but If you attempt to draw
upon the treasury gold after to-day as
you are now doing, for holding or spec
ulation, I shall adopt an effective
remedy for the protection OF the gov
ernment's reserve We have q cash
balance of over $50, coo, 300 Not one
OF you doubts for a moment the pur-
pose and ability of the government to
maintain specie payments. But ii you
continue to withdraw gold l shall at
once order that you be paid ten per
cert. in silver coin the first day. The
second day you will be paid 20 per cent
in silver. the third day 80, and SO on
until one-half will be paid you in
silver
"sBut,' exclaimed the astonished
bankers, this is in violation of the inn
piled obligation that the government
will pay gold
I" Make no mistake about that, gen.
tlemen,' replied Mr.. Manning. The
law saws 'coiu,' and the treasury will
exercise its undou bted prerogative.'
'That ended the gold raiding. The
government won its point just as soon
as the secretary of the treasury showed
that he had a backbone.
''Secretary Carlisle is in an impreg-
nable position at this moment. He has
the whole country ready to aid him
if he is in earnest. He knows, and
every authority upon the subject in
Washington declares, that the banks
of the country. not to say the bankers,
would not dare to let the gold reserve
be exhausted.
at would instantly destroy hun
dreds of millions by shrinkage in val
ues- Mr.. Carlisle knows this Yet in
the secret places of the treasury de-
partment are cunning men who are do
ing their utmost to defeat the admin
istration. They are doing the work OF
the gold ring, and are doing it clum-
silly"
1t will be remembered that during
Mr.. Cleveland's first administration
there was desperate effort to force
the repeal of the Bland-Allison act.
The raid so effectually stopped by
Daniel Manning was no doubt a part
of the conspiracy to force the govern
ment, under the stress of a panic, to
stop the coinage of silver. 1t failed
because the secretary of the treasury
met it promptly by shaking in the
face of the raiders the governments
option under the law to redeem its OBJ
legations in either silver or gold. 1t
has since been successful because the
treasury has abrogated the option
given by law to meet just such emer-
gencies and allowed the raiders to help
themselves. Daniel Manning's re-
fusal to allow syndicate to loot the
treasury did not impair but strength
ened the credit of the government.
Mr.. Carlisle recognized the propriety
and effectiveness of this method when
he said before committee of congress
that it would be the right thing to do
if his predecessors had not established
a contrary policy. It is the right thing
to do now. and it would amply protect
the treasury against these raids and
restore public confidence.-Memphi
Conmaroial Appeal 49,