The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-18
THE INTELLIGENCER.
wHEELINo, snpFnnnna Is, 1907.



Referring to Speaker Reeds recent
comparison of the conditions resulting
from the panic OF 1873 with those after
the panic of 1893, the esteemed Reg
lister regards It as ian admission from
the brainiest man In the Repubitp~af paw
ty that there was great spaosh in 1873"
Further on our neIghpor says; I'm order
to avoid troublesome questions growing
out OF their assignment of cause for
the smash OF 1898. the Republicans have
made 1t their practice to etudiously
ignore the smash of 1873. But now
stands forth one Of their chief prophets
and frankly admits that there was a
great smash in 1875. They can no longer
ignore or deny the fact without repudIat-
ing one of their great leaders"
1t would be hard to crowd more dema-
gogic assumption and deliberate misrep-
RESERVATION tnte so few sentences Us
these quoted from the Register. Why
shouldn't Speaker Reed admit" that
there was financial panic in 1873? Who
ever denied" that terrible period of our
history? Let the Register name the Re-
publican or any other sane man who
ever was fool enough to deny the occur
renee OF an event OF so much Importance
In the history Of this country. the details
Of which are familiar to every school boy.
for he reads Of 1t and its causes in his
school history, and every person who is
old enough to know anything OF the his
tory of that year has distinct and sad
recollections OF the panic of 1873. What
sort of dishonesty is It which moves the
Register to charge that any sane man
has ever denied the occurrence OF that
panic, and to make stock of the frank
admission" Of Speaker Reed?
Our, .neighbor, further misrepresents
Speaker Reed and the conditions sur
rounding the Two panics when 1t says
that the speaker said that the panic of
1873 and that of 1893 were Of the same
nature-that is, brought about by sim
liar causes. He said nothing of tho
kind. His comparison was of the condi-
lions OF recovery, and of the similar REM
edies proposed by the flat money duacks,
His object was to show that the recovery
in each instance came without the dan
gerous remedies proposed by the green
back theorists or opportunities in the
first case and the fifty cent dollar doctors
in the last. He showed that under the
financial policy Of the Republican party
recovery from the panic of 1879 came in
1879. and that events are now proving
that the silver remedy was not necessary
to recovery from the effects of the 1899
smash. II the Register constructs his
assertions to mean any thing else, It mis-
quotes Mr.. Reed, and, If 1t says that the
two panics were brought about by the
same cause It misquotes history.
Let the Register publish the history OF
the great panic of 1873. Does our friend
know what caused It2 Was 1t a Repub-
hcan tariff or the monetary policy then
prevaillng7 II the Register does not
know, every school boy does know, that
the panic was the direct result Of wild
lever Of speculation in the west, growing
nut of the building OF the Pacific rail-
roads; that the success OF the first en-
eouraged the commencement of second
line across the continent, and the build
ing OF more railroads than the western
country at that time demanded. Thou
lands upon thousands of people, carried
away by the passion for investing in the
west, put their savings in these new en-
terprlses expecting to get rich at rail-
road speed, and within two years and a
half, from 1871 to the fall of 1873 more
than 10000 miles Of railroad were built in
this country at cost Of q, 100000 900.
Then came the crash, precIpltatcd by
the failure Of the banking house Of Jay
Cooke & Co., of Philadelphia, which wac
largely interested In tho Northern Pa
cinc road. This was followed by the ruin
Of thousands Of business men who had
invested In the railroad enterprises. and
brought about depression which sprcad
throughout the country The whole
country was strewn with business
wrecke and alarm and doubt existed
everywhere. Even the government folt
II and the black flag hung over the pub
lie treasury.
There was no politics IN It, II was the
legitimate result Of the too rapid dcycl-
opment Of railroad enterprises that wore
not then needed, and the people paid the
penalty Of rccklcas investments. When
the Register makes Mr.. Reed or any
other man sny TINT the panic NJ 1919 was
due To the same causes 40 that Of 1893, ar
20 the policy Of any political party, or
charges any political party with rospon.
slbillty II mleroptescnts facts aud filgl.
nos history.
Tho comparison Of the two pcriada OF
depression Is IN the fact that the Nat
money men took advantage of tho con.
dtion Of the country from isI3 to 1870.
and tho unrest and alarm, to agllate
their theorieo and oppoeo tho resumption
Of specie payments. Just aB tho silver