Virginia citizen. (Irvington, Va.) 1891-1921, 1900-01-19
.coON" ANSWERS OUR QUERY.

Republican friend arise and explaing'-I
E'dtt0r Citizen.
The above, which formed part of
your editorial In y recent issue, is
rather misleading and savors SO of yell
low journalism that il makes us
sorry to have read it in your paper,
as your paper is looked up TO as an
educator aud medium of circulating
passing events.
You must admit that it is absurd
to attribute spectators failure to
this administration.
There is not one person that will
lay the cause or blame of the "Red
Oyster" to the Republican party.
That is the substance of your edito-
rial.
What Was the cause of the "slump
in stocks and values?'
1t was caused, as you aud your read
ers know by now, by the failure of
an institution that has been totter-
ing for several weeks, because of its
inability to convert its securities into
cash In time to meet the sudden and
unusual demand made upon it by its
depositors.
No bank should speculate on its de-
positors' money, who, if they learn of
it, are liable to withdraw it at any time;
nor should it take for its security for
loans such collateral or Industrial
Stocks, that are liable to huctuate
nearly half their value upon any hue
and cry.
The Beers victory over the British
forces had a strong tendency to
brighten any holder of such stocks,
which it did in this case, and stocks
were thrown on the market indiscrim-
inately, so much so that there were
fifty sellers to one buyer.
Such an event as that will slump
any such stocks. People lost conf
dence in the market and made run
10 unload. The weakness of those
stocks does not prove any weakness
in all Industrials, for there are some
of these companys whose standing
and money making abilities are above
fears. The shrinkage in the value
of steel stocks is not alarming.
The IRON and steel business was
never before in SO prosperous con-
dition as at present. Those who
rushed pell-mell into the market aud
bought their stocks may suffer from
the slump, but general business is not
affected in the least. That is all
there is to the situation.
| The steel plants are still there
and are still working overtime.
No employee has been discharged,
no wages reduced and, as matter of
fact, no dollar of value destroyed.
What was the cause of the failure
of the large drug house in Baltimore?
Was it the passing of the Currency
bill? Newspapers tell us it was because
of unwise conservatism. The firm
stuck to its own light TO draw trade,
forgetting that there were other
firms that were hustling for trade by
every known means, using newspapers
to let the country know that they were
in business.
No firm is wealthy enough TO pull
against the current; no man S person
atty is so forceful that competition,
calling to its aid all the resources of
modern times and advertising itself
hourly, may not supplant it.
Tallow candle methods will not do
in an electric age.
The Currency Bill was plain bus
mess proposition, and Its fate was
known from the outset-known, in
deed, from the morning after Mr..
Bryan's defeat in 1896. The Repub.
lican party had its orders from the
people and it executed them with dis
patch. COOK.
-FOUR esteened correspondent,
"Coon," has risen TO explain, though
he be not Republican. His argu-
ment is very good and true one, as
far as it goes; but we doubt
that he has gotten hold of
the real cause of the recent
'slump" in stocks. The failure of
the said institution hardly caused a
vibration on Change; the Boer war
has been going on some months, aud
the specializing with deposits and
hypothecation of stocks is older than
"Coon" himself. The "slump" was
one of those sudden gyrations habit
ual to the stock market, sometimes
accountable, oftener a mystery. We
haven't vet seen a satisfactory reason,
We must confess, for the fall in ques-
ton, but coming simultaneously with
the passage of the gold bill by Con-
gress 1t requires an explanation by
the Republican party, and that ex-
PLANTATION has not been forthcoming.
A cursory glance at the present
financial status of this country i'm
presses us that an answer might be
found In the great demand for gold
and the heavy drain of late from this
country recently for the yellow metal.
The Boer war has had something to
do with this. But, for this drain,
and all other ills, the gold standard ad-
vocates have endeavored to make the
people believe that the passage of the
(gold) financial bill would be a pana-
cea. Yet when it was given them Tor
practically so) the slump" came
simultaneously with it. Then is our
query not still pertinent? Does not
the medicine make sick, very sick p
and has it yet effected cure !-ED. I
DR.. LEWIS REPLIES tn MIR JESsp