The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-04
INCoNS STtNT EXPLANAIm
From the indianapolis sentIpel.

From the indianapolis Sentinel
. If the gold standard people ara Y.
maintain their pet delus.oa in ,h,3
OF the people they will have to fol,.-
example OF the republican Iea.s,.
financial legislation--hold a oau.,.
decide on some line Of explana,,.. v
unlooked-for financial manifesta.,o.. <
Is very certain that none OF 49,.
standard fnanciers anticipated tSa
stringency that has been makine :. 7'3
disturbance In the East. Wher \.
began to show Itself, the financ,.. N
said II would be promptly reIlscss
the flow of gold into the count,.~
Europe. But when the pressure 49,!
now In the other direction th...'
trouble Now that the strinrerss
the panic are demonstrated facts X.
no longer be concealed, the AN
are explaining how 1t happened ~
do not agree In their explanations NJ
this Is an evidence OF fallabiIjtv (.
great ow-it-alls that is caIcni.,,s.U
weaken public confidence In theiy " II
ments. Clearly some OF them A.. NJ
taken and possibly all of them. ana I, n
who know all about money can /. Il
taken on one point they may he ni..%
on others. Here comes Comptroller NJ.
who is the head and front Of ranrhrg
fnanciers, and makes this statement
The recent furry In the speculativs n
ters of the East was a natural seous,''N
the condition Of last summer. whe,
West did not need the capital snS
posted 1t in the banks OF the Eau
order TO procure interest on its III
balances. The immense acc,imnl,.X
there stimulated illegitimate specnI,,x
on stock exchanges and bubbles on ~
were blown which could not bu, MI
AZ the first disturbance in an abnor~ys
cheap money market. This disturhs.
commenced when, in order to movs
crops. and TO furnish legitimate iplr.
with proper funds. the West commmrr4
to call for its own and to Withdraw Nj
rency from the East. The situatiop 4,
also aggravated by the London mn
market and the prospect of gold H.
ments. The. spectators simply hat
liquidate and the legitimate dem and, \
industry and commerce had to he y
fed. There is ample money In the "a
try to provide for legitimate business
This is consoling In its way. fhas
one might reflect that the condition !,
rather unstable If when the West NJ
for its own money Ito move It's crops +
to furnish legitimate industry with mr.
funds' the disturbance was begun v
withstanding there Is ample none,
the country to provide for Legitimate /,
ness. He admits that foreign col
tions had something TO do with II. 4
! they only aggrayate the situation. I'M
is also some weakness in the idea
it was caused by capitalization of tn
for our republican friends have ass.
lis that trusts are natural economic
velopments, and compelled them to h
with us, Now our superiority in for
commerce, even after we have subjuu
the foreigners and compelled us to NJ
/ with them. Now Mr.. James H. EdH
who is the high financler OF the n
democrats, is too shrewd to get int
/ inconsistent a position, and he extg,
ii thus;
The country, in the full tide Of "
perity, and rich in all that goes to
UP the wealth of a great Nation, sudd
/ felt a stringency in the money ma
/ recently and a panic all over the "a
States was imminent. This was Il
large measure caused by the fact IS
thousands and millions of dollars !,
daily being cast into the government 4
treasures to remain idle in the W.
instead of going into the channel
4 circulation of the country.
-
This leaves the tri,s,s, the foreigtls
mand for gold and the, movements d
West out OF consideration, and puu
the blame on the treasury system, W.
/ is consistent with the theory g.
Eckels that the banks ought to ISSUE
7 money and conduct the finances o!
/ country. We would urge on our g.
standard friends that Eckels is c vi
safer explainer than Dawes, and "
ought TO unite on him as the real auit'
/ ity for political purposes. Dawes q
! be advantageously suppressed altogts5
He is probably responsible to NJ
extent for the governments Original
iusal to furnish gold for export to "
rope, which was the immediate caus
the panic. Now that it is FURNISHING
gold the situation is much easier
there may be no further trouble u 4
Bank of England does not take too
gold. If 1t should, there will cons
point where our government will +,
to shut of the supply, and then "
will be trouble once more. "a