The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1907-07-05
"PANIC" TO ORDER
POSSIBILITY THAT HISTORY WILL
REPEAT ITSELF.
rinaneiers and Politicians OF To-Day
Differ Little in Character from
Those Who were Prominent IN
Andrew Jaekson's Time.


and financial history IL Is interesting
and may be profitable 10 know that In
1891 there was great prosperity, espe-
cially ia New York city. The diary |
81 Philips Hone. who was mayor OF
New York in 1926, describes that pros
perity as being beyond all former eN-
amples. accompanied by high rents.
vessels worth double, good prices for
ample crops, in fact, general prosper
,ty. Two years later President Jack
son was in the midst of his vigorous
war against the United States bank
monopoly Nicholas Biddle. the presi-
dent Of that bank. was the great
iinancier" OF his day, and he not only
aimed 10 control the financial affairs
OF the country. but it's politics also
for he attempted 10 defeat the renom-
ination OF Gen. Jackson in 1882 and
the nomination OF Martin Van Buren,
10 be his successor. In 1888. Hone
speaks OF illadvised action of the
president in removing the government
deposits from the United States bank.
which he said produced an awf
scarcity OF money. stocks declined
greatly in value. and in December OF
that year he speaks Of panic pre-
vailing and as times being "gravely
/ hard Gambling in stocks. he says.
has been carried on by brokers 10 an
extent disgraoeful TO the character OF
the city" He speaks OF spectators
selling stocks ITO the amount of mil
lions without owning a dollar of the
stocks. betting il would fall and then
taking pains by every kind Of lyine
and chicanery 10 iniure the reputation
OF the stock that he may win The
bears OF the Wall street OF those days
evidently had the bulls by the throat
and were making them below for the
time being
But in the beginning Of 1885 the
bulls were on top again and there was
renewed prosperity and speculation
in progress Hone speaks OF the high
prices prevailing for rents and com
modities and the increased cost OF liv-
ing The rage for speculation in
lands in Long Island" he says. is one
Z the bubbles OF the day" He tells
rs OF Abraham Schermerhorn as hav-
ing a farm Of 170 acres. three miles
from Brooklyn which he had offered
for $4,000 four years before and now
sold for s102 .O0o Two years later in
1897. however. the boom burst and
lots which sold az $3.50 were then
worth but $50 That was in April. and
on May 10 the New York banks had
suspended specie payments
There ~ a great similarity between
those times and now. Andrew Jack
son was somewhat a prototype Of The
odore Roosevelt. they are both Of the
strenuous type and President Roose
vent. like Gen Jackson. is hardly sat
isfied without having a fight on hand
with some one The parallel is com
plete enough even 10 the fact thai
both were mixed up in a controversy
: with ladies OF great political ambition
+. for while Gen. Jackson had his Peggy
: O'Neil. President Roosevelt has had
his Maria in the Storer episode. ONLY
there is this great difference. for while
the chivalrous jackson stood by th'
q woman in the case. even to the poin
: OF disrupting his cabinet. Presiden
I Roosevelt felt compelled to denounc'
h. the political activities Of Mrs. Storer
L Will the parallel hold good in tn
.e collapse OF the boom and a resultini
+ depression in the price of real estate
n VIII President Roosevelt be able q
Is name his successor 10 the presidency
q as Jackson did with Van Buren,. atte
n he had broken down the political ma
* chine OF his party and created pei
a. sonal machine that he was able to Be
sr queath to his successor? VIII Pres
% dent Roosevelt prevail, as Gen Jacl
NJ son did, or will the palallel be incon
20 plete by the stalwart wing of the RI
publican party controlling the next RI
publican national convention?
Whether poor crops and tight none
will cause a collapse Of the preser
boom is impossible to say until III
Gu crop question Is settled We are no
VI doing business on ten 10 one basis
~ that is the banks of the country on
90 hold one dollar in cash for ever 81
-. they owe their depcsitors. II will M
o. take much TO upset such an inverte
IN pyramid and a great many more thinl
may happen nowadays thah III VIC
Jackson's time There are indication
that the far-seeing frenzied financie
have sold or are selling their specul
m tive holdings and the retirement fro
Id active business Of such masters
OF finance as J. p. Morgan and Roci
at Teller and Rogers and Stillman loo
on 10 be a warning for other people
Try take heed before the next financ
eruption occurs. OF course. when
boom collapses somebody holds I
bag ard these see their property M
Oh away in falling prices for lack OF b.
ne' ers. Those who are out OF debt "
e'- weather the storm. II they can p
ooc taxes and re. along with reduced
comes for a while. But those who 9
in debt when the pinch comes "
suffer great losses and many will L
az their all.
'he We do not know that Nicholas y
~ die brought on the panic Of 1888
o"' injure the prestige OF Gen. Jacks
'u' but we can well imagine the pres'
| -. 4.