The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1904-08-10
PARKER'S
CANVASS
Attitude of Leading
Financiers in
East.

NEW YORK, July ia day or two
after President CleveIand's Venezuela
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
airy 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. I cannot understand why
public message of that kind or of any
kind should cause panic in the money
markets and in the financial centers. :"
Probably to this day Mr. Cleveland
has not learned why it was that his
Venezuela message should have as
suddenly as it was proclaimed shrivel-
ed the markets and sent shivers down
the backs of all the financial powers.
In a recent publication Mr.. Cleveland
confessed himself as being alarmed
lest the heavy export of gold, some $780,
100000 within a 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
ito begin, and before the summer was
over the country was experiencing a
money famine, the like of which it 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
the Democratic platform it's silence
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-
dem and officers of one of the greatest
lis buttons 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 grieyed and even astonished when
he learned that the President of this
corporation, himself for many years a
strong Democrat, was not of his I'M
Outstanding as to the meaning of the
platform of Judge Parker's telegram,
for he said to his counsel:
is Judge Parker any stronger in his
conviction as to the gold standard than
was President Cleveland, and don't you
remember what happened in Clevelands
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 a bill of that kind
if it came to him and he were Pres
ident? But the harm would be done,
even before Congress had acted upon
the message. Panic followed Secretary
Carlisle's mere announcement that pos
sibly he might find it worth while to
pay Government obligations in silver.
You remember what happened after Mr..
Cleveland's Venezuelan message, and
that Mr.. Cleveland himself said to
Lamont that he could not understand
why that panic did take place."
While it must be admitted that many
of those who will be active in the Re
publican campaign in this state were
seriously disturbed by the unexpected
developments of the last days of the
St. Louis convention. even going so far