The age-herald., 1898-01-04

Frequency of financial disturbances and panic in commerce distinguishes the ear Her years of this expiring century from the prolonged revolution in monetary systems which closes it. Recovery was then easy and certain; restoration now engages the energy of democracy in conflict with the accumulated and concentrated power of plutocracy. In the first half of this century the government of the United States and the government of the state of Alabama each maintained bank and numerous branches of that bank. Both examples were ignominious in life and disastrous to the verge of catastrophe in death. The country is indebted to Andrew Jackson, president, and to Joshua Lanier Martin, governor. Alabama stands indebted for inestimable administration, in republic and state. respectively, by means. of which con- stitutional systems of finance and consti- tutional currency were restored. The wholesome and universal growth that ac- companied the change of monetry laws in republic and state may be studied now with emotions of wonder and gratitude
 The years 1903, 1894, 1s10 1913, 1874, 1915, ISIS, 1925, 1S26 1S2s 1850, 1881, 1886. 1884, 1sS9 lcffs lo4o were tdCii anu ttil LidIhtQ Oy iCOu- vulsions in markets and finances that in- fiicted abnormal trouble and losses upon producers in the three countries, the United States, England and France. Within that time the United States and England were at war three years, the United States and Mexico were at war two years, while dur ing third of the whole number of those years all Europe was at war with Napo- leon.
 The question then was not at all the kind of currency, for in 1903 Napoleon opened the hints of France, as the hints of Eng land and the United States were already opened, to free coinage of gold and silver True England, in 1916, made gold the stand ard, but the rule had only limited eff feet in England and was not felt in France or the United States. Wars and dearths of currency in growing commerce precipita- ted distress in England and France. In the United States unscientific banking and government interference with banks, cou- pied with laws which opened the public lands to speculation, convulsed all indus try. But in the United States there was a certain feeling of confidence based on con- sciousness among the producers of ability to correct errors No thought of political revolution arising from financial distress took possession of any mind. After the great panic of 1887 congress enacted bank rupt law At that time there was some re- mains in most of the states of the old laws of imprisonment or detention of person for debt, yet the bankrupt law was not popu- lar. In tine south a large proportion of the planters were in debt, but few went into bankruptcy. William L. Yancey was an illustrious example. He resolutely refused the counsel of friends to accept relief in bankrupt statutes. He went to the bar, opened public dairy, refused all tempta- tions of public office, lived economically, worked hard and paid off all debts.
 The first panic in the last half of this century came in 1857. It did not involve supply or distribution of currency. It was not felt to any considerable degree in Alabama. In Alabama merchants fre- quently anticipated their paper, held by northern jobbers, by payment made in ad- vance to the relief of the latter. The panic of 1857 was due, it was believed, by invest ments of New England banks in boom towns of the west
 Over one million dollars day wasNspent in the northern states in support of the war with the south The money was wide ly distributed. That part of the country was extremely prosperous in support of the war that was laying waste this part. Lin coin foresaw the consequences and admit ted that while the banks might defeat the Southern Confectionery by strengthening the war power of the north, the liberties of the whole people were placed in jeopardy by the process
 Contraction of currency began in the in- terest of the banks immediately after the army began to disband and the soldiers re- turned home to feed and clothe and pay themselves. Increased production and de- creased currency moved, pari passer.
 The great panic known as "Black Fri day. came Sept. 24, 1873, eight years after the war, but while Alabama was not yet relieved of reconstruction times.
 Black Friday came like thunder clap in a. cloudless sky. Jay Gould and asso- ciates worked 1t up. Cotton had sold for the commercial year. 1S72-7S, at an average of 204S. Many bale brought $120 on the wagon. Free negroes on plantation were not grievance by any means.
 in those times the government collected It's revenues in gold and paid it's ordinary debts in greenbacks, derived by sale of gold, except that interest on the bonds was paid in gold. Gold brokerage was big business in New York. Neither gold or silver was ever seen in trade.s We had b-cent, 10-cent, 25-cent, 5O-cent government paper.
 On Thursday morning, Sept g, 1873, IEDE TC TJIC