The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-24
GOLD STANDARD AND ITS TWIN
(From the Atlanta constitutional

standard was adopted by the house, the
republicans greeted the result with cheers.
on the other hand Wall street responded
with a money crisis as severe as any the
street ever saw. II the republican party
had pressed an electric button connected
with deposit of dynamite in Wall street,
the explosion would not have destroyed
more values.
! But for the concerted action OF the
banks in coming forward with relief at
the last moment the panic would have
been worse than that of 1893. The men
who sent out the news from Wall street
didn't pretend TO conceal the cause of
the panic. 1t was "the imperative need
OF money developed by the violent con-
traction In values"
Look at the history of our more recent
panics. Though the decentralization Of
silver In 1873 was surrepttious SO far as
the public was concerned, it was no secret
to the Leading bankers. AS soon as 1t
was accomplished there was contraction
of values and the result OF that contrac-
ton is known as the panic OF 1878. In
1898, the Indian mint was closed to sill
yer; there was another contraction IN val
ues, and the result was the awful panic
from which the country is just emerging,
On December IS. 1899, the republicans
passed In the house a currency bill EN-
bodylng the single gold standard as the
unit and measure Of value. AS crash
OF thunder follows the lightning stroke,
panic developed In Wall street; values
were violently contracted, and millions
of dollars worth of property was sacri-
feed. Money went as high as 1856, a rate
that means something more than ruin
for those who were compelled to pay it.
1t means the sacrifice of values that have
been held by those who never enter the
street,
Now we ask any candid reader II these
events are mere condolences. II the
contraction of values had happened only
once--say in 1S73-it might be regarded
every step in legislation in the direction
of the gold standard has been followed
by wreck and ruin. We had hoped that
the new legislation in favor of the gold
standard had already been discounted by
the tremendous sacrifices made in Wall
street prior to the panic of Monday; we
had regarded the slow liquidation that
has been taking place in the street
the Coxey yell for more money and the
camor of the operators and SPECTATORS
m
vestors and capitalists for the legislation
that has been so freely advertised but
now, as in 1878, and in 1898, all the bus-
ness sagacity OF the country invariably
tails to discount the drastic effects of the |
gold standard to which the republican
party has at last fully committed 1T
self
1t is curious, too, that in 1899, as In |
1893. the collapse Of trust followed the
contraction of values and made the con- /
ditions of the panic more far-reachng
than 1t would otherwise have been In
1893, 1t was the Cordage trust that headed |
the list of failures. In 1899. 1t Is the
Produce Exchange trust, firm that
seems to have had about 1t all the ele-
ments OF success.
We have referred on former occasions
to the Coxey yell in Wall street for more
money. and have made it the text for re-
marks intended to call the attention of
financiers to the fact that the demand
for money among the people is lust as I'm
portant to their interests as the demand
for more money In Wall street We did
not call attention to the fact that Wall
streets demand, which has been growing
more insistent for some time, was the
result of a contraction OF values in an
Iicipation of legislation in behalf of the
gold standard, for such talk as that would
come under the head of calamity howl
hg' Yet prominent business man of AT
anita who keeps tab on the daily transact
IONS IN wall street, gives it as his deliber-
lie OPINION that the losses in that center
turing the past thirty days. as the result
" the strngency in money, will amount ,
% $500, 600, 900.
Now there may be no "caIamity" IN
III TINS, and VIC do not insist on IT, hut ,
he situation shows that there is a Nv
n the ointment somewhere. We think )
hat all reasoning men will admit thai
ne contraction OF values and the re- !
ulting crash which follows every effort
o defy the gold standard in Legislation,
Ire something more than mere coinci
ences. such coincidence might happen q
nee but the second time suspicion viii t
'e aroused, and the third time all sem
lbie men will perceive effect followin,
cause. ,
Thus while the republicans in the bous.,
we're applauding the success with which ,,
hey had carried out the dictates OF the ,,
noney power. the business men of Wal,
treet and the various interests connected
Win them were witnessing the wanto, !.
acrlnce OF values In their holdings tn.
lost substantial forms of property fell a !,
ionm TO the contraction. Cotton wen,
own perpendicularly and dividend nay,nr
locks fell with rush. And at last the
ahio was only stopped by the clearing
ouse banks which rushed in with a son \
( slo,0OO,oOO ''p :
sush Is the immediate response to cur Y
ancy legislation and the adoption ~ tho
ola standard by the republican house >, n
representatives. What shane the cr,s.
III take we do not care To nrad,ct vs. ,
must be Obvious to all thinking ,ns, i,
iat the support given BY the HAMS
'e CLOSE OF business Monday is bm,
laheshiit, and 1t must be equally ohvio,,a n
lat temporary meanu A.. t,,' eo'Aous y