The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1910-11-03
Not Vice-Presidential Tone.
Charlotte Observer.


1t was unfortunate that Vice Presi-
dent James s. Sherman in his Char
| lotte speech would have marred an
otherwise well-argued appeal by pre-
Stunning upon the supposed ignor-
| auce Of his hearers with respect to
"Cleveland Panic" He represents a
thoroughly disrredited faction OF the
| Republican party one which stood
| for reaction and the service Ofspecial
interest as against the public good
until checked by revolt from within,
but there was no need for him to
place the political intelligence OF this
section SO low.
Mr.. Sherman had been in Congress
cOnsecutively for almost twenty
years when the standpat wing secured
his nomination as running-mate OF
Mr.. Taft. Though, a cog in the old
Cannon machine, he was far from dis
playing enlightenment upon public
questions, he certainly could not
have lacked acquaintance with them
over a long period. He knew we'll
enough that the portion of his argu-
ment referred TO was claptrap and
nothing else. Let US look at some of
the facts which Mr.. Sherman ignored
or by reference denied.
The panic of 1898 had its inception
in the failure Of Barring Bros, of Lon
don, probably the worlds largest
banking unit, government banks ex-
cepted, at that time. 1t also reflect
ed world wide disturbance, which
contributed to as well as derived i'm
petus from the Barring failure. Owing
to bumper crops, it's real force did
not reach this country at once. but
when it did arrive the effect wa1
worse than any where else. This was
primarily due to the operation 1.-THE
silver purchasing clause OF the (JOhn)
Sherman act, which had beer enacted
by the Republican party as a favor
toward the silver mining interest OF
the West. The gold standard be-
came extremely difficult of mainten
ancp. and another sin of Republican
legislation, one, however, OF omission
rather than commission, enabled the
beginning Of the ''endless chain" by
which the treasury was depleted of
gold through redeeming greenbacks
presented, re-issued and presented
again, could be seen. All this time
there was IL Republican administra-
ton Under Republican rule, with
Republican currency legislation and
a Republican tariff, the panic reached
an acute stage Prices on the stock
market touched their lowest level be-
fore Cleveland had ever been elected.
Plates for the bonds which Cleveland
later issued after exhausting all other
eXpedipnts to maintain the gold re
serve were made by the Harrison ad-
ministration, and desperate efforts
hardly awaited to stave Off the issue
until the new administration should
come in. After his Inauguration Mr..
Cleveland did everything that mortal
man could do to deal effectively with
the conditions thus inherited from
his predecessor AS the first and
most vitality essential step to this
end, he 10y extraordinary efforts Sc
cured the repeal Of the Sherman
silver-purchasing act Cotton and
several other important farm pro-
ducts did not touch their lowest level
under Cleveland but under Mckinley,
ii year after the lat TER : inaug urhtinn
and after the Dinglry tariff law had
gone into effect
Because the brunt OF the panic and
necessary panic measures fell upon
Mr.. Cleveland, it was inevitable that
such Republican orators and news
papers a cared nothing for fair
statement in comparison with par
tisan advantage should blame him
and the Democratic party. Prob
ably more Of this particular clap
trap has been heard in North Caro-
lima than anywhere else in the Union,
but the people now recognize it for
what it is and Republican orators of
the better sort show a disposition
especially since the panic of 1907
and the hard times for various in
| dustries following-to leave it alone.
| 70 hear such utterances from a man
who by whatever route has become
Nice-President of the United States
is, therefore, modifying in the ex-
| treme.