The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-24
POLITICS ANp PANIcs.

Notwithstanding the disturbed condition
of the money market in New York me
failure of two prominent banks in Boston,
and trust company and a firm Of bankers
in New York, it is doubtful II panic oil
any considerable proportions is possible In
this country at this time or in the near
future. A serious monetary disturbance
between now and the presidential election
would mean the defeat of the Republican
party and that would mean the death Of
trusts, and the overthrow of the high pro-
tective tariff. which is the mother OF
trusts. 1t might also mean the free coin
age of silver, because If the Republican
party were defeated 1t would Of course
be succeeded in the control Of The govern
ment by the Democratic party, with Mr..
Bryan at its head.
Rather than have such changes the men
who control the great monetary institu-
tons. the trusts, and the railroads, to-
gether with those other men who are max
ing millions of dollars a year out Of pro-
tected Industries. will use their influence
to the utmost 10 prevent a panic. dis
patch in the Morning News yesterday,
stated that J. PieTpont Morgan and many
of the other very wealthy men of New
York had formed an. association for the
purpose of checking movements calculated
to lead to a money panic. 1t is also
worthy of notice that the government has
made the National City Bank of New
York the depository of the internal reve-
nue. receipts. This bank is now the most
powerful financial institution in the
country Its capital is 100000, and its
deposits are about $100OO0,000 1t is said
that the internal revenue receipts which
will be paid into the bank, and which It
will be permitted TO use, amount to nearly
a million dollars every day the bank is
open, or about $3.50 600 a year.
The directors in this bank are connected
with the Sugar trust, the Standard Oil
trust, and the great railways of the coun-
try. 1t is evident that with the immense
resources of the National City Bank, to-
gether with other money they are able TO
control they can put check on any ordl-
nary panic. 1t is said that Mr.. j. Pier
pont Morgan and a few others put stop
to the little panic which occurred in New
York last Monday.
Inc men VINO nave plleQ up HilliOfiS up
on millions by wrecking railroads, form
ing trusts and fixing the tariff have every
thing to lose by a change in the political
and economic conditions of the country,
and they are willing to assist their weak
er brethren who have weighted them
selves down with heavier burdens than
they can carry in troublous times, rather
than have a panic. Besides, a panic Of
large proportions would likely carry
down to ruin those supposed to be strong
as well as those known to be weak. 1t
would squeeze the water out of stocks OF
all descriptions-there is water in railroad
and other stocks as well as in what are
known as industrials-and if stocks
should shrink to their legitimate proper
lions a large percentage of the new crop
of millionaires-many of whom made their
fortunes out of the wreckage of 1S93-would
drop back into poverty and obscwity.
These men do not want any change in the
government, and hence will do ALI they
can to prevent panics. A change inethe
government may of course come without a
panic, but change would be pretty cer-
tain to come if there were panic. The
money power, therefore, will spare no ef-
fort to prevent one.