Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1900-01-04

AOSOAhS tdOAt cbAOnS OOACo duu
to the rescue. Eleven millions of dol
lars was offered by these at six per
cent. which had the effect of re-
lieving the strain. This was followed
by the United States Treasury's offer
to increase its deposits with the bank
ers. At the same time that the panic
was raging in New York the Globe
National Bank. of Boston, failed for
ten millions of dollars, and the John
P. Squlres & Company, one of the most
solvent business establishments in any
country, was forced into the hands OF
a receiver because of it's inability to
borrow money upon that market.
In view of the fact that the balance
of trade in favor of the United States
during the two past years reached the
phenomenal figures of more than
twelve hundred millions, together with
the gold from the .Klondike and the
increased output of American mines
generally, it is very strange that at
this season of the year when American
wheat is being shipped to the markets
where the worlds surplus is disposed
of and every condition is present that
should make the money market in the
United States easy, that such panic
as we have experienced during the
past week should be possible and that
gold exports should set in.
Strange as all this seems, and
strange it is in view of the claims that
the gold standard is adequate to the
business needs of the world, we have
in the nations capital still stranger
scene. We have an administration in
power that is forcing through Con-
gress, under whip and spur, bill that
will destroy nine hundred millions of
legal tender money. The panic OF the
past week was an unwelcome surprise
to the money kings. 1t came unbidden
by them, and it required their most
strenuous efforts to check it. A panic
at this time would not be favorable to
the passage of their measure; hence
the united effort of the money kings
and the treasury to Immediately check
it. They we'll understand that panic
sooner or later that will squeeze the
water out of the inflated trust stocks
and cause a tremendous shrinkage in
the value of all legitimate values as
we'll is inevitable and cannot be de-
ferred very long. But, taking advan-
tage of the unusually favorable condi-
lions above recited, it was their pur-
pose to secure the passage of the mon
etary bill now before Congress, making
gold the sole money of payment and
the powers of the national
banks, having no expectation that a
panic would interrupt their proceed
ings. They we'll understand, however,
that after the nomination of Bryan and
the readoption Of the Chicago platform
a panic at such time could be charged
to lack of confidence inspired by the
prospects of Democratic success, and
that panic in such an event would be
useful to them as the means of secur-
ing another Republican victory and
giving the money kings another lease
of power.
1t may be possible that the combina-
ton formed between the administra-
ton and the money kings may be able |
to avert a panic until it suits their pur-
pose to put pressure upon the business
interests of the country, but we warn
them that they may presume too much |
upon their power, that economic law |
cannot be violated with impunity any |
more than physical law. and that the
bill now before Congress |
may prove to be the undoing of their |
entire scheme of plumber by bringing |
On a crash at the very time they are
confidence and prosperity,
and thus arousing the people to true
of the real work they /
are doing and cause their overthrow |
when they least expect it.-NdtionaI