The Hawaiian gazette., 1904-08-12
PARKER
CANVASS
Attitude Of Leading
Financiers in
East.

NEW YORK, July ia day or two
after President Cleveland's Venezuela
message had brought the prosperous
money and securities market into col
lision with dismay and panic some OF
the Presidents friends in New York
begged the Secretary of War, Mr.. La
mont. to explain to Mr. Cleveland how
disastrous such sudden and violent
shocks as that message produced are
sure to be.
That mission Colonel Lamont under
took and performed with his custom
ary tact and skill When he had ex-
planned to the President as far as he
was able why that message had pro-
duced the sudden panic he was some
what astonished to learn that the Presi-
dent did not understand him. For he
replied practically in these words:
Lamont, / cannot understand why
public message of that kind or of any
kind should cause a panic in the money
markets and in the financial centers." "
Probably to this day Mr.. Cleveland
has not learned why 1t was that his
Venezuela message should have as
suddenly as it was proclaimed shrivel-
ed the markets and sent shivers down
Inc DdChS Oh All lHt po"tIs.
In a recent publication Mr.. Cleveland
confessed himself as being alarmed
lest the heavy export of gold, some $780,
100000 within month. should again
bring on the same embarrassing and
dangerous conditions which his admin
istration was compelled to confront.
A SILENT PANIC.
Early in that Administration there
began a silent panic, so to speak, fol-
lowing Immediately upon the Secretary
of the Treasury's announcement that
he might find it expedient to pay all
the Government obligations in silver.
That announcement caused the hoard
ing of gold and legal tenders instantly
to begin, and before the summer was
over the country was experiencing a
money famine the like of which 1t had
not known since the early days of the
Civil War.
Many of the men in this city who
understand finance and the currency
question not only upon the theoretic
or professional side, but also upon that
of the practical financier, have been so
reminded of some of the experiences
of Mr.. Cleveland's administration by
tut plitloili
upon the currency question and the
postscript, so to speak. to the platform
added by Judge Parker that they have
not failed to speak of this recollection.
Possibly the most interesting feature
of the past convention developments,
at least in this city, is the attitude of
the really great financial interests to-
ward the platform and the candidate
There is reason to suspect that this at
titude Is not fairly reflected by that
portion of the local press which finds
the vernacular insufficient to express
its feeling of qualification and its de-
sire to praise by reason of what Judge
Parker said
AS an illustration, the reserve-the
utter lack of cordiality-discovered in
the speech and manner of the Presi-
dent and officers of one of the greatest
institutions of New York. one OF the
most wisely managed, one of the rich
est and one dependent as much as any
other for continued prosperity upon a
sound currency system and general
healthfulness throughout the country,
when speaking OF the convention to
some OF their business associates yes
terday.
THE FINANCIER'S REPLY.
Among them was one OF their coun-
sci a lawyer of almost national reputa-
ton. who had welcomed Judge Par
ker's act as that of the new leadership
and craftsmanship of his party. He
was grieved and even astonished when
he learned that the President of this
corporation, himself for many years a
n.mnnrnt of his n
derstanding as to the meaning of the
platform of Judge Parker's telegram
for he said to his counsel:
lis Judge Parker any stronger in his
conviction as to the gold standard than
was President Cleveland. and don't you
remember what happened in Cleveland's
Administration? Don't you know that
there is nothing in the Democratic plat
form that would prevent "A Democratic
Congress, if elected from so amending
the currency law as TO establish the
free coinage of silver? You think We
are safe because Judge Parker intimates
that he would veto bill of that kind
II IL came to him and he We're Pres
ident? But the harm would be done
even before Congress had acted upon
the message. Panic followed Secretary
, sibly he might find il worth while Ia
pay Government obligations in silver,
You remember what happened after Mr.
Clevelands Venezuelan message and
that Mr. Cleveland himself said 10
Lamont that he could not understand
why that panic did take plaoe?'
While il must be admitted that many
Of those who viii be- active In the Re
publican campaign IN this state wrr,
seriously disturbed by the uUvNprrte,
developments of the last days ~ th,
-, Louis convention. even going so ta
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