Evening journal., 1907-10-30
What | Know About
Delaware Politics and
Other Things
TwEMrY.FouRTA ARrlcLE.
By Washington Hastings

The panic" Of 1878 lasted for about one day It was
the elimination Of period Of fictitious and msubstan-
tal prosperity waioh led think that they
least twice as wealthy as they really But the effect
Of the panic, the realization fact they
were deceived which followed, and the radical read
iustment Of affairs, which became necessary in the
changed circumstances and conditions. extremely
embarrassing and distressing to all-except perhaps.
to the few conservative and judcious men. found
every community who had lost their heads and been
swept by the rapidly flowing apparent prosperity
and high finance into too deep water
These after-effects and consequences caused many
bank and banker merchant and manufacturer bite
the dust during the long and weary years which
followed And it was not until the bold and courageous
announcement OF that far-seeing statesman John
Sherman. then Secretary of the Treasury, that the
government wou1 specie payments and meet all
demands ON it with payment in gold the first Of
January 1879 that the FIRST rift Of sunlight pierced the
dark clouds the business horizon the first CLEAN
Of hope appeared the troubled and perpoxed mind Of
any man who was at all extensively engaged business
in this country
Many people said that Mr. Sherman was an
idiot That he old political fossil" a back
number" and forth They said that the government
could not per its debt in gold ON the
date named And they right Neither could itl
But Mr. sherman right also in taking the
brave action which he did. lie had supreme
confidence in the good sense of his country
men, he believed that when knew that they could
get the gold they would not IT, And they didn't;
and when the fateful day-as many regarded it-Frst
of January 1879 arrived only thirtynve hundred dol
lars in gold, as remember. was demanded at the sub
Treasury in Now York; And resumption Of specie pay
ments not only 10y the but by all bank
Ing institutions the land was an Accomplished fact
and confidence all hands established by one stroke
of John sherman's pen Mr. Sherman. like Abra-
ham Lincoln believed in the people, he knew that "a
majority of them had good Judgment and good sense;
ana he trusted In that and took his chances the
magnificent response of the people was his vindication
in thp
course of his long and useful public life he had never
done anything else that one act was sufcient TO hand
his name down TO poserty of the greatest states
men ana public benefactors of his timel
would like also say here that believe great ma
lority of the plain people of the country always be
trusted when they have confidence In the wisdom the
honesty and the patriotism of the leader when they
see that they are conhded in they turn. trust the
leader and follow him without fear or miseivne he
ieve furthermore that great majority Of American
people today Ia the dark and forbddng environment
with which the financial and industrial world annears m
be surrounded, believes that Theodore Roosevelt pos
sehses all OF those qualities leader as a man:
implicitly trusts him ana win follow ana pnhod
hm in his present effort 10 honesty and punish
dishonesty Ia business elsewhere. and the man who
thinks that honest ana fair- minded peonle viii believe t
twaddle that we read In certain newspapers that the
Presidents apparently fixed determination to punish
wrong doing ana crime wherever he dnds !, in birb
places or low Is creating the present BUSINESS disturb
come SO quickly that h would make ones bssd % ~
Theodore Roosevelt would only to permit the
people to once elect him tie high Office which
he now hs so admirably SO ablv and .o cor,nietei,p
firmly believe and ! not alone in the opinion that
would simply consent 10 let the nconle do as tb
please about IT, he would be reelected without any
considerable opposition; and sincerely hope he will
yet Weld his personal preference that consent
but am afraid that he win not
As has already said business nen-and an others
Tor that matter-had an uncomfortable time of during
e seven Years fo7wns the panic Of Seventy
accumulation of years many mdde-aeed and even ola
men melted like snow on ditch" in early spring. Many
business houses and financial institutions were driven
To the wall and some Of them clear through the wall;
and many never got back Many previously staunch,
fo blfein craft lrr
and shoals in the storm ana never pulled or! The
wages of worklHsmen and were not only low
but IN many Instances they We're nothing all; and
hundreds of distressed and almost desperate walked
the streets of the cities and the countryside
seeking work and finding nonei After a time ceased
~ W p'li an9 set'eu doMh INTO dreary. dishearten-
ing and desolate business calm which almost worse
Manufacturers found orders hard get when OBJ
remunerative; and men who had previously thought
they were rich found that they were poor; for II
seemed That the more business did the he
became as competition was intense and profits almost
And IL until at last "botton" was reached ana
then the pendulum began to swing other vav and
business pesan 10 PICK up and gradually very gradu-
ay got neter and the panic and depression OF 1919
was among the things OF the pastl They always do
which | sincerely hope may be averted-wnl pass. II
remember during one Of the worst seasons Of the
period OF depression going to Philadelphia day to
try get work I called as usual on the firm 80
Matthews and Moore OF the Bush Hill Iron Works. a
large ana important concern with whom nv firm did
considerable business Mr. William Matthews a
very genial and lovabe old gentleman whom / always
loved to hear talk told him that wanted am order
and wanted II badly 1--WE don't want a thing he re-
piled, mot doing anything haven't twenty men in the
place they usually employed about six hundred How
much work have You got In the mll' he asked and I
told him we had only about enough for a week "Ohi
You are an right" De said You may want any
morc!" thought he somewhat OF a Jobs com
forter and then said: well Mr.. Matthews how long
is this thing going 10 last2' "ohi Not long" he said
things are coming around all right men are getting
on their feet again people who used to ride in car
Cro be continued)