The Canton times. (Canton, Miss.) 1893-1906, 1896-09-04
Financial Panics.

n IS a fact to which not enough al
anton has been given that there neve
h,s been financial panic in the Unit
4 States that was caused by defici
apncy of money in the country.
II has been a stock argument will
sly,rites that the country is suffcrin,
f,on lacl, of sufficient volume o
monpy and that this is the cause Of al
|he financial trouble in the United
Mates. The greenbaclkers first pro
claimed this as the cause of all financia
disease in the Union, and they propos
,d as remedy the Unlimited issue b,
ne Government of irredeema ble paper
noney.
The slvertes came afterwards. They
|hund the same lack of money, and
moposed to cure the evil by the unlim.
ma coinage of silver at a false and in.
Mated valuation. They refuse to con.
|ider as possibility that any such
Iaooding of the country with depreciat-
|ed silver coins would drive gold money
I'M OF business and out of reach, and
Contract the currency by just the
Amount of gold coin. They are even
HSurd enough to claim that gold, SO
hr from disappearing, will decline in
bslue to an equalization with silver
Ind may even become a drug in the
honey market.
But even if the country should be-
|ome flooded with deprecated silver
Eurrency, no means have been suggest
ID for securing its general dlstribu
lion among the people. The old green.
backers were wiser in their generation.
ghey saw that, no matter how vast
hight be the money crop, it would still
emain in the possession of few, and
Fouid be entirely ont OF reach OF the
hasses of the people. In order to Sc
nre a thorough diffusion of the cur
ency among the people, it was propos-
d that the Government should estab-
sh subtreasuries, one or more in every
Bunty in the United States, and these
lstitutions should be required to lend
le money to the people at nominal
tie of interest, and for indefinite
'riods, on personal security, or none
all.
The siiverites viii find it necessary
adopt some such expedient before
cir wild schemes, even if carried irto |
ecution. could be made reflective.
bat the people who have been arous
on this money question want, above
else, is not theoretical financial
llect; but practical business opera
which will not merely accomplish
increase in the volume of money,
will enable every ybody to secure a
re. There must be some method
the general distribution of the stuff.
Tut the intention of these remarks
show that the financial troubles
he country have never been caused
any lack of money in the country,
10y the peril dical aud untimely
Friction of bus ness confidence and
ilt There have been ten periods of
acial convnlsi,.n this country.
Y have been stated as follows, Civ
dales and causes. Some were verv
Gus, others less so; but they were
My The Results Of causes which de-
yed bnsiress confidence and pro- !,
ID sudden and general Withdraw 9
OF money from business enterprises :
the loo king OF it up in vaults and ;.
7 places Of supposed safety. /,
lowing We're the panic periods: !
ia result OF the war: closing of ;,
'orts; speculation.
70 and ls26-unsound money; wild :.
sing; expansion of credit
''-unwise banking methods; ex-
We speculaiion.
S-lnfated values; oyertrading at u
7 and abroad. p
j. asounc financial methods; %
cat business enterprises. "
IAN ontcome of the civil war. a.
a-Excrs>Ive RAILROAD. building -
overirading following the war CO
d. W
Inflated credits; vicious banking. P'
V-Mild disturbance, an echo vf h'
'arihg crisis in England. te
of credits. liquida- bl
IN the stock msrket, bank fail a
aud the closing of industrial es-