The Bridgeport evening farmer., 1916-09-23
THE MECHANISM OF PANICs

IT OMER S. CUMMINGS in his address accepting the
 naion for United States Senator contributed esng picture of panc that before the passage of Currency Law
 50 unstable system built up y great cers of the Republican party Who know all about business that 1t was a prolific breeder of panics" ''
 1873 in the midst of great prosperity panic followed the failure of Cook Company"
 "n 1884 it that the president of the Second Ma onal bank had stolen three millions securities This brought on the the banks in New York; & Ward, and nation wide panic"
 Tn 1893 Barring Bros of England failed The Philadelphia Reading Company attempted certain land and went into insolvency A nation wide panic followed"
 Tn 9O7 Henize president the National bank used that institution in copper speculation Other came involved There plenty of assets but panic Right here in Connecticut paid in token money"
 Thus briefly, does Mr. Cummings, with wide knowledge portray mechanism panics instability of nan system which oppled like house any normal strain, and which blown the will ee ent of the financial world whenever the purpose expoa = lion would be thereby served. N@st -s
 Mr. Cummings shows with equal brevity and certainty extraordinary strain to which the country submitted the war came.
 one year trade with Germany fell from five hundred million to fourteen millions of dollars, and in the of August 19 trade with Europe fell off seventy millions Securities dumped upon amounting three billion five hundred millions Ten days began millions of gold had been withdrawn by rope.
 Previously the failure of single banking house. the pecuatons of single banker the conspiracy fnan cers had been sufficient to destroy confidence and preca
 But the Currency bill had beep passed Credit had been democratzed The foundation of confidence placed fairly the abundant the solid usabe of the wealthies country the globe.
 Instead of the overwhelming and disastrous panic which would have followed under the old system the country scarcely trembed For moment and moment only, paused and then moved forward to the greatest prosperity the history of the and prosperity in quantity and broad in -trbudon. 4f fffffs s5
 There have been other periods prosperity but that generously touched all the strata of the nation This prosperity gives the laborer not merely abundance of employment previous high tides of prosperity have but actually moved his to point where they oupassed the rising of living The wages unskled labor Amer ca at this moment higher in and higher purchas ing power than they have been before.
 This is the sort of prosperity that makes everybody pros porous unsklled labor buy literally the great the demand vast and all the mechansms industry move at faster pace to meet the demand.
 Cummings little American. He takes pettifog view of the country in which he lives He speaks the future of great people, He does not like Governor Ho proclaim that the flag of the Americans laughing stock of the world He does not like Senator Mclean
 with ridiculous energy that foreign goods than foreign bullets
 clean strong intelligent man is the Democratic candidate for United States Senaor with training for the work he do and true Americans ideals to back his training CONTAGIOUS NfNiORAITTY