Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1907-11-15
OUR ROTIEN FINANCIAL SYSTEM.

The elections over the country which |
have just been held have given no in |
dication of the condition of thepublic |
mird generally. They were all local
elections and reflected local sentiment
regarding local issues. Nothing more,
nothing less. But before the presi.
Dental election next fall there will be
a crystalization of sentiment, because
many momentous occurrences will
take place between now and then. The
public will begin soon to see and real
ize how stupendous was the lie told
them in 1896 regarding the gold stand
ard. They will recall that 1t was
drummed into their ears then that sit
is not money we lack, it is cOntidence.'
They will further recall that the trou-
bles of 1896 We're attributed to the
Democrats, Cleveland being in office.
The troubles then IN effect are just
those now giving us vast apprehension
if not reel pain. We found ourselves
In panic then, we find ourselves in
one now. Then we were told that we
did not really have gold standard
panics, but we must have one,3 that
we had dual or bimetaiic standard
and that two metals could not be kept
at par, so Silver must 60 and GOLD
must remain, when all would be we'll
The majority, we ere told, voted fol
the gold standard. In 1896 we were tOlC
there was plenty of money but great
lack of confidence. But we were like
wise told that so soon as the Republi
cans we're restored, confidence would
return and again all would be well
This was done and confidence SO Ions
in hiding came forth, they said, ani
all went well. But. in the midst Of
these blessings, confidence, the tickle
creature, has run again to hiding. Hjl
from what d? From the very compan-
ions she has been hobnobbipg with f0l
some years. We are now told that we
do not have money enough to carry on
the business of the country. There is
a great deal more than in 1896. Every
body is making substitutes for money.
The banks are issuing more of their
paper in the shape of national curren-
cy. they are also issuing New York
Exchange in denominations Of 81, So,
$40 and $40, which pass by delivery
and need no endorsement. The New
YORK clearing house is Issuing clearing
house certificates TO take the place of
currency. But no sooner does money
appear than it disappears, it goes off to
join confidence. This is no Bryan
panic, this is no silver panic, this is
the real thing. A panic under present
conditions must certainly be the real
thing, because if it is strong enoungh
to live with all the elements of gold
standard Republican rule, prospeIit y,
Teddy Roosevelt, Uncle Sam, Morgan,
Rockefeller, and all the other great
guns trying to kill it, then it must he
a sure enough panic, and small fry
should take to the tall timber Many
are taking to it. Everywhere factories
end business enterprises are closing
down. Men are being thrown out OF
employ ment by the thousand, and soon
we will see them trampiog as in the
days of Coxey. There is trouble
ahead, and we need not attempt to
deny it. This nails the lie of 1896
This settles the question as to whether
the Republican policies are not weak,
and rotten to the core. We shall ever
maintain that the protective tariff has
more to do with this than any other
cement. We are feeding on ourselves
and when we want money, and indeed
indeed must have it. We do not get it
by an exchange of commodities, but
by borrowing it. This country after
all the false theories against reduc.
tion of tariff should make an actual
test of il and see W neither we cannot
build up financial system which will
not rot down and send the country to
perdition every ten years.