Anadarko daily democrat. [volume] (Anadarko, Oklahoma) 1908-191?, 1910-02-23
Market Drop Puzzled Banker

told that you are an ardent support
er OF the proposed silver law now
before congress"
why. Of course | am" he said, "and
! heartily believe In silver as n money
metal that would easily pass current
IL 1t had fair chance. But silver has
been abused by our government.
There isn't anything the matter with
1t except unfair treatment--discrim
ination against il In favor OF gold.
But" and here the old gentleman
! chuckled, 1T is going TO have fair
treatment, and am telling all my
friends who think I'm crazy because |
say silver and gold should be the
money OF the country at fair ratio
say sixteen TO one--that I'm going
to demonstrate II, and Uncle Sam is
going to demonstrate 1t, too"
This, parenthetcally, was several
years before the national campaign In
which the silver issue was paramount.
All that was said then In favor of sill.
yer was thus compacted into few
sentences by John Thompson. founder
OF the first OF the national banks, now
one OF the greatest banking institu.
tions OF the world. and multimil.
| lionaire.
You know" he continued. with an
other chuckle. they say that money
talks. Well. that's the way that am
going 10 talk to my friends. am
going 70 make converts of them by let.
ting them hear money talk. They call
me silver proselyter. Well. this is
the way am proselyting. I've got
little document here that's going to be
the greatest silver argument that any.
one can offer"
He took from Il drawer OF his desk
q piece OF paper. read what was writ
ten upon It and then. turning Il over.
showed me list of six names written
in pencil upon the back. Several Of
these names were OF prominent finan-
ciers who had spoken publicly against
the proposed silver law.
| Il bought q put for quite a little
sum OF money! won't tell you how
much-a few months ago, when silver
was pretty low" said the old gentle.
man. The option runs for a month
yet. Before IT expires. IL the silver
law passes congress-and II is going
to-the price OF silver. on a parity
with gold. will be on q ratio OF sixteen
To one. Then I'm going TO put my op-
ton to the broker | bought IL OF, take
my profits. and divide, the profits
! among, these six. men. That'll be quite
a little penny for each OF them. and |
guess It will be convincing argu-
ment. proving to them that old John
Thomson isn't crazy. after all. but
right" And this picturesque possessor
OF a fortune OF ten millions, made In
banking, smiled broadly In anticipa.
tion OF the victory over his friends
that he saw ahead OF him
But upon the day, some little time
after the Sherman silver law was
passed. that the option became avail
Thompson lost the money that he had
risked upon that argument Il don't
understand it," he said to me. with a
mystified shake OF his head Il don't
understand it, Silver ought to have
gone to a parity with gold at sixteen
to one. There's kink somewhere
don't understand st."
And this was John Thompson, crea.
tor of our national banking system,
who could not see that the enormous
production Of silver, AZ compared with
the production OF gold. sad. In spite Of
government legislation. aimed to boost
up the price OF silver. caused the price
TO drop under the well-kzown eco.
nomic law OF supply ana demaod.
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