Washington sentinel., 1900-11-03


1869, we had che famous gold panic
which gave to history the Infamous
"Black Friday" The Republican
party was in power at that time.
During the month Of September,
1873, we had the tremendous panic
marked by the failure OF Jay Cooke
& Co. The Republican party was
in power at that time.
Now, let US look at the more
recent panic which our Republican
friends attribute to Democratic
Administration and to Democratic
legislation.
They call this "the panic Of
IS93." The record will show that
this panic began under Republi-
can Administration, and developed
to its worst extent under Repub-
lican legislation and before Demo-
cratic legislation was in operation.
Benjamin Harrison was inaug-
urated President March 4, 1859.
The Mckinley Tariff ball became
a law October 6, 1890.
November II, 1890, the reports
showed financial distress apparent
in New York. The New York
Clearing House Association voted
its certificates to banks in need
OF its assistance. The Boston
Clearing House Association did
the same thing November II.
Barker Brothers & Co, big bank
ers in Philadelphia, suspended at
that time, with liabilities placed at
FIVE million dollars.
November 70, 1890, there was a
run on the Citizens Savings Bank
OF New York, and a receiver was
appointed for the North River
Bank.
November az, 1890, the United
Rolling Stock Company, OF Chi
cago, assigned, with liabilities at
$685., 900.
November a8, 1890, b.. X. Jami-
eson & Co., the Philadelphia bank
ers, failed, with liabilities at two
millions OF dollars.
December 6, 1890, the Oliver
Iron and Steel Mills, OF Pittsburg,
shut down, discharging two thou
sand employees. On the same date
the cotton firm OF Myer & Co., OF
New Orleans, failed, with liabill
ties at two million dollars.
January 8, 1891, the Scottdale
Rolling Mills and Pike Works, and
the Scharlotte Furnace and Coke
Works, in Pennsylvania, closed,
throwing ten thousand employees
out Of work.
January I8, 1891, the Awerica
National Bank, at Kansas City,
suspended with liabilities at Sa,-
$50, 900.
May 8, 1891, the Spring Garden
National Bank, at Philadelphia,
closed its doors and the Pennsyl-
vania Safe Deposit and Trust
Company made an assignment.
The Homestead strike, and
others, during I891 are we'll re-
membered by the people.
In May, 1898, S. V. White and
others suspended in New York.
The Chemical Bank in Chicago,
and its branches, suspended. Other
failures followed, and finally the
famous raids on the United States
Treasury were made.
Now, let US bear in mind that
the soealled "panic OF 1898" is
designated as a Democratic
panic" because the Cleveland Ad-
ministration issued bonds. But it
has been shown that the panic or
iginated under Republican Ad-
ministrahon and developed under
Republican legislation.
II is a matter of record which no
intelligent or honest man will deny
that President Harrison's Admin
istration had made preparations to
issue bonds. Mr.. Harrison's Sec
retArY Of the Treasury even went
so far as to have the plates OF fthese
bonds made, but in order to avoid
this stigma Mr.. Harrison's Secre-
tary Of the Treasury finally warded
of the bond issue and unloaded il
on the incoming Cleveland Admin,
istration. The Cleveland Admin
istration in turn warded Of the
bond issue little longer, bit fin
ally deemed it necessary to make
that issue.
That panic is referred to fre
. quentlY as a Democratic panic,
because those making the refer