Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-01-20
Mathew Speaks Out IN Meetln'

streets. The year 1897 he says,
''cIosed rather gloomily on the Stock
Exchange. The failure of the Chest
nut Street National Bank in Phila-
delphia, and the Herring HallMarvin
Co. of New York, were peculiarly
alarming, in that the causes of the
catastrophe in both instances date far
back aud should legitimately have
brought 1t about long ago. The COM
plicity of the comptroller of the cur
rency in concealing. for two years af-
ter he learned of it, the dangerous
condition of the Philadelphia bank. is
not the least unpleasant feature of that
affair" The Comptroller's excuse
have produced a financial panic does
not go with Mr.. Marshall, for the reas-
concern to continue in business it il
reasonable to suppose he has done the
same condition which will eventually
be compelled to confess their insolv-
ency. to the great loss Of creditors.
This transaction shows what the GER
tificate of a treasury official who is I'M
der the control of Wall street is worth.
He will protect any large institution,
"for the public good" and regardless
of the fact that depositors are deceived
by his endorsement, when certain spe-
cialiy favored interests desire it. The
Comptroller committed a very grave
wrong in the instance of the Phila-
delphia bank, aud as an excuse for his
act, coolly states that it was necessary
to prevent panic. This is the kind
of finarciering vouchsafed to US by
gold standard officials, who are so
solicitous about national honor and
sound currency that to preserve them
to an ungrateful people they deem it
necessary to suppress or ignore facts
not fitted to the ken of the common
herd.
Mr.. Marshall bluntIy points out that
there are many more institutions in
pretty mucn the same fix as the de-
funct Philadelphia concern. He calls
to the fact that people are
not buying as freely as formerly; in
other words, goods are not being as
freely distributed as they should be.
People are willing to buy, but the cold
fact is they have not the money to buy
with under a protective tariff and with
a money that is continually increasing
in value.
Mr.. Marshall points to the further
fact that the present condition of the
treasury is due to the money left over
from the Cleveland bond sales and
that recently paid in by the Pacific
Railroads, and predicts that, instead
Of deficit of twenty eight millions, as
Secretary Gage claims, it will approx
mate forty millions or more. He
claims that sin the affairs of private
citizens the same clouds that hung ov-
ar the close of 81 still hang over the |
lawn of 49," He thinks that the |
Sage scheme of paper imitation by en-
arging the circulation of bank notes
yiI 40 nd mould !
prove harmful if enacted into law. The |
)uly cheering and substantial thing he |
,an see in the present business out
ook is the demand for our food proc
acts by foreign countries, and he vir
ually admits that when famine condi-
ions are overcome in those countries
he prices of these products will drop
pack into their old ruts, and the de-
nand for free coinage among pro-
lucers will be as strong as ever.
When it is RENE u bered that Mr..
predicted the panic of 1898.
md called attention to the fact that
he boom of last August would col
apse, his predictions are entitled to
1t is possible that he
nay be right when he says that the
business outlook for 1898 is not bright
When he gives warning to the bust
ness world of impending danger his
opinions are we'll worth listening to.
When he makes an argument for the
yold standard he does so as an at
orney who knows he is fighting
or a cause that he must ultimately
ose. Mr.. Marshall's argument against
liver is simply that free coinage will
lurt the bon6holder. The tone of his
'ecent articles indicates that he has
cached the conclusion that these peo-
Die will have to submit to the newt
bile. He frankly tells President Nc
zinley that he must face the proba-
,ility of House and Senate opposed
% his views in the next year.