Natchitoches populist., 1898-05-13

~ lulGTeSt6u, Among OLneF tuluSS tlSy
cited the fact that foreigner creditors
held over S5,O0O,000,OOO worth of our
railroad bonds and that they would
in this one item alone lose enormously
as the result of panic. AT 10 a, m.
the Sth, the stock markets opened
steady and firm. There was no unload
ing of securities. The people who
would have been most injured by 1t
had decided to not commit suicide.
On Thursday, Nov. Sth, silver had
advanced to s105 an ounce. why
this enormous advanced" was asked.
Because in six months, as soon as the
new congress can convene" was the
answer. "S7lA grains of pure silver can
be coined, at the pleasure OF the hold
er, into a dollar; and, an ounce of it,
at that rate, will be worth $1.29. The
next day it jumped to $1.2O an ounce,
within nine cents of its free coinage
value. On Friday run on the treas
ury at Washington for gold was an
nounced. By Saturday the next day
at 2 p. m. there was not a dollar OF
gold in the United States treasury. On
Monday, the 18th, gold payments were
suspended, and no gold could be had
without paying premium that fiuctu-
ated for several days between 20 and
so per cent Business proceeded as
usual with the same kind Of money
passing from hand to hand as former
ly. There was NO gold left with which
to redeem any more of it; and, it was
rapidly coming out of hiding and seek
ing investment. Prices of property be-
gan to advance. In thirty days the
situation was better understood. A
new money crop was coming, that was
going to go into competition with gold
to supply the demand for hard money
Under the law Of true bimetallism, to
get on the statute books as soon as
the new congress could get at it, no
contract would be legal made payable
in one of the two metals. 1t would be
optional with all TO pay in either metal
Thus the two metals would be In COM
petition with each other In the face
Of this threatened competition, gold
began to decline. On January Sd, the
premium was IL cents.
Nv.
All over the Union, suits had begun
against debtors for the foreclosure of
mortgages and debts. This was quick
~ eheckmated by the same spirit that
had faced the awful hailstorYn of ostra-
cism in November. Meetings were held
in every county, and legislatures were
petitioned to pass stay laws to pro-
tect the people from the collection of
debts for two years after the inagura-
tion of the new president Governors
were petitioned to call special sessions
of legislatures in many instances.
Everywhere these meetings were held,
beginning in the west and spreading
east and south. In many cases law
yers volunteered their services without
fee to take up the cause of the people
Members of the legislatures elect were
brought into these county meetings.
and pledged to thus protect the peo-
pie till at least tVFo new crops had been
harvested under the new order of
things. This was soon followed very
generally where payments were not
convenient, by voluntary liens being
given payable in two years, thus secur-
ing creditors. giving them negotiable
paper and deferling the payments of
the debts. Thus The eonfscation of the
property of debtors was stopped. The
tremendous force, that had entered in
the November revolution was equal to
the emergency. and the money power
was at their mercy-but that mercy
was tempered with justice.
".
KY OdA0GlS LSL q El4O1sS AAOSC11
had set in toward the Rocky noun
tains. By Feb. lst ii became rush.
Gradually the country had awakened to
realization of the wealth In the sill
yer deposits Of our western mountains.
The Alaska gold fields were to have
competition in the silver mining region
of our own mountains. A hundred
KIondikes had suddenly sprung up into
existence mot irl the frozen zones OF
the north, but in our own glorious eli
mate. The railways were taxed to
their FUN capacity; within four months
after the election i've states Of the
Union were all hope and animation,
feeling the thrcFb Of prosperity, to
say nothing of the orders of provisions
and machinery that followed an army
of three mfllion of people into the
rocky Businesses and beautiful valleys
of our west. The words of Lincoln were
recalled uttered on the day Of his
death, recorded In Barret's history Of,
him, issued IN 1865, in which he said to
Mr.. Colfax. who left Washington that
morning for the west: Tell them. the
miners. that the more gold and silver
they mine makes the payments of our
national debt so much the easier" The
whole nation was beginning to feel the
pnlsation Of new life. And with hope