The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-27

All the inside facts of the recent panic
in Wall Street and of the haste with
which Mr. McKinley's Secretary of the
Treasury went to the rescue of the
stock gamblers, turning over the gov
ernment's money to the banks to be
loaned out, will probably never be known.
None the less some interesting particu-
lars are leaking out. Mr.. Joseph Oil,
the Atlanta Constitutions Washington
correspondent, writes
The condition of affairs in New York
was really much worse than the news
papers painted it. ] am told that at one
time the representatives of the financial
journals and the financial editors of the
great newspapers were called into con-
ference with the clearing house officers
and were made to understand that if the
real state of affairs was published to
the world there would be panic that
would play smash with Wall Street. 1t
Vas because of these representations
that the condition of affairs was paint
ed as mildly as possible. There have
been few periods in the financial history
of New York when things looked bluer
the prosperity preachers were crying our
that all was lovely and that the only
thing needed to make every man in
America a king of finance was the pass
age of the administration gold stand
ard bill.
Nobody but an anarchist would prin,
these uncomfortable facts right now
when the gold standard advocates are
so certain that all is lovely, but there is
one feature of all this business thar
makes it necessary to print the unpleas-
ant truth. That is, that the men who
have forced the Republicans to take
up this gold standard bill are now rails
ing the cry that the source of the whole
trouble is a woeful scarcity of money
These money jugglers have loaded The
Republican speakers with figures and ar
guments to show that money is so plen-
tiful throughout the land and through
out the world that this country can af4~
ford to strike down half its money OF
redemption and still have more than
enough to do all the business of .:It
country. The Republican orators, do
ing the bidding of the men who put up
the campaign funds and own the party
have no sooner repeated their little tale
of prosperity and money plenty than
these lnoneyed men set up the howl
that their troubles are due to scarcity
of money"
The New York World prints an In
teryiew with former Comptroller Theo
dore Myers in which he says:
Between four and FIVE weeks ago
| received letter from Secretary
Gage in which he said. in answer TO m.
proposition, that he could not divert the
internal revenue receipts from the Sub
Treasury to the New York national
banks. as he would run the risk of be-
ing accused of favoritlsm to New York.
Yet a few days ago he put into Ell
feet the very plan | suggested six
weeks ago
Secretary GAGE wrote Tin explana-
ton of his REFUSAL that Of the $4,000.
600 of government moneys at that time
on deposit in the national banks through
out the whole country, 30 per cent. was
deposited in New York city banks alone.
and that il the amount were increased
he would be open to the charge of ia
yOritisn."
What We're the influences brought to
bear that induced Secretary Gage to
dare the charge Of favoritism to New
York banks? Was it the imminent
danger that the passage of the admin
istration's gold standard bill in the
House would precipitate another BLACK
Friday" with disastrous consequences to
the Republican party as well as to Wall
Street!