The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-10-07
FRIDAY, OCTOBER I, 1904.
"Out Of Thine Own Mouth

H%ssEa, Gut OF i IlllC OWAA Az go e
55 The most serious thing in a newspaper
office Is the file. 1t is an everlasting
record. What the editor has written he
ha written. and there 1t Is IN black anu
white forever and forever.
Recently the Philadelphia Press, Re-
publican newspaper, has been telllhg us
readers that the hard times from 1893
to 1897 we're due to the Democratic ad'
ninistration, but unfortunately lof the
press, there Is file or that newspaper
In the office of the Philadelphia Record
81 and the editor Of the Record has been
crying into it. and has made most inter-
esting discoveries and disclosures.
85 Mr.. Cleveland was indicted into Of
4 flee on March 4, 1898. The New York
panic began with the collapse Of the
y cordage Trusts May S, 1898. On May 9Th
the Press said: n
"The wild speculation Of the past five
s, Years In what are known as ndustrials'
collapsed yesterday in n Wall Street
panic which adds another to the Black
z d FRIDAYS Of the Street. So This corn-
try has been for nearly three years go
( Ing through a slow and steady fall IN
a values and a decrease in the earning ca
pacity of great corporations and enter
prises. which has strained credit to the
utmost.
In his address at the Academy Of M1l-
sic on Wednesday night. Senator Daniel
pointed out that the panic which finally
q spread all over the world began In Ar
Eentina. There was bankruptcy IN Ar
u sentina In 1883, which caused the suspen1
sion Of tho Earrings The following year ear
and the trouble spread and spread until
4it covered the whole earth. The Phila-
! delphia Press recognized the situation
at the time and thus described It:
Austria has failed to establish gold
\ standard. Germany is passing through
At an K acute manufacturing crisis center.
\ ing in caal and iron. and has gem
d erai election besides In France, to mem
Y ton one fact, a run on the savings banks
has drawn out s34,45O.o0O since January
list. Belgium has just escaped fcvolu-
ton. In England the unions report more
men out Of work than at any time past.
Australia Is III dire bankruptcy. Argen-
tina and Brazil are Improving; nothing
more. No recovery Is apparent In India
and China. This world-w wide situation CAM
n not help affecting this country.
Yet. the Press now has the audacty
f to say that the trouble OF 1893 was due
4 to Democratic rule!
But that is not all. In addition to
these world wise troubles. we had spc-
h cial troubles at home. The Democratic
administration was wrestling with the
Sherman silver purchase act, RepubI'-
B can measure, and 1t gave the admins
tration many a sleepless night. The gold
reserve was daily raided by what was
called "the endless chain process and
was threatened with annihllatlon. Bust
ness men were fearing that the country
would fall to silver basis and nothing
prevented this but the courageous ac-
ton Of Mr.. Cleveland In selling bonds and
restoring the gold reserve. The Phia-
+ delpha Press, Republican newspaper,
which is now criticlsng Mr.. Cleveland
for his action and charging up the panic
to his account. on June Z. 1895, made this
comment on the situations
..Reduce this reserve and confidence
0ees. Restore ii and confidence re-
Turns 3 When the reserve was Ell
dangered the Press asserted-and It was
almost alone among New York and Phil.
y adelpha papers to assert it-that II The
reserve was broken panic would come
because confidence III the gold value OF
RI our currency would be impaired. Panic
has come This confidence has been I'm
paired. Nothing can restore confidence
Il but emphatic action by tho Presiden
which shows that the reserve will b,
protected. There Is only one way L
Il protect the reservc-vsell bonds and blu,
gold. .' President Cleveland will stil
& be under the legal obligation TO keep on
currency equal To gold. and he must sci
bonds or force u silver panic 10 whcl
what has passed and is passing Is
u trifle.'
AT another time the Press said tia
~ ..The distrust and lack Of confidenc
Il which Is extending through The countr
began with the export of gold ilom til
country and the reduction OF the treas
N ury gold reserve below 100000 an
sril, again on June 9Th, in further dis
GUESSING the subject il said;
."rhe first original cause of this dis
trust WAS the Bland silver bin and II
successive lightweight additions TO tn
currency, succeeded w the last silve
bill and Its additions. full welsht, bi
still only silver; but this original caus
IS began To operate only when the trea'
ury reserve WAS broken. When this hal
pened there began that general dstru
which has strained credit and that gel
eral desire and determination to mcreai
s reserves which has swept currency o.
of sight Fortunately. most fortunate
the extra session called by Presldel
Cleveland can remove the cause by su
pending silver purchases,
This IS first rate reading. and the Phi
adelphla Record has performed publ